DGAP-News: FORMULA RESOURCES TO ESTABLISH COPPER SUBSIDIARY
(firmenpresse) - DGAP-News: Formula Resources Inc. / Key word(s):
Miscellaneous/Research Update
FORMULA RESOURCES TO ESTABLISH COPPER SUBSIDIARY
01.12.2011 / 18:33
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CALGARY, AB, --(IMMEDIATE RELEASE)--Thursday NOVEMBER 29th, 2011:
FORMULA RESOURCES INC., 'FORMULA' (FRANKFURT: 3FR.F) is pleased to announce
that FORMULA'S management has begun negotiations to purchase a copper
project located in central Ecuador. This is a significant project and the
company looks forward to completing this transaction soon.
In order to facilitate this proposed project, FORMULA RESOURCES will be
establishing a subsidiary for the purpose of operating this new copper
project. This subsidiary will also be publically traded on the Frankfurt
Stock Exchange.
About Formula Resources:
Formula Resources is a mineral exploration company with assets and
operations in Ecuador.
Formula was founded in 2010 and is publicly traded on the Frankfurt Stock
Exchange under the symbol 3FR. The company also has plans to construct a
mill in Central Ecuador, capable of processing 200 tons of material daily.
The mill project will create a strong and consistent cash flow over the
long term, supporting the company's bottom line and future expansion plans.
As part of the company's development program, management has assembled a
procurement team to evaluate all potential projects and targets. The goal
of the team and management is to identify value-oriented production
opportunities. The company is registered and headquartered in Alberta,
Canada, with operations offices in Ecuador.
Disclaimer;
Some of the statements contained in this press release are forward-looking
statements and information within the meaning of applicable securities
laws. Forward-looking statements and information can be identified by the
use of words such as 'expects', 'intends', 'is expected', 'potential',
'suggests' or variations of such words or phrases, or statements that
certain actions, events or results 'may', 'could', 'should', 'would',
'might' or 'will' be taken, occur or be achieved. Forward-looking
statements and information are not historical facts and are subject to a
number of risks and uncertainties beyond Formula Resources's control.
Actual results and developments are likely to differ, and may differ
materially, from those expressed or implied by the forward-looking
statements contained in this news release. Accordingly, readers should not
place undue reliance on forward-looking statements. The Company undertakes
no obligation to update publicly or otherwise revise any forward-looking
statements, except as may be required by law.
Contacts:
Formula Resources Ecuador Operations Office:
Avenue Orellana, N6 Y Calle Re, Quito, Ecuador
Formula Resources North American Operations Office:
Delta, British Columbia Canada
Telephone: 604-668-5851
Email: info(at)formularesources.net
End of Corporate News
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148400 01.12.2011
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Unternehmensinformation / Kurzprofil:
Datum: 01.12.2011 - 18:33 Uhr
Sprache: Deutsch
News-ID 93197
Anzahl Zeichen: 4511
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Kategorie:
Business News
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