Vancouver, B.C., November 6, 2003 - DRC Resources Corporation ("DRC" or the "Company") (TSX:DRC) is pleased to announce that it has closed its previously announced bought deal private placement financing with a syndicate of underwriters led by Orion Securities Inc., including Dundee Securities Corporation and Salman Partners Inc. (the "Underwriters"). The Company realized gross proceeds of C$24,150,000. DRC Resources issued and sold 3,450,000 Common Shares, including the Underwriters Option at an issue price of C$7 per share.
The Company plans to use the net proceeds of this financing to advance the development of the Afton Copper-Gold Project, specifically for underground development work and infill diamond drilling, to bring the Project to the Final Feasibility Stage and for general working capital. DRC Resources Corporation is a publicly traded natural resource company with its head office in Vancouver and a field office in Kamloops, B.C. The main focus of DRC Resources is the exploration of the Afton Copper-Gold Project located in the Kamloops Mining Division.
On behalf of DRC Resources Corporation
"John Kruzick"
John Kruzick
President and Chief Executive Officer
NOT FOR DISTRIBUTION TO THE U.S. NEWS WIRE SERVICES
The securities being offered have not been, nor will they be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. registration or an applicable exemption from U.S. registration requirements. This release does not constitute an offer for sale of securities in the United States.
Certain of the statements made may contain forward-looking statements which involve known and unknown risk, uncertainties and other factors which may cause the actual results, performance or achievements of the Company, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.
DRC Resources Corporation's shares trade on the Toronto Stock Exchange (TSX: DRC). The TSX has neither approved nor disapproved the form or content of this release.
For further information on DRC Resources and the Afton Project, please contact:
DRC Resources Corporation, 601 - 595 Howe Street, Vancouver, B.C. V6C 2T5
Tel: 604-687-1629, Fax: 604-687-2845
Email: drcresources@uniserve.com
Website: www.drcresources.com
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