VANCOUVER, March 18, 2013 /CNW/ - Salmon River Resources Ltd. (TSX.V:SAL.V - News) (together with its subsidiaries individually and jointly referred to as "Salmon River" or the "Company") wishes to advise that it has received a notice (the "Notice") to complete the transaction to purchase all the outstanding shares of Treppo Grande Iron Pty. Ltd. ("TGI"), a private Australian company, whose principal asset is a 100% interest in five exploration tenements referred to as the Treppo Grande Iron Ore Project. The Notice was received based on discussions by the Company with the Vendor and provides for a seven day extension to no later than 5:00pm on Friday 22 March 2013 for payments of AUD25 million plus accrued interest thereon owing to the Vendor for acquisition of the TGI shares.
As previously advised in the Press Release of 22 February 2013, Salmon River has been involved for some months in negotiations with an investment group regarding several stages of funding that, when and if completed, will be sufficient for the Company to meet all its current financial commitments, including payments due to the Vendor, payment of all outstanding accounts payable of the Company and funding of current exploration and operating expenses. The Company is at an advanced stage of discussions with this investment group and, based on representations and negotiations with the investment group's representatives, expects that the arrangements with them will be completed. However, no assurances can be given by the Company that a transaction will be completed and all claims settled on a timely basis.
Salmon River expects to be in a position to make further disclosure shortly.
ABOUT SALMON RIVER RESOURCES LTD.
Salmon River Resources Limited (TSXv:SAL.V - News) is a mineral exploration company engaged in the exploration for and development of commercial deposits of iron ore in Western Australia. It exercised its option to acquire five tenements in the Yilgarn region of Western Australia including the Treppo Grande iron ore project, approximately 210 kilometres northwest of Kalgoorlie, comprising three tenements covering approximately 396.7 km2. Completion of the acquisition of the tenements is subject to certain conditions, including cash payments and issuance of shares to the Vendor. For further information visit our website at www.salmonriver.com.au.
This press release contains forward-looking statements that are based on the beliefs of management and reflect Salmon River's current expectations. This press release relates to a significant set of financings and completion of the acquisition of the Treppo Grande Iron Pty Ltd, further exploration and future financing requirements. The forward-looking statements are based on certain assumptions, which could change materially in the future, including the assumption that the transactions and financings contemplated herein will be completed, that Salmon River will be able to settle its trade payables, that Salmon River will be able to complete on its acquisition of TGI and that the Treppo Grande property will ever be developed. By their nature, forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include the risk that funds may not be advanced under the Initial Funding, the definitive financing agreements may not be completed, that Salmon River may not be able to satisfy the claims of its creditors, that Salmon River may not complete the financings in the amounts required and that the Company may not complete on its acquisition of TGI. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, investors should not place undue reliance on forward-looking information. Forward-looking information is provided as of the date of this press release, and the Company assumes no obligation to update or revise them to reflect new events or circumstances, except as required in accordance with applicable laws.
Statements in this release that are forward-looking statements are subject to various risks and uncertainties concerning the specific factors disclosed under the heading "Risk Factors" and elsewhere in the Company's periodic filings with Canadian securities regulatory authorities. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. The Company does not assume the obligation to update any forward-looking statement.
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE
SOURCE: Salmon River Resources Ltd.