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Bullboard - Stock Discussion Forum Tennessee Valley Authority TVC

Tennessee Valley Authority engages in the production and sale of electricity in the United States. It generates power from coal-fired, nuclear, hydroelectric facilities, and combustion turbine and diesel generators.

NYSE:TVC - Post Discussion

Tennessee Valley Authority > DAMIEN REYNOLDS---CEO OF WRR AS WELL
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Post by wildrun on Sep 09, 2006 3:16pm

DAMIEN REYNOLDS---CEO OF WRR AS WELL

WRR IS GOING TO BE A $2.00 STOCK SOON APRIL 18, 2006 - 09:30 ET Wind River Resources Ltd.: Uranium Property Acquisitions and $3.15 Million Private Placement VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - April 18, 2006) - NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR RELEASE TO U.S. NEWSWIRE SERVICES. Wind River Resources Ltd. ("Wind River") (TSX VENTURE:WRR)) is pleased to announce it has entered into an agreement securing the rights to a substantial portfolio of advanced uranium projects in Mongolia. The projects include large well-defined uranium anomalies with considerable exploration potential along with a licence in a well-known uranium camp that is being actively explored by Areva NC (Cogema) and International Uranium. To support this acquisition, and subject to regulatory approval, Wind River has secured an engagement from Pacific International Securities as lead agent to raise $3.15 million by way of a brokered private placement. Uranium Project Acquisitions Three Mongolian Mineral Exploration Licences are to be acquired, in aggregate covering 43,396 hectares or 434 square kilometres. Two of these licences cover the Chuluut cluster of uranium anomalies 500 kilometres west of the Mongolian capital of Ulan Bator. The Chuluut cluster, made up of the Dagin-Gol, the Bayar and the Sul areas, was discovered by regional airborne geophysical surveys in 1984. Based on surface mapping and 15 shallow drill holes, the Sul area has continuous anomalous uranium mineralization extending approximately 3,000 metres along strike and from 400 to 800 metres in width. This zone has potential to extend for 10 kilometres and to be contiguous with the Bayar anomaly to the northwest. The present data indicate that the exposed mineralization may be the northern exposure of an irregular edge to a larger target zone. These targets are near surface and may prove amenable to open-pit extraction. The Alag Tsav licence covers 3,151 hectares, approximately 200 km south east of Ulan-Bator. Historic work includes over 3,300 metres of drilling, 62 line kilometres of radiometric surveys, and gamma spectral imaging covering 83 square kilometres. Mongolian reports of this work are currently being translated. International Uranium (USA) Corporation and Areva NC are active in this basin. The Chuluut uranium mineralization is hosted in a variety of upper Proterozoic to early Jurassic layered formations. The lower Proterozoic formations consist of biotites, schists and muscovite gneisses while the upper Devonian to Jurassics members consist of more granitoid intrusives. Structurally, the mineralization appears to reside in three paleo-valleys in the order of 13 kilometres in length and 1 to 2 kilometres in width. The valleys are topped with non-lithified Cenozoic deposits of overlapping basalts, tuffs, breccias and assorted talus. Acquisition Terms Wind River has agreed to acquire all the issued and outstanding shares of Enkhsoyombo Co. Ltd. ("Enkhsoyombo"), which holds a 100% interest in the three Minerals Exploration Licences referred above, and the exclusive right to purchase a 100% interest in a fourth licence. The consideration is $500,000 in cash and the issuance of 20 million shares of Wind River at a deemed price of $0.25. Mr. P. Enkhsaikhan is the sole owner of all of the issued and outstanding shares of Enkhsoyombo Co. Ltd. and will join the board of Wind River as Co-Chairman, along with Mr. Damien Reynolds. Mr. Enkhsaikhan is a prominent Mongolian businessman whose family has interests in the power generation, transportation, airline, food processing and coal sectors. Mr. Enkhsaikhan has agreed to give a first right of refusal to Wind River on any additional Mongolian uranium property interests that become available to him for acquisition. Mr. Enkhsaikhan will also cause Enkhsoyombo to exercise its right to acquire the fourth licence for no additional compensation. Private Placement Pacific International Securities will act as lead agent on a best efforts basis for the proposed offering of up to 9,000,000 units of Wind River priced at $0.35 per unit. Each unit shall consist of one common share and one half of one purchase warrant, with each full purchase warrant exercisable into one common share at $0.70 for eighteen months from closing. A commission of 8% in cash or units will be payable to the agents. In addition, the agents will receive compensation options equal to 10% of the number of units sold, with each compensation option exercisable into one common share of Wind River at $0.40 for eighteen months from closing. Corporate Matters Wind River has granted 650,000 incentive stock options to directors, officers and consultants at price of $0.35, exercisable for 5 years, subject to regulatory approval. Also, the Company has entered into a loan agreement with Longview Strategies Inc., whereby Longview will immediately loan $100,000 to the Company in the form of a demand promissory note. Proceeds of the loan are to satisfy the initial compensation conditions of the Mongolian acquisition agreement above. A bonus of 50,000 shares of the Company will be issued to Longview in respect of this loan facility, subject to regulatory approval. ON BEHALF OF THE BOARD Damien Reynolds, Chairman and CEO This news release does not constitute an offer to sell or a solicitation of an offer to sell any of securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release. CONTACT INFORMATION Wind River Resources Ltd. Damien Reynolds Chairman and CEO (604) 323-3351
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