- Robust to invest $694,000 as part of recently announced $1.2 million placement
- Association with Robust brings in-country skills
- Funds used to advance resource and exploration drilling at Tanoyan Gold Project
VANCOUVER, July 10, 2012 /CNW/ - Indonesian focused exploration company
Reliance Resources Ltd (the "Company") (TSX:RI) is pleased to announce
that it has completed the first tranche of the $1.2 million dollar
financing at $0.15 per share as reported to shareholders on June 22,
2012.
Robust Resources Limited, a company listed on the Australian Securities
Exchange (ASX:ROL), has invested a total of $694,144.00 for 4,627,627
new ordinary Reliance shares. These shares will be subject to a four
month hold period from the date of closing. The placement is subject
TSX Exchange approval.
Headquartered in Australia, Robust Resources is an Indonesian-focused
exploration and development company with a portfolio of projects in
Indonesia and the Philippines. The company's flagship Lakuwahi project
located on Romang Island has a JORC mineral resource of 1.18 million
ounces of gold equivalent plus base metals credits. Further information
is available at www.robustresources.com.au
Robust Resources and Reliance Resources have a number of common
directors and they share resources in Indonesia in order to manage
their respective cost bases.
Robust Resources Managing Director, Mr. Gary Lewis said Robust is
particularly encouraged by the prospects for Reliance's Tanoyan Gold
project in Sulawesi, Indonesia, which currently has a NI 43-101
inferred mineral Resource of 208,000 ounces of gold (4.58mt at 1.41 g/t
Au) as at March 2012.
"Robust is continuing to strengthen its portfolio in Indonesia and we
are constantly assessing new investment opportunities. We are
particularly encouraged by the prospects for the Tanoyan Gold Project,
and with its growing resource base, and with the exploration program
yielding highly encouraging results, the Board took the decision that
an investment in Reliance offers significant upside.
"Reliance will continue to be able to benefit from Robust's strong
technical capabilities and in-country team"
Reliance's President Mr. Scott Emerson added, "It made sense to have
Robust as an investor in Reliance and the synergies of both companies
works well".
This funding gives Reliance the capacity to significantly advance the
phase two, 10,000 metre resource and exploration drilling program which
is currently underway at Tanoyan.
"We have every confidence that we will increase our mineral resource at
Tanoyan and we look forward to updating shareholders on more drilling
results from the project shortly."
Reliance Resources Ltd. has a portfolio of five mineral tenements
covering 68,000 acres on the islands of Sulawesi and Halmahera in East
Indonesia. The projects offer both exploration potential and an
existing resource base. All five projects are adjacent to or along
strike from operating gold mines or identified gold resources with
similar geology and structural features.
Media Information, contact:
Scott Emerson, President
se@relianceresources.com
Investor Information, contact:
Mike Kordysz
mk@relianceresources.com
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