NEWSKria Resources Enters Into Revised Royalty Agreement
TORONTO, ONTARIO, Jun 21, 2010 (MARKETWIRE via COMTEX News Network) --
Kria Resources (TSX VENTURE: KIA) ("Kria" or the "Company") today announced that it has entered into a revised royalty agreement with Premium Exploration, USA, Inc., a wholly-owned subsidiary of Premium Exploration Inc. ("Premium") (TSX VENTURE: PEM). The revised royalty agreement replaces the previous royalty agreement entered into among Clearwater Mining Corporation, the Company and Valencia Ventures Inc. (TSX VENTURE: VVI), governing the acquisition of the Buffalo Gulch projects located in central Idaho (the "Buffalo Gulch Property"). Pursuant to the terms of the revised royalty agreement Premium will pay the Company US$500,000, which is payable in cash or in common shares of Premium and shall pay the Company a 0.75% net smelter return royalty ("NSR") on the Buffalo Gulch Property. The NSR is payable in quarterly installments on commencement of commercial production of gold on the Buffalo Gulch Property to a maximum of US$1,500,000.
The Company intends to complete the sale of the Buffalo Gulch Property to Premium upon completion and receipt of all board approvals, regulatory approvals, including the approval of the TSX Venture Exchange, and completion of all other conditions pursuant to the terms of the revised royalty agreement.
About Kria Resources
Kria Resources is a base metal exploration and development company focused on high-quality, advanced-stage base metal assets. Kria's primary asset is the Halfmile Lake and Stratmat properties near Bathurst, New Brunswick. The Halfmile Lake property has a NI 43-101 compliant Indicated mineral resource estimate of 6.26 million tonnes grading 8.13% zinc, 2.58% lead, 0.22% copper and 30.78 g/t silver using a 5.0% capped zinc equivalent cut-off grade and an Inferred resource estimate of 6.08 million tonnes grading 6.69% zinc, 1.83% lead, 0.14% copper and 20.51 g/t silver using a 5.0% capped zinc equivalent cut-off grade.
Kria also has the Ruttan copper-zinc sulphide project near Leaf Rapids, Manitoba that has an NI 43-101 compliant mineral inferred resource estimate of 19.75 million tonnes grading 1.17% copper and 1.47% zinc using a 1.0% capped copper equivalent cut-off grade. Please refer to the Company's technical reports filed on SEDAR for details regarding the NI 43-101 compliant resource estimates on Halfmile, Stratmat and Ruttan.
Please visit our website at www.kriaresources.com for additional information.
Cautionary Note Regarding Forward-Looking Information
This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to exploration prospects, the completion of the transaction as proposed, the timing with respect to the sale of the Buffalo Gulch property, and timing with respect to all regulatory approvals. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: general business, economic, competitive, political and social uncertainties; the actual results of current exploration activities; timing and availability of external financing on acceptable terms; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; future prices of mineral prices; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes and other risks of the mining industry; and, delays in obtaining governmental approvals or required financing or in the completion of activities. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATORY SERVICES PROVIDER ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE
Contacts: KRIA RESOURCES Heather Colpitts Manager, Investor and Public Relations 416-861-5803 info@kriaresources.com
SOURCE: Kria Resources Ltd.
mailto:info@kriaresources.com
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