| ||October 29, 2004|
| ||MBA Gold Corp (TSX-V: MBA) announced that it is proceeding, subject to regulatory approval, with a non-brokered private placement to raise up to $1,000,000 by way of the issuance of 5,000,000 Units at a price of $0.20 per unit. Each Unit will consist of one common share and one warrant exercisable to purchase an additional share at a price of $0.25 per share for one year. Approximately 75% of the Units will be flow through units. A finder's fee of 7% may be paid in connection with the private placement, subject to applicable securities laws.|
The flow through proceeds will be used to fund drilling expenditures on the Company's Dover and Gautreau oil and gas prospects commencing in early 2005. The balance of the proceeds will be used for mineral exploration and for working capital.
MBA Gold Corp., through its subsidiaries MBA Energy Corp. and Manele Bay Goldfields Inc., is exploring for petroleum and natural gas in Canada and for gold in the Western United States. The Company's strategy is to focus on properties where previous exploration has identified the presence of these resources and there is a significant likelihood of identifying commercially exploitable reserves.
For more information, contact Mr. Cam White at 604-707-0373.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the accuracy or the adequacy of this press release.
Visit our website at www.mbagold.com
You can return to the Top of this page