September 10, 2007 Pacific Kanon Gold announced a public offering of up to 25 million units at a price of 40 cents pre unit to purchasers resident in British Columbia, Alberta, Manitoba and Ontario in conjunction with the filing of a preliminary prospectus on August 31, 2007 for gross procees of up to Can$10 million. The offering will be conducted through Bolder Investment Partners and will consist of a minimum of 17.5 million units. Proceeds will be used to fund exploration programs on five gold projects and one copper-gold project in Papua New Guinea. Joint venture partners New Guinea Gold and Vangold Resources each hold half of a 90% equity interest in Pacific Kanon Gold.
July 19, 2007 A technical report dated Apr/07 was released. It concluded that, since aeromagnetic data can be interpreted to indicate the presence of several large intrusive bodies within the tenement, many of the known gold and copper gold prospects are related to these anomalies. A detailed compilation and review of all historical data is required to prioritize the many follow up targets. The Semben, Awale, Mal and Tekem prospects are likely to be selected for the initial program. The report recommends two stages of exploration for the property. The Stage 1 program will include trenching, soil sampling and geological mapping to test regional stream gold anomalies and is estimated to cost CDN$300,000. Stage 2 will include diamond drilling and is estimated to cost CDN$700,000.
December 31, 2006 Trench assays within the 300 m long gold zone included 20m @ 4.68g/t gold, 12m @ 2.47g/t gold, 16m @ 10.22g/t gold and 20m @ 1.31g/t gold. Other significant results not within the above mineralised zone (but within an overall trenched area of 800m by 300m), include: 4m @ 14.55g/t gold, 20m @ 6.58g/t gold, 4m @ 35.6g/t gold, 4m @ 11.35g/t gold, 8m@ 1.08g/t gold, 12m @ 2.32g/t gold, 4m @ 4.46g/t gold.
