Reliance Resources Ltd. - Increase in director's interest
VANCOUVER, Jan. 24, 2013 /CNW/ - Reliance Resources Ltd. (the "Company") (TSX: RI) today confirmed that the Chairman and Chief Executive Officer, Mr Gary Lewis, has acquired 968,000 Reliance Resources shares on market for a total investment of C$48,400.00.
Mr. Lewis' ownership of Reliance now totals 9,981,145 shares, representing 8.17% of the total issued capital of Reliance.
Mr. Lewis commented: "As Chairman of the company and one of Reliance's major shareholders, I am encouraged by the recent exploration results at Tanoyan and the value that is being added to this exciting project.
As a Board, we continue to assess corporate and project development opportunities to deliver positive outcomes for the Company and enhance shareholder value. "
Background on Reliance
Reliance has a portfolio of five mineral tenements covering 68,000 acres on the islands of Sulawesi and Halmahera in East Indonesia. The Company owns a 75% direct equity interest in both the Tanoyan and Anggrek properties and a 90% direct equity interest the Polopo property in Sulawesi. In the two Halmahera properties, Roko and Kapa Kapa, Reliance has an 82.5% beneficial joint-venture interest through a 100% Reliance-owned Indonesian subsidiary. The projects offer both exploration potential and an existing resource base. All five projects are adjacent to or along strike from operating gold mines or identified gold resources with similar geology and structural feature. Importantly, all projects have been converted to IUP tenements as required under the new Indonesian Mining Act (2009).
The Company is active on three of its five Indonesian gold projects; currently drilling on the Tanoyan Gold Project and conducting surface exploration programs on the Kapa Kapa Gold-Silver Project and the Roko Gold Project. All of the Reliance properties have easy access via paved and/or gravel roads and regional infrastructure is good. Further information is located on our website www.relianceresources.com.
This press release has been reviewed and approved by Mr. John Levings, B.Sc., FAusIMM, director of Reliance Resources Limited and a Qualified Person as defined by National Instrument 43-101, under whose direction the exploration programs are being carried out.
SOURCE: Reliance Resources Ltd.For further information: