Showing posts with label Golden Peaks. Show all posts
Showing posts with label Golden Peaks. Show all posts

XFRA RO7,OU3: WIEDERAUFNAHME/RESTART

DIE FOLGENDEN AKTIEN WERDEN WIE FOLGT WIEDER IN DEN HANDEL AUFGENOMMEN THE FOLLOWING SHARES HAVE RESUMED TRADING WITH IMMEDIATE EFFECT INSTRUMENT NAME KUERZEL SHORTCODE ISIN ROBUST RESOURCES LTD RO7 AU000000ROL5...

XFRA RO7,OU3: WIEDERAUFNAHME/RESTART
DIE FOLGENDEN AKTIEN WERDEN WIE FOLGT WIEDER IN DEN HANDEL AUFGENOMMEN: THE FOLLOWING SHARES HAVE RESUMED TRADING WITH IMMEDIATE EFFECT: INSTRUMENT NAME KUERZEL/SHORTCODE ISIN ROBUST RESOURCES LTD RO7 AU000000ROL5 APPALACHES RESOURCES INC. OU3 CA0379461001 . weiterlesen ... url im Text ...

Hierzu aktiencheck .de Nachrichten Webseite weiter: FOLGENDE WERTPAPIERE WERDEN AM 06. Zehn .2014 CUM KAPITALMASSNAHME UND AM 07. Zehn .2014 EX KAPITALMASSNAHME GEHANDELT. THE FOLLOWING SHARES ARE TRADED CUM CAPITAL ADJUSTMENT ON 06. Zehn .2014 AND EX CAPITAL ADJUSTMENT ON 07. Zehn .2014. INSTR EXCH ISIN INSTRUMENT NAME CUR XFRA DE0005494538 CURASAN AG . weiterlesen ... url im Text ...

Mehr dazu von aktiencheck .de Nachrichten Webseite : FOLGENDE WERTPAPIERE WERDEN AM 06. Zehn .2014 CUM DIVIDENDE/ZINSEN UND AM 07. Zehn .2014 EX DIVIDENDE/ZINSEN GEHANDELT. THE PRE-DIVIDEND/INTEREST DAY OF THE FOLLOWING SHARES WILL BE 06. Zehn .2014. THE EX-DIVIDEND/INTEREST DAY WILL BE 07. Zehn .2014. INSTR EXCH ISIN INSTRUMENT NAME REF.PRC ADJUST HI3 XFRA KYG461091079 HOSA INTENATIONAL HD -,01 0.005 EUR 0QR XFRA US74734R1086 QR ENERGY L.P.UTS 0.129 EUR M4I XFRA US57636Q1040 MASTERCARD INC.A DL-,0001 0.087 EUR LGG XFRA US5249011058 LEGG MASON INC. weiterlesen ... url im Text ...
aktiencheck .de Nachrichten Webseite berichtet heute dazu: FOLGENDE WERTPAPIERE WERDEN AM 06. Zehn .2014 EX KAPITALMASSNAHME GEHANDELT. THE FOLLOWING SHARES ARE TRADED EX CAPITAL ADJUSTMENT ON 06. Zehn .2014. INSTR EXCH ISIN INSTRUMENT NAME NQL1 XFRA ZAE000117321 NEW BIDVEST NEW RC-,05 LDZA XFRA ZAE000066692 ASPEN PHARMACARE H. NEW A0U XFRA CA05478R1029 AZINCOURT URANIUM INC. weiterlesen ... url im Text .
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Weitere Mitteilung von aktiencheck .de Nachrichten Webseite : The following instruments on XETRA do have their first trading day 06. Zehn .2014 Die folgenden Instrumente in XETRA haben ihren ersten Handelstag am 06. Zehn .2014 TrdMod InstCode Exch ISIN Name InstGrp InstType Curr CCP CA OETG XFRA AT0000A19XC3 OESTERR. 14/19 BD00 BON EUR N CA XFRA AT0000A19Y02 HYPO TIROL 14-19 MTN BD00 BON EUR N CA XFRA CH0254212233 ZUERICH KT. weiterlesen ... url im Text ...

aktiencheck .de Nachrichten Webseite berichtet heute dazu: The following instruments on XETRA do have their last trading day on 06. Zehn .2014 Die folgenden Instrumente in XETRA haben ihren letzten Handelstag am 06. Zehn .2014 TrdMod InstCode Exch ISIN Name InstGrp InstType Curr CCP CA XFRA CH0103748296 UBS AG JE 09/14 MTN BD00 BON USD N CA AZ4B XFRA CH0105537671 ALLREAL HLDGS 09-14 CV BD00 BON CHF N CA XFRA DE000A1G8WE6 UNICR.BK IR. weiterlesen ... url im Text ...



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Reliance Resources announces the resumption of trading at market open on July 14, 2014

MINNEAPOLIS, July 13, 2014 /CNW/ - Reliance Resources Limited (TSXV: RI) ("Reliance") or ("the Company") is pleased to announce the resumption of trading of its stock at the open of the market on July 14, 2014.

The Company previously announced a five for one consolidation of its common shares.  The Company has filed the necessary application and forms with the TSX Venture Exchange for the consolidation, which is awaiting final approval by the TSX Venture Exchange.

In the interim, trading will be on a pre-consolidated basis pending the approval of the Company's application.

On behalf of the Board of Directors of Reliance
George S. Young
Chairman, CEO and Director



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IIROC Trade Resumption - Reliance Resources Limited

Vancouver, British Columbia--(Newsfile Corp. - July 11, 2014) - Trading resumes in:
Company:
Reliance Resources Limited
TSX-V Symbol:
RI
Resumption Time (ET):
08:00 on Monday July 14, 2014

IIROC can make a decision to impose a temporary suspension of trading in a security of a publicly listed company, usually in anticipation of a material news announcement by the company. Trading halts are issued based on the principle that all investors should have the same timely access to important company information. IIROC is the national self-regulatory organization which oversees all investment dealers and trading activity on debt and equity marketplaces in Canada.
- 30 -
For further information: IIROC Inquiries 1-877-442-4322 (Option 3) - Please note that IIROC is not able to provide any additional information regarding a specific trading halt. Information is limited to general enquiries only.

Reliance Resources Announces Expansion...

Reliance Resources Announces Expansion of its Iron Exploration and Development Business Model, Interim Private Placement of $200,000, and Provides Shareholder Update
MINNEAPOLIS, July 3, 2014 /CNW/ - Reliance Resources Limited (TSXV: RI) ("Reliance") or ("the Company") is pleased to announce an expansion to its iron exploration and development business activities and a related interim private placement, as well as to provide this shareholder update.

Application submitted to lease 24 additional iron properties.
The Company has recently submitted to the Minnesota Department of Natural Resources ("DNR") applications to lease an additional 24 iron stockpile and tailings properties (the "properties") in the vicinity of Hibbing, Minnesota.  Terms for leases on the properties have been negotiated between the Company and the DNR, and execution of the leases is expected within one week.  A Technical Report on Form NI 43-101 has been completed by a Qualified Person retained by the Company on three of the first property areas.  Additional Technical Reports will be prepared on many of the other properties during the next few months. 
In addition, the Company is negotiating for the services of the Natural Resource Research Institute ("NRRI"), a department of the University of Minnesota at Duluth, at its metallurgical and laboratory facilities at Coleraine, Minnesota, and for its cooperation and assistance in the evaluation of the processing technologies that could potentially be used in the properties in the future.

Interim private placement, roll back of shares on a five for one basis, and lifting of the trading halt.
The Company also announced on April 7 a pending five for one consolidation of its common shares.  The Company has filed the necessary forms with the TSX Venture Exchange for the consolidation of the Company's common shares on a five for one basis as previously announced and for the lifting of the trading halt.   Completion of these matters is now awaiting final approval by the Exchange.
The Company is pleased to announce that it has also filed for conditional approval of an interim private placement financing of $200,000.  Proceeds from this financing will be used to finance the acquisition of leases on the properties, preparation of Technical Reports on Form 43-101, systematic sampling and assaying, and ongoing metallurgical test work, as well as administrative and general costs and expenses of the Company, pending the closing of the acquisition transaction.  The issue price of the private placement will be the greater of $0.05 per share, on a post-consolidation basis, or the 5-day volume weighted average price of the Company's shares in the market for the 5-day period immediately following the lifting of the trading halt.  The interim financing will carry a full warrant at an exercise price equal to the issue price, exercisable over a 12-month period following closing of the financing.

Update on Indonesian property rights – Kapa-Kapa and Roko properties
The Company recently received letters from an Indonesian law firm representing PT. Hibualamo Jaya ("Jaya") dated March 24, 2014 and April 2, 2014 (the "letters") purporting to inform the Company that the Joint Cooperation for the Exploration and Exploitation of Precious Metal (the "agreement") dated January 14, 2008 between Jaya and the Company's wholly-owned subsidiary, PT Champion Halmahera Mining, does not have force.  The agreement relates to the the Kapa-Kapa and Roko properties (the "properties") in Indonesia. The letters further informed the Company of a decision by the District Court of Central Jakarta, dated May 21, 2013, purporting to declare that the agreement 'does not have force' as it concerns the properties.  The court decision appears to have been the result of an ex parte proceeding in which the Company was not present to represent its rights and interests.  
The Company is reviewing the decision of the court and believes it is improper and invalid.  The Company is commencing a counter suit in the Jakarta courts to have the court decision annulled.  The Company will vigorously pursue its rights in this matter. 
While Reliance is working to complete the acquisition transaction, it is also actively investigating options to obtain maximum benefit from its existing Indonesian assets.  Shareholders will be notified at an appropriate time on the outcome of these efforts.

On behalf of the Board of Directors of Reliance
George S. Young
Chairman, CEO and Director
Neither the 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 Information
This news release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking information") within the meaning of applicable securities laws.  Forward-looking information is generally identifiable by use of the words "believes," "may," "plans," "will," "anticipates," "intends," "could", "estimates", "expects", "forecasts", "projects" and similar expressions, and the negative of such expressions.  Forward-looking information in this news release include statements about the proposed Transaction, proposed management restructuring, American Iron's proposed acquisition of its Mineral Properties and the Company's future plans, objectives and business strategy. 
In connection with the forward-looking information contained in this news release, the Company has made numerous assumptions, regarding, among other things, the assumption that the parties will complete the principal conditions for completion of the Transaction, including but not limited to the Company's completion of the Financing and  acquisition of the Mineral Properties; the receipt of necessary shareholder and regulatory approvals; and the assumption the Company will continue as a going concern and will continue to be able to access the capital required to advance its projects and continue operations.  While the Company considers these assumptions to be reasonable, these assumptions are inherently subject to significant uncertainties and contingencies.  In addition, there are known and unknown risk factors which could cause the Company's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information contained herein.  Known risk factors include, among others: the inability of American Iron to acquire the Mineral Properties; the possibility that the Financing will not be completed; and the possibility that the Company may not be able to continue as a going concern in the near term.
All forward-looking information herein is qualified in its entirety by this cautionary statement, and the Company disclaims any obligation to revise or update any such forward-looking information or to publicly announce the result of any revisions to any of the forward-looking information contained herein to reflect future results, events or developments, except as required by law.
SOURCE Reliance Resources Ltd.


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Reliance Resources announces board changes

VANCOUVER, April 22, 2014 /CNW/ - Reliance Resources Limited (TSXV: RI) ("Reliance") or ("the Company") is pleased to announce that George S. Young has been appointed as Chairman of the Board, in addition to his position as President and CEO.  Gary Lewis has resigned as Chairman and as a Director of the Company.  Mr. Young will continue to move the Company forward to close the recently announced agreement to acquire Minnesota-based American Iron Corp. ("American Iron"), an iron ore focused exploration and development company seeking to acquire projects in the United States.

Regarding its press release dated April 7, 2014, the Company would also like to clarify that Mr. Geoffrey Hill, is no longer Chairman of Mt Gibson Iron (ASX: MGX) having stepped down from that position in February 2014. Mr Hill remains as an independent director of MGX.

While Reliance is working to complete the American Iron transaction, it is also actively investigating options to obtain maximum benefit from its existing Indonesian assets.  Shareholders will be notified at an appropriate time on the outcome of these efforts.

Reliance will update shareholders on the progress of the American Iron transaction in due course.
On behalf of the Board of Directors of Reliance

George S. Young
Chairman, CEO and Director

Neither the 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.

SOURCE Reliance Resources Ltd.
George S. Young at (806) 886 3317Copyright CNW Group 2014


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Reliance Resources to acquire American Iron Corp.



  • American Iron Corp. is focused on acquiring and developing a portfolio of iron ore projects in Minnesota, including a high-grade iron-ore and tailings
  • Additional iron ore projects under evaluation with large tonnage potential
  • American Iron is comprised of experienced North American mining and management team
  • 6 million post-consolidation Reliance shares to be issued on Closing, with additional 4 million Reliance shares to be issued thereafter in tranches upon attainment of certain development milestones
  • Reliance to consolidate its shares on 5 for 1 basis and change its name to "American Iron Corp." on Closing
SYDNEY, Australia, April 7, 2014 /CNW/ - Reliance Resources Limited (TSXV: RI) ("Reliance") or ("the Company") is pleased to announce that it has entered into an agreement to acquire Minnesota-based company American Iron Corp. ("American Iron"), an iron ore focused exploration and development company seeking to acquire projects having potential for low pre-development capital expenditure and significant exploration potential in the United States (the "Mineral Properties").
Pursuant to a definitive acquisition agreement (the "Agreement") between Reliance and American Iron, American Iron has agreed to cause its shareholders (the "AI Shareholders") to sell all of their shares of American Iron (the "American Iron Shares") to Reliance (the "Transaction") subject to and in accordance with, among other things, the following terms: 

a) Reliance has agreed to acquire the American Iron Shares by issuing a total of 10 million Reliance common shares ("RI Shares") on a post-consolidated basis (see below), as follows:
  • 6 million RI Shares on closing of the Transaction (the "Closing");
  • a further 2 million RI Shares subsequent to Closing upon American Iron publishing a mineral reserve of 30MT contained metal in respect of any Mineral Property; and
  • a further 2 million RI Shares subsequent to Closing upon American Iron publishing a mineral reserve equivalent to 50MT at 50% iron (Fe) in respect of any Mineral Property;
b) Prior to the Closing, Reliance shall have completed a share consolidation on the basis of five (5) existing RI Shares for one (1) new RI Share (the "Consolidation"), and Reliance shall have changed its name to "American Iron Corp." (the "Name Change"); 

c) Prior to the Closing, American Iron shall have acquired the Mineral Properties and published a National Instrument 43-101 ("NI 43-101") compliant technical report in respect of a Mineral Property or Mineral Properties that will be its qualifying asset; 

d) On or before the Closing, Reliance shall have completed a minimum financing of $2 million at a price to be determined in the context of the market (the "Financing").  The Financing may be by way of equity or debt private placement or any other form of financing acceptable to the parties.
e) Each of Reliance and American Iron shall have been satisfied of its due diligence review of the other party, acting reasonably; and 

f) On Closing, the Board of Directors and Officers of Reliance shall consist of the following individuals:
  • George Young - President, CEO and director
  • Gary Lewis - non-executive Chairman and director
  • Geoffrey Hill - director
  • John Levings - director
  • Ian Mitchell - director
  • Dr. Michael Nelson - director
All of the above individuals, except for Geoffrey Hill, are current directors of Reliance.  Geoffrey Hill is an experienced company director and the non-executive Chairman of ASX-listed Mount Gibson Iron Limited, a leading producer of iron ore products from three operating mines. 

The Agreement contains additional terms and conditions that are customary for transactions of a similar nature. The Closing date is scheduled for April 30, 2014 or such later date as the parties to the Agreement may agree in writing. The Transaction, Share Consolidation, Name Change and Financing will be subject to the approval of the TSX Venture Exchange and any necessary shareholder approval. 

Reliance presently has a total of 122,152,099 RI Shares issued and outstanding.   Immediately upon Closing of the Transaction, the AI Shareholders will hold 6 million post-Consolidation RI Shares representing approximately 19.7% of the issued RI Shares on a post-Consolidation basis (not taking into account any equity dilution which may occur as a result of the Financing).  Subject to the fulfilment of the other conditions specified in (a) above, the AI Shareholders may increase their shareholdings in Reliance to up to approximately 29.0% of the total issued and outstanding RI Shares (not taking into account any equity dilution which may occur as a result of the Financing). The AI Shareholders are at arm's length to Reliance and its current directors and officers.  On Closing, no person, either acting alone, jointly or acting in concert with any other person, shall directly or indirectly hold or acquire more than 20% of the issued and outstanding RI Shares (post-Consolidation). 

American Iron has been evaluating the Mineral Properties targeted for acquisition prior to the Closing.  Many of these properties are believed to contain materials that can be rapidly developed and placed into operation.  Potential products include high-grade iron ore tailings, ore stockpiles, and conventional high-grade iron ores located in Minnesota, USA.  The Company has submitted its first lease application and has obtained permits for systematic sampling in connection with the preparation of a NI 43-101 compliant technical report covering a property located near Hibbing, Minnesota, with high grade iron tailings and ore stockpiles.  Sampling has been completed on the property, and the technical report is in progress, and will be filed upon its completion and the granting of a lease on the property, which the Company hopes will occur in the next few weeks.  The Company is aiming to provide rapid growth and cash flow from properties being evaluated for acquisition to drive a growth strategy for shareholders. 

The use of the term "iron ore" throughout this News Release is only intended as a geological description and does not imply that any economic viability has been determined.  
 
American Iron is also assessing a number of properties with potential for large tonnage conventional iron ore discovery and production in the Midwestern states of the USA

Reliance's non-executive Chairman, Gary Lewis, commented:
"The proposed acquisition of American Iron Corp. is the result of nearly twelve months of negotiation and due diligence and is an excellent outcome for Reliance. For some time, we have been assessing a number of project opportunities and the Board believes that this transaction presents the best potential to deliver optimum returns for our shareholders. 

It is clear that the US economy is in a recovery and growth phase and having exposure to this market presents significant upside for Reliance. 

American Iron's targeted assets are anticipated to be highly prospective for near-term, low-cost mine development and they are located in a favourable mining jurisdiction with access to domestic and international shipping routes. The region hosts a number of other large iron ore projects, which will provide American Iron with consolidation opportunities, and these are now being assessed for acquisition. 

Geoffrey Hill's appointment to the Board on closing is a great addition. Geoff is a seasoned company director and brings considerable skills and understanding of the iron ore sector to the Company. These will be invaluable as we advance the development of the iron ore portfolio of assets. He is responsible for bringing this transaction to Reliance and is committed to realising its full potential value." 

Cautionary note: Until a mineral resource has been estimated and a project has been positively assessed for its economic feasibility, there is no certainty that any of the proposed operations will be economically viable.
 
While Reliance is working to complete the Transaction, it is also actively investigating options to obtain maximum benefit from its existing Indonesian assets. Shareholders will be notified at an appropriate time on the outcome of these efforts. 

Reliance will update shareholders on the progress of the Transaction and on American Iron's short-term milestones. 

On behalf of the Board of Directors of Reliance
Gary Lewis

Non-executive Chairman and Director
Neither the 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 Information
This news release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking information") within the meaning of applicable securities laws.  Forward-looking information is generally identifiable by use of the words "believes," "may," "plans," "will," "anticipates," "intends," "could", "estimates", "expects", "forecasts", "projects" and similar expressions, and the negative of such expressions.  Forward-looking information in this news release include statements about the proposed Transaction, proposed management restructuring, American Iron's proposed acquisition of its Mineral Properties and the Company's future plans, objectives and business strategy. 
In connection with the forward-looking information contained in this news release, the Company has made numerous assumptions, regarding, among other things, the assumption that the parties will complete the principal conditions for completion of the Transaction, including but not limited to the Company's completion of the Financing and American Iron's acquisition of the Mineral Properties; the receipt of necessary shareholder and regulatory approvals; and the assumption the Company will continue as a going concern and will continue to be able to access the capital required to advance its projects and continue operations.  While the Company considers these assumptions to be reasonable, these assumptions are inherently subject to significant uncertainties and contingencies.  In addition, there are known and unknown risk factors which could cause the Company's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information contained herein.  Known risk factors include, among others: the inability of American Iron to acquire the Mineral Properties; the possibility that the Financing will not be completed; and the possibility that the Company may not be able to continue as a going concern in the near term.
All forward-looking information herein is qualified in its entirety by this cautionary statement, and the Company disclaims any obligation to revise or update any such forward-looking information or to publicly announce the result of any revisions to any of the forward-looking information contained herein to reflect future results, events or developments, except as required by law.

SOURCE Reliance Resources Ltd.
George Young at (806) 886 3317
Copyright CNW Group 2014



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Reliance Resources updates TSX and TSX Venture listing status

VANCOUVER, Jan. 21, 2014 /CNW/ - Reliance Resources Limited (TSX: RI) ("Reliance") or ("the Company") announces that further to the Company's News Release dated December 3, 2013, the Company's common shares will be listed and commence trading under its current symbol, "RI", on the TSX Venture Exchange at the opening of trading on Wednesday, January 22, 2014. Computershare Investor Services Inc. will continue as the registrar and transfer agent for the common shares of the Company. The Company's shares will be de-listed from the Toronto Stock Exchange effective after the market close on Tuesday, January 21, 2014.

ON BEHALF OF RELIANCE RESOURCES LIMITED 

Nicholas Clark
President 

Neither the 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.





SOURCE Reliance Resources Ltd.
please contact Nicholas Clark on +1 864 991 6687



Reliance Announces Results of Annual General and Special Shareholders Meeting
VANCOUVER, Jan. 10, 2014 /CNW/ - Reliance Resources Limited (TSX: RI) ("Reliance") or ("the Company") announces the results of the Company's recently held Annual General and Special Meeting of the Company's shareholders as follows:
  • The shareholders voted to fix the number of directors at five, and elected the Board of Directors comprising of Gary Lewis, John Levings, Ian Mitchell, George Young and Dr. Michael Nelson.

  • Manning Elliott LLP, Chartered Accountants, was re-appointed as the Company's auditor.

  • The shareholders approved the Company's new "rolling 10%" Stock Option Plan.

  • The shareholders approved of certain amendments to the Company's Articles by a special resolution.

  • The shareholders approved by a special resolution the Company's proposed share consolidation on the basis of one (1) post-consolidation common share of the Company for every five (5) pre-consolidation common shares of the Company (the "Share Consolidation").
The Board of Directors is authorized to implement the Share Consolidation, subject to stock exchange approval, when and whether it deems appropriate to do so, provided that if the Share Consolidation is not implemented by the Company's next annual general meeting, the resolution approving the Share Consolidation will lapse. The Board of Directors has not yet determined to implement the Share Consolidation, but will announce any decision to do so.
ON BEHALF OF RELIANCE RESOURCES LIMITED
Nicholas Clark
President
Neither the 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.

SOURCE Reliance Resources Ltd.
please contact Nicholas Clark on +1 864 991 6687


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Reliance updates TSX listing status and announces proposed share consolidation


VANCOUVER, Dec. 3, 2013 /CNW/ - Reliance Resources Limited (TSX: RI) ("Reliance") or ("the Company") provides the following updates. 

On October 17, 2013, the Company announced that the TSX placed the Company under review for not meeting the TSX's continued listing requirements due to the Company's trading price, market capitalization and lack of sufficient independence at the Board and executive levels. 

The Company has since addressed the deficiencies at the Board and executive levels by appointing two new independent directors, George Young and Michael Nelson, as announced on October 23, 2013 and November 26, 2013, respectively, and appointing a new Chief Financial Officer, Kevin Kye, as announced on October 18, 2013

Given the current market conditions and the TSX's ongoing review of the Company for not meeting the TSX's minimum market capitalization requirements and trading price, the Company has determined that it is in its best interests to seek a transfer listing from the TSX to the TSX Venture Exchange ("TSX-V"). Accordingly, the Company has applied to the TSX-V to transfer the listing of the Company's common shares (the "Common Shares") onto the TSX-V under the streamlined procedures of the TSX-V. 

The Company also announces that it will be seeking shareholder approval to consolidate the Company's issued and outstanding Common Shares on the basis of one (1) post-consolidation Common Share for every five (5) pre-consolidation Common Shares (the "Share Consolidation"). The Company has called an annual general and special meeting of shareholders to be held on December 30, 2013 (the "Meeting") for the purposes of approving, among other things, the proposed Share Consolidation. The proposed Share Consolidation is also subject to the approval of the TSX-V. 

It is management's view that the Share Consolidation will benefit the Company by increasing investor interest, improving trading liquidity and improving the Company's ability to raise additional capital and at a higher price per share. 

The Company has an aggregate of 122,152,099 Common Shares issued and outstanding. Upon completion of the Share Consolidation, the Company will have an aggregate of approximately 24,430,419 Common Shares issued and outstanding. If the Share Consolidation is approved by the shareholders at the Meeting, the Board of Directors will be authorized to implement the Share Consolidation when and whether it deems it appropriate to do so, provided that if the Share Consolidation is not implemented by the next annual general meeting, the resolution approving the Share Consolidation will lapse. 

Neither the TSX Venture Exchange nor its Régulation 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.
 
SOURCE Reliance Resources Ltd.

For further Information please contact Nicholas Clark on +1 864 991 6687


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Reliance Resources Ltd Appoints Experienced North American Resources Executive as Non-Executive Directo


  • George Young joins Reliance Board as Non-Executive Director
  • Appointment strengthens skills and Board presence in North America
  • RI actively assessing project and growth opportunities in North America
VANCOUVER, Oct. 23, 2013 /CNW/ - Reliance Resources Limited (TSX: RI) ("Reliance") or ("the Company") is pleased to announce the appointment of a seasoned mining executive to the Board of Directors with Mr George Young joining Reliance as non-executive director.

With a Bachelor of Science in Metallurgical Engineering from the University of Utah, and a J.D. from the University of Utah College of Law, Mr Young has over 35 years' experience in the mining industry starting his career as a metallurgist at Kennecott Copper Corp. in Utah in 1975. He is a former Chair of the Utah Section of the Society of Mining Engineers and a member (inactive) of the State Bar Associations of Colorado, Utah, and Texas.

Mr Young is currently a Director of Lion One Metals Ltd. Prior positions include Vice President and Director of International Royalty Corp. (2003-2008); President of MAG Silver Corp. (2002-2005). Mr Young also previously served as General Counsel and Acting General Manager of the Intermountain Power Agency (1984-1988); General Counsel of Bond International Gold Inc. (1988-1990); Director of Operations of American Resource Corporation, (1990-1993); Vice President of Canyon Resource Corporation (1993-1996); and President and CEO of Oro Belle Resources Ltd (1996-1998).

Mr Young has undertaken to assist the company in its commercial negotiations as the company assesses a number of growth opportunities in North America. He will work closely with Reliance's President Nicholas Clark in strengthening the company's project portfolio and driving a growth strategy that delivers improved outcomes for shareholders.

Reliance's Non-Executive Chairman Mr Gary Lewis commented: "We are delighted to have attracted George Young to the Board of Reliance. He brings unrivalled resource sector expertise to the company and a strong network in North America which will be invaluable as we take the next step in the company's growth.

"We are working hard for all shareholders to rebuild value in Reliance, and this involves assessing options for our Indonesian assets, as well as reviewing suitable corporate and project acquisition opportunities in North America. In the current market there are a number of undervalued projects and we intend to capitalise on weak markets and sentiment.

George Young added: "Reliance has a strong foundation to build a valuable resources business, and the company's TSX status underpins this foundation. I am looking forward to working with the Board and management team to create real value for shareholders."
SOURCE Reliance Resources Ltd.

Nicholas Clark
Email: nc@relianceresources.com.au 
Ph: +1 864 991 6687
Copyright CNW Group 2013



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Reliance Resources Limited - TSX Delisting Review


SYDNEY, Australia, Oct. 17, 2013 /CNW/ - Reliance Resources Limited (TSX: RI) ("Reliance" or the "Company") advises that as announced by the TSX today, it has been placed under review with respect to meeting the continued listing requirements of the TSX due to the Company's current trading price, failure to meet minimum market capitalization requirements and lack of sufficient independence at the Board and executive levels.

The Company advises that it is in the process of rectifying the deficiencies at the Board and executive management levels which will be announced shortly. With reference to the Company's market capitalization and trading price, the Company is actively pursuing opportunities which it anticipates will rectify this and will advise as developments arise. 

The Company is in discussions with the TSX regarding the foregoing and fully intends to meet the continued listing requirements of the TSX within the 120-day timeline. 

RELIANCE RESOURCES LIMITED
NICHOLAS CLARK
[President]
SOURCE Reliance Resources Ltd.
Nicholas Clark
nc@relianceresources.com.au
+1 864 991 6687
Copyright CNW Group 2013


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Reliance Resources formally engages IBK Capital to undertake a Private Placement



/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

SYDNEY, Australia, Aug. 21, 2013 /CNW/ - Reliance Resources Limited (TSX: RI) ("Reliance" or the "Company") announces that a formal agreement has been entered into with IBK Capital ("IBK") to facilitate the placement of convertible debentures ("Convertible Debentures") and common share purchase warrants ("Warrants") with appropriate accredited investors; the agreement allows for aggregate gross proceeds of up to $1,490,000 (the "Private Placement") to be raised. The Convertible Debentures shall bear interest at a rate of 10% per annum and have a three-year term to maturity. The conversion price is set at 10 cents and provides a matching warrant for every $1000 invested. 

The Company has paid a nominal Administrative Fee of $25,000 to IBK and has agreed to pay, upon closure of the Private Placement, a Finder's Fee equal to 9% of the proceeds of the Private Placement. The Administrative Fee is recoverable by the Company upon the close of the Private Placement. 

Nicholas Clark [President of Reliance] stated: "We are pleased to have the support of such a reputable firm as IBK and look forward to working with them in support of this raise. I am confident that proceeding with this private placement, as a convertible debt offering, will help to reduce shareholder dilution while at the same time enabling Reliance to move forward with our various exploration programs. Although the market climate has been difficult, the quality and variety of the projects in our exploration portfolio have helped to differentiate us and have allowed us the opportunity to work with IBK". 

RELIANCE RESOURCES LIMITED
NICHOLAS CLARK
[President]





SOURCE: Reliance Resources Ltd.
Further Information, please contact: 
Nicholas Clark
nc@relianceresources.com.au
+1 864 991 6687

Copyright CNW Group 2013


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Reliance granted forestry permit to begin exploration at Anggre


  • Ministry approval for forestry permit received
  • Past exploration outlined six zones of alteration and gold mineralization
  • Immediate focus to define priority targets for drill testing 2nd half 2013
VANCOUVER, May 1, 2013 /CNW/ - Reliance Resources Ltd. ("the Company") (TSX:RI) is pleased to announce the Company has received Ministry approval for a "borrow to use" forestry permit, covering its Anggrek project.

Under new Mining Laws in Indonesia, the forestry approval allows for exploration in Production Forest areas.  Access to the entire Anggrek tenement is now available and if a discovery is made, all forms of mining are permissible.

Reliance President Nicholas Clark said; "With approval from the Indonesian Government to undertake drilling within the Anggrek tenement the Company can now advance its exploration program with confidence.
"Previously we have undertaken surface reconnaissance mapping and sampling, this approval now permits us to plan a drilling program to test the targets defined by our work and from historical exploration activity".
The immediate focus of the Company will be to undertake infill geochemical sampling and mapping within known prospects in order to define priority drill targets. This will support the Company's goal of commencing drill testing of the Anggrek Project in the second half of 2013.


The Anggrek property lies along a composite volcanic island arc which runs through the north arm of the island of Sulawesi and extends northwards into the Philippines. The island arc is host to a number of well-known gold and copper-gold mines (Mesel - 2Mozs, Lanut - 1.0Mozs, Toka Tindung - 1.8Mozs) and deposits in development phase (Bakan- 0.5Mozs).  The Bakan deposit is approximately 12km from Anggrek.

Past exploration of Anggrek, has outlined six zones of alteration and gold mineralization. These are hosted by quartz veins in hydrothermal breccias and fault breccia zones which are up to 20metres in width and can be traced up to 1.2 kilometres along strike. Grab samples include 46.0 g/t gold from the Maleo Zone and 10.2 g/t gold from the TongTong Zone.

Mr Clark continued; "We have every confidence in the Anggrek assets and are very pleased we can move forward with this exciting project. We expect to update shareholders on our progress as soon as is practical." 

Background on Anggrek 

The Anggrek project regional geology consists of interlayered sediments and basic volcanics. Gunung Menangix is a prominent flat-toped hill in the centre of the prospect and is underlain by the large Patung Breccia of approximately 1 square kilometre surface area. Outcrop this breccia is shared between Reliance's property and an adjacent locally-held property.

The breccia is interpreted as likely to be a diatreme pipe, representing the core of a large hydrothermal system with widespread alteration, veining and precious metal mineralisation. Gold mineralisation has been recorded in fault and associated fracture zones. These zones extend out from the breccia pipe and at least 5 zones of alteration and veining have been identified so far with rock chip assays of up to 46.0 g/t gold from Maleo Zone and 10.2 g/t gold from Tong Tong. 

Background on Reliance Resources 

Reliance has a portfolio of five mineral tenements covering 68,000 acres on the islands of Sulawesi and Halmahera in East Indonesia. The Company owns a 75% direct equity interest in both the Tanoyan and Anggrek properties and a 90% direct equity interest the Polopo property in Sulawesi. In the two Halmahera properties, Roko and Kapa Kapa, Reliance has an 82.5% beneficial joint-venture interest through a 100% Reliance-owned Indonesian subsidiary. 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 feature. Importantly, all projects have been converted to IUP tenements as required under the new Indonesian Mining Act (2009). 

The Company is active on three of its five Indonesian gold projects; currently drilling on the Tanoyan Gold Project and conducting surface exploration programs on the Kapa Kapa Gold-Silver Project and the Roko Gold Project. 

All of the Reliance properties have easy access via paved and/or gravel roads and regional infrastructure is good. Further information is located on our website www.relianceresources.com 

This press release has been reviewed and approved by Mr. John Levings, B.Sc., FAusIMM, director of Reliance Resources Limited and a Qualified Person as defined by National Instrument 43-101, under whose direction the exploration programs are being carried out.


SOURCE: Reliance Resources Ltd.
Nicholas Clark
nc@relianceresources.com.au
+1 864 991 6687


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Reliance Resources Limited - Shareholder Updat


  • Recently Appointed President Nicholas Clark progressing capital raising options
  • Assessing options for sale and/or Joint Ventures on select Indonesian projects
  • Early stage discussions regarding precious metals project in North America
  • Reliance well placed to capitalise on TSX Main Board listing status
VANCOUVER, March 25, 2013 /CNW/ - The Directors of Reliance Resources Limited (TSX: RI) ("The Company or "Reliance") are pleased to provide this update to shareholders.
Following the appointment of Nicholas Clark as President on 5 February 2013, and Mr Clark's subsequent relocation to North America, the President is progressing a number of initiatives to deliver value for shareholders.

Capital raising and other funding arrangements
Reliance can confirm that it is in ongoing discussions with a number of parties that have expressed an interest in funding Reliance's growth and development. Of particular interest to one of these parties is Reliance's status as a Main Board TSX-listed company which presents the company with a number of opportunities.
Although there has been a delay, due to circumstances that the Company cannot control, there is a pleasing degree of investor interest in funding Reliance's projects and growth opportunities, and discussions and negotiations are ongoing and positive.

Sale and or Joint Venture of some Indonesian Assets
Reliance's portfolio of exploration assets in Indonesia are highly prospective and have significant unlocked value. The Company has received a number of approaches regarding a possible sale (partial or full) of these assets. Joint Venture options have also been presented to the Company.
These opportunities are being pursued and carefully assessed, and given the Company's portfolio of five mineral tenements covering some 68,000 acres on the islands of Sulawesi and Halmahera, Reliance has plenty of scope to further realize value through the sale or joint venture of some of these assets. Negotiations are ongoing and the Company will update shareholders when appropriate. 

Indonesian Projects Progress
Recent emphasis has been placed on officially transitioning the Tanoyan property from exploration to exploitation status. Consultants have been engaged for environmental and mining studies. Initial presentation and consultations with the regional government has been completed and the process is on track. Good progress has also been made in processing the forestry permits for the Anggrek and Roko properties and both permits have reached the penultimate stage within the Ministry of Forestry in Jakarta. 

Assessment of precious metals project located in North America
The Company is also in the early stages of assessing an advanced precious metals (gold-silver) project located in North America. This opportunity would complement Reliance's precious metals focus, and while negotiations are at an early stage, the Board believes a more in-depth assessment of this opportunity is warranted.

Commenting on these corporate initiatives Reliance's President Nicholas Clark said: "Since my appointment in early February of this year, I have undertaken a detailed review of the Company's portfolio of assets, its growth strategy, and its funding needs, establishing the best path forward for the Company and its shareholders.
"Negotiations around funding are ongoing and positive, and we are firmly focused on finding a suitable partner to help further unlock the value of our Indonesian assets. The Board has excellent commercial links in Indonesia, and a number of opportunities are being pursued. 

"One of our biggest advantages at this point is our status as a Main Board TSX-listed Company, and this status presents Reliance with a number of opportunities. One such opportunity is the possible acquisition of a precious metals project in North America or South America which we are now reviewing.

"The Reliance team is working hard to generate acceptable returns for shareholders and we are firmly focused on these initiatives in the immediate term. We will update shareholders as soon as practical on any meaningful developments." 

SOURCE: Reliance Resources Ltd.
Nicholas Clark
nc@relianceresources.com.au
+1 864 991 6687


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Reliance Resources Ltd. - Increase in director's interest



VANCOUVER, Jan. 24, 2013 /CNW/ - Reliance Resources Ltd. (the "Company") (TSX: RI) today confirmed that the Chairman and Chief Executive Officer, Mr Gary Lewis, has acquired 968,000 Reliance Resources shares on market for a total investment of C$48,400.00.

Mr. Lewis' ownership of Reliance now totals 9,981,145 shares, representing 8.17% of the total issued capital of Reliance.

Mr. Lewis commented: "As Chairman of the company and one of Reliance's major shareholders, I am encouraged by the recent exploration results at Tanoyan and the value that is being added to this exciting project.

As a Board, we continue to assess corporate and project development opportunities to deliver positive outcomes for the Company and enhance shareholder value. "

Background on Reliance

Reliance has a portfolio of five mineral tenements covering 68,000 acres on the islands of Sulawesi and Halmahera in East Indonesia. The Company owns a 75% direct equity interest in both the Tanoyan and Anggrek properties and a 90% direct equity interest the Polopo property in Sulawesi. In the two Halmahera properties, Roko and Kapa Kapa, Reliance has an 82.5% beneficial joint-venture interest through a 100% Reliance-owned Indonesian subsidiary. 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 feature. Importantly, all projects have been converted to IUP tenements as required under the new Indonesian Mining Act (2009).

The Company is active on three of its five Indonesian gold projects; currently drilling on the Tanoyan Gold Project and conducting surface exploration programs on the Kapa Kapa Gold-Silver Project and the Roko Gold Project. All of the Reliance properties have easy access via paved and/or gravel roads and regional infrastructure is good. Further information is located on our website www.relianceresources.com.

This press release has been reviewed and approved by Mr. John Levings, B.Sc., FAusIMM, director of Reliance Resources Limited and a Qualified Person as defined by National Instrument 43-101, under whose direction the exploration programs are being carried out.


SOURCE: Reliance Resources Ltd.

Media Information, contact:
Gary Lewis, CEO
gary.lewis@relianceresources.com.au

Investor Information, contact:
Nicholas Clark
nc@relianceresources.com.au
+1 864 991 6687


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Robust Resources Ltd.: 59,6 % Mangan bei Bohrungen in geringer Tiefe auf Romang Island durchteuft

IRW-News: Robust Resources Ltd.

07.01.2013 10:47

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    IRW-PRESS: Robust Resources Ltd.: Robust Resources Ltd.: 59,6 % Mangan bei
Bohrungen in geringer Tiefe auf Romang Island durchteuft

Robust Resources Ltd.: 59,6 % Mangan bei Bohrungen in geringer Tiefe auf Romang
Island durchteuft

* Rekordgehalt von 59,6 % Mangan auf Romang Island
* Hochgradige Manganmineralisierung ist bis zu 26,7 Meter mächtig
* Aussichtsreiches Bohrziel im Manganese Valley in drei Richtungen offen
* Bohrungen zur genaueren Bestimmung der Manganvorkommen auf Romang Island
werden fortgesetzt
* Bisherige Ergebnisse aus drei Löchern weisen konsequent hohe Erzgehalte und
Mächtigkeiten aus
* Analyseergebnisse aus 11 weiteren Löchern stehen noch aus

Robust Resources Limited (ASX: ROL) ("Robust" oder "das Unternehmen") freut
sich, neue Explorationserfolge auf Romang Island bekannt zu geben, wo eine
weitere hochgradige Manganmineralisierung nahe der Oberfläche durchteuft wurde.

Seit kurzem liegen die Ergebnisse aus drei Bohrungen vor, mit denen die
vorliegende Manganmineralisierung erkundet werden sollte. Jedes dieser Löcher
durchteufte extrem breite und hochgradige Manganabschnitte, einige davon mit
außerordentlich hohem Erzgehalt und enormen Mächtigkeiten:

* LWD245: 26,7 Meter mit 40,5 % Mn ab Oberfläche, darin enthalten auch
o 2,5 Meter mit 56,9 % Mn ab 5,9 Meter Tiefe und
o 9,5 Meter mit 56,6 % Mn ab 12,9 Meter Tiefe
o 2,0 Meter mit 59,0 % Mn ab 16,9 Meter Tiefe

* LWD249: 14,2 Meter mit 48,0 % Mn ab Oberfläche, darin enthalten auch
o 6,0 Meter mit 56,4 % Mn ab 6,0 Meter Tiefe, davon
o 1,0 Meter mit 56,6 % Mn ab 9,0 Meter Tiefe (siehe Abbildung 1)

* LWD251: 21,1 Meter mit 37,5 % Mn ab Oberfläche, darin enthalten auch
o 9,2 Meter mit 48,6 % Mn ab 11,9 Meter Tiefe, davon
o 5,1 Meter mit 53,1 % Mn ab 11,9 Meter Tiefe

Die Mineralisierung im Manganese Valley ist nach wie vor offen. Abbildung 2
zeigt einen in Nord-Süd-Richtung verlaufenden Querschnitt; es handelt sich um
den östlichsten Bohrabschnitt, der bisher fertiggestellt wurde. Die
Manganmineralisierung ist in drei Richtungen offen: in nördlicher und südlicher
Richtung (siehe Abbildung) und auch weiter östlich dieses Abschnitts (Abbildung
3). Bemerkenswert ist in dieser Abbildung der kontinuierliche Verlauf der
Manganmineralisierung zwischen den Löchern.

Die Ergebnisse aus 11 weiteren Löchern stehen noch aus; in vielen davon war
bereits im Bohrkern eine Manganmineralisierung sichtbar (wie z.B. aus den
Löchern LWD255 und LWD260 in Abbildung 2). Derzeit finden weitere Bohrungen in
geringer Tiefe statt, mit denen das Ausmaß der Manganmineralisierung genauer
erkundet werden soll.

Gary Lewis, der Geschäftsführer von Robust, sagte: "Unser vorrangiges Ziel ist
es, die Gold-, Silber- und Basismetallressourcen auf Romang Island im Zuge der
laufenden Exploration zu erweitern. Daneben eröffnen sich im Rahmen der
Explorationsaktivitäten im Manganese Valley für Robust neue Chancen."

"Aufgrund der überzeugenden Analyseergebnisse und der Erfolge im Rahmen früherer
Explorationen zur Erkundung der Manganvorkommen haben wir nun ein
Explorationsprogramm entwickelt, das sich ganz gezielt auf die
Manganmineralisierung konzentriert. Die Ergebnisse aus den ersten 3 Löchern in
diesem neuen Programm sind sehr vielversprechend und haben bereits hervorragende
Werte geliefert. Theoretisch liegt der Höchstwert für Mangan bei 63 % reinem
Manganoxid und unser bisheriger Spitzenwert von 59,6 % Mn kommt sehr nahe an
diesen Reinheitsgrad heran. Damit können wir davon ausgehen, dass wir es im
Manganese Valley mit einer hochgradigen Lagerstätte zu tun haben", meinte er.

"Diese Ergebnisse sind ein weiterer Hinweis auf die umfangreichen Erzvorkommen
auf Romang Island. Mit 26 Millionen $ Barbestand und offenen Forderungen sind
wir bestens finanziert, um die Exploration der Manganvorkommen auf Romang Island
im Jahr 2013 voranzutreiben. Gleichzeitig werden wir die Exploration und
Erschließung unserer Gold-, Silber- und Basismetalllagerstätten weiter
forcieren. Wir freuen uns darauf, unsere Aktionäre über die bevorstehenden
Analyseergebnisse zu informieren."

Abbildung 1: Kernmaterial mit Rekordmanganwerten:

www.irw-press.com/dokumente/ROL_070113_DE.pdf

Geschäftsführer Gary Lewis steht Ihnen unter der Telefonnummer +61 2 8259 4799
für nähere Informationen zur Verfügung.

Stellungnahme des Sachverständigen

Die in diesem Bericht enthaltenen Informationen, die sich auf
Explorationsergebnisse beziehen, basieren auf Datenmaterial, das von John
Levings BSc, Fellow des Australasian Institute of Mining and Metallurgy,
zusammengestellt wurde. Herr Levings, ein Direktor des Unternehmens, ist seit
über zehn Jahren in dem hier beschriebenen Fachbereich tätig. Herr Levings hat
ausreichende Erfahrung, wie sie für die Art der hier dargestellten
Mineralisierung bzw. Lagerstätte und auch für die von ihm durchgeführten
Tätigkeiten wesentlich ist. Er hat somit die entsprechenden Qualifikationen, die
ihn zum Sachverständigen gemäß den einschlägigen australischen Richtlinien der
Berichterstattung ("Australasian Code for Reporting of Exploration Results,
Mineral Resources and Ore Reserves", Ausgabe 2004) befähigen. Herr Levings
stimmt zu, dass die von ihm vorgelegten Informationen in dieser Form und in
diesem Zusammenhang in der vorliegenden Meldung veröffentlicht werden.

Abbildung 2: Abschnitt 319,250mE, Zielbereich im Manganese Valley - mächtige
Abschnitte und kontinuierlicher Verlauf der Manganmineralisierung

www.irw-press.com/dokumente/ROL_070113_DE.pdf

Abbildung 3: Lageplan der Bohrungen im Manganese Valley 2012

www.irw-press.com/dokumente/ROL_070113_DE.pdf

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englische Originalmeldung beachten!


Die englische Originalmeldung finden Sie unter: 
http://www
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High grade gold intersected in Sondana drilling, Tanoyan Gold Project, Sulawesi, Indonesia

  • Drill hole TND 106 intersected:
    • 6.2 metres at 8.1 grams of gold per tonne
    • Within broad zone: 42.95 metres at 1.6 grams of gold per tonne
  • Continues to confirm consistency of higher-grade gold zones
  • Important implications for continuity of gold mineralisation
VANCOUVER, Nov. 29, 2012 /CNW/ - Reliance Resources Ltd. (the "Company") (TSX:RI) is pleased to announce recently received gold assays, which have confirmed the discovery of significant high grade gold mineralisation in the Central Sondana vein; Tanoyan Gold Project; Indonesia.
Diamond drill hole number TND 106 intersected a broad zone of gold-bearing quartz veins which contains within it, a substantial high grade zone:
  • TND 106: 42.95 metres at 1.6 g/t Au from 100 metres
    including 6.2 metres at 8.1 g/t Au from 135.5 metres
Full details of the results are located in Table 1.
This intersection is one of the strongest so far obtained on the Tanoyan property and also has important implications for the geological understanding of the Sondana gold vein system. As can be seen in the longitudinal projection of the Sondana vein in Figure 1, drillhole TND 106 extends the high-grade zone originally discovered in hole TND 063 (7.2m at 7.3 g/t Au).
Importantly, the TND106 result infers continuity between the strong gold mineralisation in North Sondana and Central Sondana at intermediate depths. This inference will be tested by further drilling as part of the Company's current, 10,000 metre, Phase 2 drill program. The program is designed to build on the independent NI 43-101 Inferred Mineral Resource (4.58 Mt at 1.41 g/t Au) of 208,000 ounces of gold (March, 2012). 

The TND 106 intersection highlights a substantial thickening of the mineralised zone between a shallow intersection in TND104 and a deep intersection in historical drillhole TND034 (see Figure 2). This continues a geological pattern encountered in North Sondana, where the thickest and highest grade gold intersections tend to occur at intermediate depth, starting approximately 50m below ground surface.
Reliance Resources CEO Mr. Gary Lewis said: "It is very encouraging to be able to update shareholders with this important result. Besides being one of the best holes ever from Tanoyan, it has led to important new understanding of the Sondana vein, and points to future exploration success and increase in mineral resources. The consistency of high-grade gold mineralisation is further demonstrated by this result which will be important when it comes the time to commercialise the Tanonyan gold deposits. The geological lessons being learned in Central and North Sondana put us in a good position as we explore further north along the Sondana vein structure. 

"Based on continued good results, Reliance has engaged consultants to complete a set of studies which will be submitted to the Indonesian Government and will lead to the conversion of the Tanoyan property from exploration to exploitation (production) stage."
The Tanoyan Gold Project consists of an extensive system of auriferous quartz veins, comprising four principal vein systems, Sondana, Ramai, Modupola/Talong and Lingkobungon. These veins are predominantly orientated northeast and dip steeply or moderately to the northwest or southeast.  The veins are hosted by andesitic volcanic rocks and have been mapped over a combined strike length of approximately 6 kilometres. 

The Phase 2 drilling program is aiming for a significant upgrade to the existing NI 43-101 resource by targeting extensions to drilled sections of the veins, which have been identified along strike and at depth on all vein systems. Previous drilling has primarily been tightly focused on the Sondana and Modupola veins and the current Phase 2 program will extend drilling into all target areas.
The resource model at the Sondana and Modupola veins is open at depth for most of its length, especially in the north of the Sondana vein, where significant drill intersections from Phase 1 drilling are located. The Phase 2 drilling program is designed to test at depth for extensions of mineralisation which have been mapped on surface and in locations where earlier drilling has shown the mineralisation is open at depth. Infill drilling should confirm the strike continuity of vein systems and thereby improve the classification of the mineral resources. 

Reliance has a portfolio of five mineral tenements covering 68,000 acres on the islands of Sulawesi and Halmahera in East Indonesia. The Company owns a 75% direct equity interest in both the Tanoyan and Anggrek properties and a 90% direct equity interest the Polopo property in Sulawesi. In the two Halmahera properties, Roko and Kapa Kapa, Reliance has an 82.5% beneficial joint-venture interest through a 100% Reliance-owned Indonesian subsidiary. 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 feature. Importantly, all projects have been converted to IUP tenements as required under the new Indonesian Mining Act (2009).
The Company is active on three of its five Indonesian gold projects; currently drilling on the Tanoyan Gold Project and conducting surface exploration programs on the Kapa Kapa Gold-Silver Project and the Roko Gold Project. All of the Reliance proprties have easy access via paved and/or gravel roads and regional infrastructure is good. 

This press release has been reviewed and approved by Mr. John Levings, B.Sc., FAusIMM, director of Reliance Resources Limited and a Qualified Person as defined by National Instrument 43-101, under whose direction the exploration programs are being carried out. 

The statements herein that are not historical facts are forward-looking statements.  These statements address future events and conditions and so involve inherent risks and uncertainties, as disclosed under the heading "Risk Factors" in the Company's periodic filings with Canadian securities regulators.  Actual results could differ from those currently projected.  The Company does not assume the obligation to update any forward-looking statement. 
 
Table 1: Tanoyan Project Drilling Results 

DH No. Vein From To Interval Au
(m) (m) (m) (g/t)
TND106 Sondana 29.00 29.80 0.8 1.4
  and 68.65 69.30 0.65 1.5
  and 100.05 143.00 42.95 1.6
  incl 135.5 141.70 6.2 8.1

PDF available at: http://stream1.newswire.ca/media/2012/11/29/20121129_C4639_DOC_EN_21342.pdf
PDF available at: http://stream1.newswire.ca/media/2012/11/29/20121129_C4639_DOC_EN_21343.pdf

SOURCE: Reliance Resources Ltd.
Media Information, contact:
Gary Lewis, CEO
gary.lewis@relianceresources.com.au

Investor Information, contact:
Adam Holdsworth
aholdsworth@dgicomm.com

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Drilling Update: 24.9 Metres At 2.8 G/T Au Intersected at Tanoyan Gold Project, Sulawesi, Indonesia

  • Significant intersection in drill hole TND105: North Sondana Vein
    • 24.9 metres at 2.8 g/t Au from 95 metres
    • Including 3.4 metres at 7.0 g/t Au from 104.3 metres
    • Continues to confirm consistency of higher-grade zone
  • Additional Phase 2 drilling of 9 holes and 1,271 metres completed
  • Phase 2, 10,000 metre drilling program designed to increase the 208,000 ounce gold 43-101 mineral resource estimate continues with 2 diamond drills
  • Feasibility, Social and Environmental Impact Studies commenced
 13 November, 2012- Reliance Resources Ltd. (the "Company" or "Reliance" ) (TSX:RI) is pleased to announce the completion of an additional 9 holes totalling 1,271m of diamond drilling on its 75%-owned Tanoyan Gold Project in Indonesia. To date, 19 holes totalling 2,802 metres have been completed in a planned 10,000 metre, Phase 2 program, which commenced after the publication of the NI 43-101 report and mineral resource estimate in March 2012 (Inferred mineral resource of 208,000 ounces of Au at 1.41 g/t Au). Drilling continues utilising 2 owner-operated drill rigs. Highlights of the recent results include a wide intersection from TND105 which continues to confirm the consistency of a higher-grade and thicker gold mineralization zone, at intermediate levels of the North Sondana Block, especially between RLs 300m and 380m depth (see Figure 2).



  • TND105: 24.9 metres at 2.8 g/t Au from 95m
  • Including 3.4 metres at 7.0 g/t Au from 104.3m
  • Table 1 lists the gold intersections from the Phase 2 drilling since the previous release on 3rd September 2012. The locations of the holes in relation to the mapped veins and previous drill collars is shown in Figure 1.

    This drilling gives important information regarding the geological controls on the mineralization within the vein system. In common with most epithermal gold vein systems, the ore-grade mineralization is localised within a number of shoots and a considerable amount of drilling is required to properly define them.

    At North Sondana, drilling has continued to identify a remarkably consistent zone of higher-grade mineralization between RLs 300 and 380 and there is a suggestion that this zone may plunge to the south-west, as indicated by hole TND097: 12.6M @ 2.7 g/t Au.

    Holes testing the vein at even deeper levels, have defined the lower limits of potentially economic mineralization in the North Sondana shoot (e.g. TND101: 10.7m @ 0.4 g/t Au and TND103: 12.2m @ 0.6 g/t Au). It must also be noted however, that technical drilling issues in both these holes, resulted in the termination of TND103 whilst still in vein, and TND101 was also not completed to it's planned depth.

    Detailed structural and lithological information is now being used to build a sophisticated 3D model using specialist "Leapfrog" software, which will greatly assist future drill planning and resource modelling. A perspective view from the preliminary Leapfrog model of Sondana North is shown in Figure 3.

    The long section in Figure 1 shows a number of planned Phase 2 drill holes, which include drilling in the almost untested further-north extensions of the Sondana vein. Success in this drilling should add substantially to mineral resources. In addition, the Company will drill further holes in the Sondana vein to better define the mineral resource, prior to exploitation.

    Reliance has engaged consultants to manage the preparation of a Feasibility Study and Environmental Impact Assessment Study, which are both necessary to transition the property status from exploration, to exploitation status.

    Reliance Resources CEO Mr. Gary Lewis said: "Reliance management is pleased with the steady progress of the drilling at Tanoyan, which is necessary to update our resource position and provide the basis for the recently commenced studies that will ascertain the feasibility of mining and treatment of the Tanoyan vein system, as well as transition the status of the property from exploration to exploitation stage. We continue to explore and define mineral resources utilising two owner-operated diamond drill rigs, which allow us to carry out very cost-effective drilling.

    "Work is progressing well on our other Indonesian projects, including the Kapa Kapa high-grade copper-silver prospect. We look forward to updating shareholders as results become available."

    The Tanoyan Gold Project consists of an extensive system of auriferous quartz veins, comprising four principal vein systems, Sondana, Ramai, Modupola/Talong and Lingkobungon. These veins are predominantly orientated north-east and dip steeply or moderately to the north-west or south-east. The veins are hosted by andesitic volcanic rocks and have been mapped over a combined strike length of approximately 6 kilometres.

    The Phase 2 program is aiming for a significant upgrade to the existing NI 43-101 resource by targeting extensions to drilled sections of the veins, which have been identified along strike and at depth on all vein systems. Previous drilling has primarily been tightly focused on the Sondana and Modupola veins and the current Phase 2 program will extend drilling into all target areas.

    The resource model of the Sondana and Modupola veins is open at depth for most of its length, especially in the north of the Sondana vein, where significant drill intersections from Phase 1 drilling are located. The Phase 2 drilling program is designed to test at depth for extensions of mineralization which have been mapped on the surface and in locations where earlier drilling has shown the zone is open at depth. Infill drilling should confirm the strike continuity of vein systems and thereby improve the classification of the mineral resources.

    The Company 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. Importantly, all projects have been converted to IUP tenements as required under the new Indonesian Mining Act (2009).

    The Company is active on three of its five Indonesian gold projects; currently drilling on the Tanoyan Gold Project and conducting surface exploration programs on the Kapa Kapa Gold-Silver Project and the Roko Gold Project. All of the properties have easy access via paved and/or gravel roads and regional infrastructure is good.

    This press release has been reviewed and approved by Mr. John Levings, B.Sc., FAusIMM, director of Reliance Resources Limited and a Qualified Person as defined by National Instrument 43-101, under whose direction the exploration programs are being carried out.

    Media Information, contact:
    Gary Lewis, CEO
    gary.lewis@relianceresources.com.au
    +61 8259 4799

    Investor Information, contact:
    Adam Holdsworth, DGI
    aholdsworth@dgicomm.com
    212 825 3210



    The statements herein that are not historical facts are forward-looking statements. These statements address future events and conditions and so involve inherent risks and uncertainties, as disclosed under the heading "Risk Factors" in the Company's periodic filings with Canadian securities regulators. Actual results could differ from those currently projected. The Company does not assume the obligation to update any forward-looking statement.


    Table 1: Recent Tanoyan Project Drilling Results

    DH No. Zone 51 N UTM Depth
    (m)
    SONDANA
    BLOCK
    From To Interval Au
    East North (m) (m) (m) (g/t)
    TND098 639368 67105 156.5 CENTRAL 57.40 59.10 1.70 0.3
    TND099 639639 67463.3 95 NORTH 48.50 53.80 5.30 0.7
    TND100 639338 67133 141.6 CENTRAL 93.60 100.65 7.05 0.3
    TND101 639584 67517 245 NORTH 232.60 243.30 10.70 0.4
    Incl. 232.60 233.95 1.35 1.2
    TND102 639370 67166 177 CENTRAL 71.35 73.75 2.40 0.5
    118.20 123.30 5.10 0.3
    TND103 639665 67583 170 NORTH 158.20 170.40 12.20 0.6
    Incl. 166.30 170.40 4.10 1.0
    TND104 639423 67158 115 CENTRAL 24.00 26.00 2.00 1.4
    TND105 639654 67527 80 NORTH 71.50 76.00 4.50 0.5
    95.00 119.90 24.90 2.8
    Incl. 104.30 107.70 3.40 7.0
    1270.85

    View News Release in PDF Format:


    File: http://www.relianceresources.com/i/pdf/PR-13-Nov-2012.pdf


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