| ||December 20, 2004|
Closes $1.0 Million Financing Drilling to Commence in January
| ||MBA Gold Corp (TSX-V: MBA) announced that it has completed a combined flow-through/non-flow through Unit private placement to raise to $1,000,000 as announced October 29, 2004. All securities issued pursuant to the financing will be subject to a hold period until April 16, 2005. A finder's fee of $17,500 has been paid in connection with the financing. |
The flow through proceeds will be used to fund drilling expenditures on the Company's Dover and Gautreau oil and gas prospects near Moncton, New Brunswick. The first exploration well will be spudded in early January. This well, the Contact-MBA Dover #101, is designed to twin a gas well that was drilled and tested in 1958. The 1958 well had oil shows and gas flow rates of approximately 700 mcf/day from multiple zones.
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
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