VANCOUVER,
March 26, 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 provide a further update following its Press Release of
March 18.
Salmon River
wishes to advise that notwithstanding the Notice to complete the
transaction to purchase all the outstanding shares of Treppo Grande
Iron Pty. Ltd. ("TGI") by 5:00pm on
Friday 22 March 2013,
discussions continue with the Vendor.
The Company also continues discussions 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. As
previously reported, based on representations and negotiations with
the investment group's representatives, Salmon River 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 secured, that 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.