Valhalla Formalizes Strategic Alliance in Turkey and Adds Two New Board Members
(firmenpresse) - VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 04/24/12 -- Valhalla Resources Ltd. (TSX VENTURE: VH) ("Valhalla" or the "Company") is pleased to announce that it has formalized the Letter of Intent signed in March (see news release #1 dated March 15th, 2012 entitled "Valhalla announces strategic alliance in Turkey") with Kenz Madencilik Sanayi Ve Ticaret Limited Sirketi, ("Kenz Mining"). Valhalla and Kenz will be pursuing opportunities in Turkey.
The Strategic Alliance will operate via a Turkish company named Valken Enerji Mineral Madencilik Sanayi ve Ticaret A. S. (Valken Energy Mineral Mining Industry and Trade Corporation) ("Valken"), which is 70% owned by Valhalla and 30% owned by Kenz Mining. Valken will explore and develop mineral properties in Turkey on behalf of Valhalla and Kenz Mining.
Valhalla's Sarp Properties, a joint venture with Alacer Gold Corp, will be transferred to the new company and ongoing exploration and holding costs will be funded on a pro rata basis by Valken's shareholders. A payment of US$200,000 will be made by Kenz Mining to Valhalla upon receiving all the necessary TSX Venture Exchange and regulatory approvals for the transfer. Kenz Mining would also make a subsequent payment of US$1,000,000 upon commencement of commercial production on the Sarp Properties.
In addition, Mr. Firat Gulgen, the Chairman and majority shareholder of Kenz Mining and Mr. Ibrahim Ata Ferhatoglu, the Managing Director of Kenz Mining, have been appointed to the Board of Directors of Valhalla.
Mr. Gulgen is the Founder and Chairman of Calinos Holdings A.S. ("Calinos"), a multinational media group based in Turkey. Calinos is responsible for approximately 75% of the distribution of Turkish television and movies, and is active in the export of Turkish television programs and other media to over 70 countries.
Kenz Mining holds 6,500,000 common shares of Valhalla (15.2% of Valhalla's outstanding shares) having purchased common shares in Valhalla through private placements and in the Initial Public Offering completed in December, 2011.
About Valhalla Resources Ltd.:
Valhalla Resources 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 which traverses Eastern Europe and Asia and plays host to a number of world-class gold and copper deposits.
About Kenz Madencilik Sanayi Ve Ticaret Limited Sirketi:
In 2010, Calinos Holdings established a minerals division under the name Kenz Madencilik A.S. Kenz Mining is headquartered in Istanbul and has a branch office in Ankara. It has interests in metallic and industrial minerals exploration, development and mining. These interests include joint ventures with Alacer Gold Corp and Aldridge Minerals Inc.
ON BEHALF OF THE BOARD OF DIRECTORS
Stacy Quinney, Senior Vice President & Director
Caution Regarding Forward-Looking Information
This news release includes certain forward-looking statements within the meaning of Canadian 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, the fact that completion of the Private Placement is subject to a number of customary closing conditions, including receipt of the approval of Valhalla's shareholders and approval of the Exchange, economic performance, future plans and objectives of the Company and the other factors discussed under the heading "Risk Factors" in the Company's Management's Discussion and Analysis for the year ended November 30, 2011 and in other continuous disclosure filings made by the Company with Canadian securities regulatory authorities and available at . 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, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed timeframe or at all. 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.
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)
Themen in dieser Pressemitteilung:
Unternehmensinformation / Kurzprofil:
Datum: 24.04.2012 - 17:32 Uhr
Sprache: Deutsch
News-ID 138741
Anzahl Zeichen: 8468
contact information:
Town:
VANCOUVER, BRITISH COLUMBIA
Kategorie:
Mining & Metals
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