TCR Saint Jean Carbon, Inc.

Torch River Resources Ltd. ("Torch" or the "Company") (TSX VENTURE:TCR)
(FRANKFURT:WNF) (PINK SHEETS:TORVF), is pleased to announce that effective
immediately, Mr. Paul Ogilvie, former CEO of Canada Carbon Inc., has been
appointed to Chairman of the Board and CEO of Torch. Dr. William Pfaffenberger,
former CEO and currently President of Torch River Resource, commented, "We are
pleased to have Mr. Ogilvie as CEO and Director of our company as we begin the
first step to becoming a leading carbon company". 


Paul Ogilvie commented, "Over the coming months we hope to complete acquisitions
of lump graphite properties, appoint a management team, and be well on our way
to building a 100% pure play lump graphite company. We expect the management
team in particular to be one of the best in the graphite business". The Company
plans to acquire three to four lump graphite properties in Quebec with a goal to
be in production within 24 months. Mr. Ogilvie went on to state: "The Company
believes this near term production plan is feasible as lump projects typically
have low capital requirements when being brought into production. Lump graphite,
like that mined in Sri Lanka, is typically found in very high grade veins and
can be produced in some cases almost as a finished customer-ready product. As
such, we are confident the property acquisitions we intend to complete will be
timed perfectly to undertake a broad sampling, mapping and exploration program
this summer". 


The Company has not yet acquired any such properties and there is no certainty
such properties will be acquired, and if acquired, in the absence of a
feasibility study, there is no certainty that the proposed operations will be
economically viable. 


Dr. Pfaffenberger further commented: "It has been Torch's goal to find carbon
projects which can cash flow quickly and have low capital expenditures. Our
Board is very excited about this new direction for Torch." To that end the
Company, subject to approval of the TSX Venture Exchange ("TSX-V"), plans to
change its name to Saint Jean Carbon Inc. The proposed name change reflects the
evolution of the Company towards a Quebec base of operations where the primary
target properties are located. 


Lump or Vein graphite is considered to be one of the rarest, commercially
valuable, and highest quality types of natural graphite. It occurs in veins
along intrusive contacts in solid lumps and is only actively mined in Sri Lanka
(Mores, 2007). Given the carbon content typically found with lump/vein graphite
recovery operations and costs will normally be lower than flake or amorphous
graphite recovery. In addition, vein graphite is suitable for many of the same
applications as flake graphite giving it a distinct competitive edge in terms
market prices and product applications.


Mr. Ogilvie has been a driving force in the natural graphite sector since 2006.
He has successfully identified and assembled outstanding graphite projects
beginning with his active efforts to reorganize Industrial Minerals Inc. (now
Northern Graphite Corporation) and its Bissett Creek project in Northern Ontario
in early 2007. That project is now fully engaged in pre-production plans. In
2010 he continued his mine development initiatives with an agreement to develop
the Uley Graphite project near Port Lincoln, Australia. While that project is
currently seeking full development funding, it represents the quality of vision
and development potential that Mr. Ogilvie will bring to Torch River Resources. 


In addition to compensation payable to Mr. Ogilvie under a consulting agreement
entered into today, Mr. Ogilvie has been granted 1.7 million options under the
Company's stock option plan. The options have a five year term and are
exercisable at a price of $0.10 per share and vest over a six month period. With
this new direction for Torch, the private placement, announced on March 13, 2013
is being cancelled. 


ABOUT TORCH RIVER RESOURCES

Torch River Resources is a publicly traded junior mining exploration company
with a number of mining claims. The Mount Copeland molybdenum deposit lies
within metamorphic rocks flanking the southern margin of Frenchman Cap Dome, 32
kilometers northwest of Revelstoke, British Columbia. The Fort-Eden copper
property is comprised of 18 mineral tenures that total 2,828.6 hectares in area.
The mineral claims are located 100 km west of Fort St James, BC. The Red Bird
deposit is comprised of three zones of molybdenum concentration referred to as
the Main, Southeast and Southwest zones within a property totaling 1,836 ha
(4400 acres) and is located 133 km southwest of Burns Lake and 105 km north of
Bella Coola. The Company plans to divest each of these properties through a sale
or joint venture, thus allowing it to focus on building a graphite mining
company. 


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. 


FORWARD LOOKING STATEMENTS: This news release contains forward-looking
statements, within the meaning of applicable securities legislation, concerning
Torch's business and affairs. In certain cases, forward-looking statements can
be identified by the use of words such as "plans", "expects" or "does not
expect", "intends" "budget", "scheduled", "estimates", "forecasts", "intends",
"anticipates" or variations of such words and phrases or state that certain
actions, events or results "may", "could", "would", "might" or "will be taken",
"occur" or "be achieved". Such forward-looking statements include those with
respect to the Company's intention to complete a name change and complete the
acquisition of three to four lump graphite properties in Quebec (the
"Transactions"), the anticipated closing time of such transactions, the
intention of Torch to divest its existing mineral properties (the "Divestures"),
the intention of Torch to undertake a broad sampling, mapping and exploration
program this summer (the "Work Programs") and to pursue its strategy.


These forward-looking statements are based on current expectations, and are
naturally subject to uncertainty and changes in circumstances that may cause
actual results to differ materially. The forward-looking statements in this news
release assume, inter alia, that the conditions for completion of the
Transactions and Divestures, including regulatory approval, will be met, that
the Company will be able to arrange sufficient funding for the Transactions and
the Work Programs and that there are no other material obstacles to pursuing the
new strategy. 


Although Torch believes that the expectations represented in such
forward-looking statements are reasonable, there can be no assurance that these
expectations will prove to be correct. There are risks which could affect
Torch's future results and could cause the results to differ materially from
those expressed in these forward-looking statements including negotiation
failure or delay, the impact of general economic conditions in Canada and the
risk that they will deteriorate, industry conditions, including fluctuations in
the price of supplies and the risk that they will increase, that required
consents and approvals from regulatory authorities will not be obtained, that
activity in the lump or vein graphite business will not be at the level or of
the nature anticipated, liabilities and risks inherent in Torch's operations,
technical problems, equipment failure and construction delay.


Statements of past performance should not be construed as an indication of
future performance. Forward-looking statements involve significant risks and
uncertainties, should not be read as guarantees of future performance or
results, and will not necessarily be accurate indications of whether or not such
results will be achieved. A number of factors, including those discussed above,
could cause actual results to differ materially from the results discussed in
the forward-looking statements. Any such forward-looking statements are
expressly qualified in their entirety by this cautionary statement.


Readers are cautioned not to place undue reliance on such forward-looking
statements. Forward-looking information is provided as of the date of this press
release, and Torch assumes no obligation to update or revise them to reflect new
events or circumstances, except as may be required under applicable securities
laws.


All of the forward-looking statements made in this press release are qualified
by these cautionary statements and by those made in our filings with SEDAR in
Canada (available at www.sedar.com). 


FOR FURTHER INFORMATION PLEASE CONTACT: 
Torch River Resources Ltd.
William E. Pfaffenberger
President
(403) 444-6888
www.torchriver.ca


ProActive Communications Co.
Local Vancouver: (604)541-1995
Toll Free: 1(800)540-1995

Grafico Azioni Saint Jean Carbon, Inc. (TSXV:TCR)
Storico
Da Mag 2024 a Giu 2024

Grafico Azioni Saint Jean Carbon, Inc. (TSXV:TCR)
Storico
Da Giu 2023 a Giu 2024