Altan Rio Proposes Shares for Drilling Settlement
VANCOUVER, Jan. 28, 2013 /CNW/ - Altan Rio Minerals Limited, TSX.V: AMO ("Altan Rio" or the "Company") announces that, subject to acceptance by the TSX Venture Exchange, it proposes settling a debt for drilling services of $245,860 to Erdenyn Erel LLC ("EEL" or "Erdenyn Erel"), a private Mongolian company, by issuance of an aggregate of 1,606,928 common shares in the Company. As per the agreement dated June 19th, 2012, with EEL, shares will be issued at a 15% discount to market price. The Company's shares closed on January 25th, 2013, the last closing price prior to this release, at $0.18; therefore a 15% discount from this price yields a settlement price of $0.153. The proposed shares to be issued in this settlement of debt will be subject to a hold period of four months and one day from the date of issuance.
Erdenyn Erel drilled 3,030.35 m at the Company's Chandman-Yol copper-gold porphyry project in western Mongolia in 2012. For more information on the recently released drill results please see the Company's news release from January 18th, 2013.
About Altan Rio
Altan Rio, founded in 2007, is based in Vancouver BC, Canada. Using innovative exploration targeting techniques and leveraging long-term in-country experience, the company explores large-scale gold and copper projects in Mongolia, one of the world's most prospective mineral regions. The Company's license holdings in Mongolia, which total more than 153,310 hectares (378,873 acres), contain significant zones of newly identified primary gold and copper mineralization across a very large area of unexplored ground.
On behalf of Altan Rio Minerals Limited,
Evan Jones, President & CEO
This press release may contain forward looking statements including those describing Altan Rio's future plans and the expectations of management that a stated result or condition will occur. Any statement addressing future events or conditions necessarily involves inherent risk and uncertainty. Actual results can differ materially from those anticipated by management at the time of writing due to many factors, the majority of which are beyond the control of Altan Rio and its management.
Neither the 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: Altan Rio Minerals LimitedFor further information: