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Acero-Martin closes $1.4-million equity financing

January 31, 2005
Acero-Martin Exploration Inc. has closed a private placement. As amended Dec. 24, 2004, as to unit price, and as further amended Jan. 24, 2005, as to unit price, of a total of $1.4-million or 1,217,391 units. Approximately 50 per cent of the unit cost will be eligible for flow-through income tax treatment. Each unit consists of one common share issued on a flow-through basis at a price of $1.15 per share and one-half share of a purchase warrant, each whole warrant entitling the holder to acquire one additional non-flow-through common share at an exercise price of $1.30 per share over a nine-month term. There was no finder's fee paid in connection with the private placement.

Shares issued pursuant to the private placement as well as any shares issued pursuant to the exercise of the warrants, are subject to a four-month hold period expiring May 27, 2005.

The proceeds will be used for exploration costs related to the Red Mountain, Yukon and Pinaya Peruvian properties, as well as for general working capital. The private placement is subject to regulatory approval.
 
     
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