Valhalla and Consortium Encountering Difficulties in Reaching Formal Agreement on Romanian Project
(firmenpresse) - VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 04/19/12 -- Valhalla Resources Ltd. (TSX VENTURE: VH) ("Valhalla" or the "Company") announces that it is participating in a consortium with Roman Copper Corp. ("Roman Copper"), declared as the successful bidder in an open-outcry auction for the acquisition and privatisation of S.C. Cupru Min S.A. Abrud, a Romanian state-owned company that holds the mining license for the Rosia Poieni project. Roman Copper bid approximately US$266 million for 100% of the shares of S.C. Cupru Min S.A. Abrud, operator of the Rosia Poieni copper-gold project located near the town of Abrud, approximately 300 kilometres from Bucharest.
Roman Copper has been negotiating with the Romanian Government to conclude a formal agreement for the purchase of all of the shares of S.C. Cupru Min S.A. Abrud. To date, the parties have been unable to reach a formal agreement to formalize the transaction.
As part of its participation in the consortium, Valhalla advanced US$750,000 to fund part of the bid bond in respect of the privatisation auction in Romania for the Rosia Poieni project.
Valhalla intends to provide further information in the event it becomes available.
About Valhalla Resources Ltd.
Valhalla is a Canadian mineral exploration company focusing on the discovery and development of base and precious metal opportunities in Turkey and Romania. Its principal assets are the Sarp Properties in Northwestern Turkey and the Bratosin Hill property in the historic Golden Quadrilateral region of Romania. In addition, the Company is evaluating numerous opportunities throughout the Tethyan Mineral Belt that traverses Eastern Europe and Asia and plays host to a number of world-class gold and copper deposits.
ON BEHALF OF THE BOARD OF DIRECTORS
Joel Hayes, President
Caution Regarding Forward-Looking Information
This news release includes certain forward-looking information or forward-looking statements (collectively, "forward-looking statements") within the meaning of applicable securities laws. Forward-looking statements involve risks, uncertainties and other factors that could cause actual results, performance, prospects and opportunities to differ materially from those expressed in such forward-looking statements. Forward-looking statements in this news release include, but are not limited to, intentions respecting the completion of formal documentation, the return of deposit funds and the provision of updated information. Forward-looking statements are subject to a number of risks, including the ability to reach agreement on an acquisition, complete necessary financings, obtain regulatory approvals, obtain a return of deposit funds and provide updated information. Any number of important factors could cause actual results to differ materially from these forward-looking statements as well as future results. Although Valhalla believes that the assumptions and factors used in making the forward-looking statements are reasonable, undue reliance should not be placed on these statements, and no assurance can be given that such events will occur in the disclosed timeframe or at all. Forward-looking statements are based on certain assumptions that management believes are reasonable at the time they are made. In making the forward-looking statements included in this news release, the Company has applied several material assumptions, including, but not limited to, the assumption that: (1) the proposed exploration and development of mineral projects will be viable operationally and economically and proceed as planned; (2) market fundamentals will result in sustained metal and mineral demand and prices, and such prices will be materially consistent with those anticipated; (3) required or desired financing will be available on reasonable terms; (4) required agreements and approvals to proceed with transactions and projects will be obtained, and on terms and conditions satisfactory to Valhalla. Valhalla disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, unless required by applicable laws.
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.
Contacts:
Valhalla Resources Ltd.
Doug Ramshaw
Vice President, Business Development
778-330-0068
604-484-7155 (FAX)
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Datum: 19.04.2012 - 15:17 Uhr
Sprache: Deutsch
News-ID 137147
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VANCOUVER, BRITISH COLUMBIA
Kategorie:
Mining & Metals
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