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Buckingham Exploration, Inc. (BUKX) Announces Completion of Private Placement

On Wednesday, Buckingham Exploration, Inc. announced that the Company completed a private placement for the sale of 14,300,000 shares of the Company at a price of US$0.05 per share, raising a total of US$715,000. The shares have been placed mainly with different Australian and European investors. The capital raised will be used for unallocated working capital and exploration programs. It will also be used for due diligence on potential acquisitions. No finder’s fees have been paid.

Headquartered in Canon City, Colorado, Buckingham Exploration is an exploration stage company that lists on the OTC Bulletin Board. The Company’s principal business is the acquisition and exploration of mineral resources. Buckingham also has offices in Vancouver, British Columbia, and West Perth, Western Australia.

The Company’s projects currently include the Dome property and the Lady Ermalina property. The Dome property is prospective for epithermal and mesothermal deposits. This property covers historic workings of the Nepanee Prospect, worked intermittently from 1904 to 1935, producing very high-grade gold and silver ore. The Dome project lies within a graben-derived terrane consisting of Triassic-Jurassic volcanics and sediments enclosed within, and intruded by, Jurassic-Cretaceous and Tertiary granitic rocks.

At Lady Ermalina, Buckingham Exploration’s tenure hosts sedimentary rocks of the Paleozoic and Mesozoic Eras. Sedimentary rocks of the Carboniferous Period include argillites, greywackes and cherts, and comprise the economically important Sicker Formation. The Company believes there is strong potential to discover VHMS base metal deposits on their Lady Ermalina property through better understanding the spatiality and stratigraphy of the iron formation and its host rocks.
The Company believes that anomalous gold, silver, copper, lead, zinc, molybdenum, and arsenic values in soils coincident with the iron formation, coupled with nearby base metal VHMS deposits, justify Buckingham Exploration’s view.

Initial work to be done by the Company at the Lady Ermalina project will include systematic drill out of the iron formation to prove continuity between showings at Lady A, B, and C, consequently increasing iron resource tonnage.

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