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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