VANCOUVER,
March 18, 2013 /CNW/ -
Salmon River Resources
Ltd. (TSX.V: SAL) (together with its subsidiaries
individually and jointly referred to as "Salmon River" or the "Company")
wishes to advise that it has received a notice (the "Notice") to
complete the transaction to purchase all the outstanding shares of
Treppo Grande Iron Pty. Ltd. ("TGI"), a private Australian
company, whose principal asset is a 100% interest in five
exploration tenements referred to as the Treppo Grande Iron Ore
Project. The Notice was received based on discussions by the
Company with the Vendor and provides for a seven day extension to
no later than 5:00pm on Friday
22 March 2013 for payments of AUD25
million plus accrued interest thereon owing to the Vendor for
acquisition of the TGI shares.
As previously advised in the Press Release of
22 February 2013, Salmon River has been involved for some months
in negotiations with an investment group regarding several stages
of funding that, when and if completed, will be sufficient for the
Company to meet all its current financial commitments, including
payments due to the Vendor, payment of all outstanding accounts
payable of the Company and funding of current exploration and
operating expenses. The Company is at an advanced stage of
discussions with this investment group and, based on
representations and negotiations with the investment group's
representatives, expects that the arrangements with them will be
completed. However, no assurances can be given by the Company
that a transaction will be completed and all claims settled on a
timely basis.
Salmon River
expects to be in a position to make further disclosure shortly.
ABOUT SALMON
RIVER RESOURCES LTD.
Salmon River Resources Limited (TSXv:
SAL) is a mineral exploration company engaged in the exploration
for and development of commercial deposits of iron ore in
Western Australia. It exercised
its option to acquire five tenements in the Yilgarn region of
Western Australia including the
Treppo Grande iron ore project, approximately 210 kilometres
northwest of Kalgoorlie, comprising three tenements covering
approximately 396.7 km2. Completion of the acquisition
of the tenements is subject to certain conditions, including cash
payments and issuance of shares to the Vendor. For further
information visit our website at www.salmonriver.com.au.
Forward-Looking Statements:
This press release contains forward-looking
statements that are based on the beliefs of management and reflect
Salmon River's current
expectations. This press release relates to a significant set
of financings and completion of the acquisition of the Treppo
Grande Iron Pty Ltd, further exploration and future financing
requirements. The forward-looking statements are based on
certain assumptions, which could change materially in the future,
including the assumption that the transactions and financings
contemplated herein will be completed, that Salmon River will be able to settle its
trade payables, that Salmon River
will be able to complete on its acquisition of TGI and that the
Treppo Grande property will ever be developed. By their
nature, forward-looking information involves known and unknown
risks, uncertainties and other factors that may cause actual
results, performance or achievements to be materially different
from any future results, performance or achievements expressed or
implied by the forward-looking information. Such factors
include the risk that funds may not be advanced under the Initial
Funding, the definitive financing agreements may not be completed,
that Salmon River may not be able
to satisfy the claims of its creditors, that Salmon River may not complete the financings
in the amounts required and that the Company may not complete on
its acquisition of TGI. There can be no assurance that
forward-looking information will prove to be accurate, as actual
results and future events could differ materially from those
anticipated in such statements. Accordingly, investors should
not place undue reliance on forward-looking information.
Forward-looking information is provided as of the date of this
press release, and the Company assumes no obligation to update or
revise them to reflect new events or circumstances, except as
required in accordance with applicable laws.
Statements in this release that are
forward-looking statements are subject to various risks and
uncertainties concerning the specific factors disclosed under the
heading "Risk Factors" and elsewhere in the Company's periodic
filings with Canadian securities regulatory authorities. Such
information contained herein represents management's best judgment
as of the date hereof based on information currently
available. The Company does not assume the obligation to
update any forward-looking statement.
NEITHER 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
SOURCE Salmon River Resources Ltd.