Salmon River continues to advance Treppo Grande acquisition
23 Settembre 2012 - 10:08AM
PR Newswire (Canada)
VANCOUVER, Sept. 26, 2012 /CNW/ - Salmon River Resources Ltd.
(together with its subsidiaries individually and jointly referred
to as "Salmon River" or the "Company") is pleased to provide a
further update to its Press Release of 4 September 2012. At
that time the Company announced that it had further extended the
previously announced payment terms on its agreement to acquire a
100% interest in the shares of Treppo Grande Iron Pty Ltd. (the
"Acquisition"), a private Australian company which holds five
granted tenements in the Yilgarn Craton of southwestern Australia,
including the highly prospective Treppo Grande iron ore
prospects. Salmon River wishes to advise that it is in
discussions for a further extension of the payment terms and other
related conditions. The Company expects to make further
announcements in this regard within the next two weeks. As noted
previously, during the last several months, Salmon River has also
been involved in extensive negotiations with a number of strategic
and financial investors regarding funding for payments under the
terms of the Acquisition Agreement and for the furthering of the
Treppo Grande Project. The Company continues discussions with
these potential investors regarding financing to fund the payments
to the Vendor and the exploration program and working capital
requirements. Recent decline in iron ore prices has created
uncertainty in the marketplace, however the Company remains
confident of the ultimate success of these discussions, especially
given the potential of the Treppo Grande Iron Project. Any
financing proposals will be subject to approval by the TSX Venture
Exchange and may require shareholder approvals. There can be
no assurance that these discussions will be successfully completed
or required approvals obtained. ABOUT SALMON RIVER RESOURCES LTD.
Salmon River Resources Limited is a mineral exploration company
engaged in the exploration for and development of commercial
deposits of iron ore in Western Australia. It exercised its option
to acquire five tenements in the Yilgarn region of Western
Australia including the Treppo Grande iron ore project,
approximately 210 kilometres northwest of Kalgoorlie, comprising
three tenements covering approximately 396.7 km(2). Completion of
the acquisition of the tenements is subject to certain conditions,
including payment of AUD$100 million to the optionor. For
further information see our website at www.salmonriver.com.au.
Forward-Looking Statements: This press release contains
forward-looking statements that are based on the beliefs of
management and reflect Salmon River's current expectations.
This press release relates to the Extension of the Treppo Grande
Option, further exploration and future financing
requirements. The forward-looking statements are based on
certain assumptions, which could change materially in the future,
including the assumption that the current negotiations will lead to
definitive agreements, that the transactions and financings
contemplated herein will be completed, that Salmon River will be
able to complete on its exercise of the Treppo Grande option and
that the Treppo Grande property will ever be developed. By
their nature, forward-looking information involves known and
unknown risks, uncertainties and other factors that may cause
actual results, performance or achievements to be materially
different from any future results, performance or achievements
expressed or implied by the forward-looking information. Such
factors include the risk that the definitive agreements
contemplated may not be completed, that Salmon River may not
complete the financings in the amounts contemplated and that the
Company may not complete on its exercise of the Treppo Grande
option. There can be no assurance that forward-looking
information will prove to be accurate, as actual results and future
events could differ materially from those anticipated in such
statements. Accordingly, investors should not place undue
reliance on forward-looking information. Forward-looking
information is provided as of the date of this press release, and
the Company assumes no obligation to update or revise them to
reflect new events or circumstances, except as required in
accordance with applicable laws. Statements in this release that
are forward-looking statements are subject to various risks and
uncertainties concerning the specific factors disclosed under the
heading "Risk Factors" and elsewhere in the Company's periodic
filings with Canadian securities regulatory authorities. Such
information contained herein represents management's best judgment
as of the date hereof based on information currently
available. The Company does not assume the obligation to
update any forward-looking statement. NEITHER TSX VENTURE EXCHANGE
NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN
THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY
FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE Salmon River Resources
Ltd. CONTACT: Salmon River Resources Limited:Garry Stein,
DirectorTelephone: +852 9858.0029 (Hong Kong)Email:
gstein@salmonriver.com.auInvestor Cubed Inc.: Neil SimonTelephone:
+1 (647) 258-3311Fax: +1 (416) 363-7977E-mail: info@investor3.ca
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