VANCOUVER, July 24, 2012 /CNW/ - Altan Rio Minerals Limited, TSX.V: AMO ("Altan Rio" or the "Company") announces today that the earn-in for 90% ownership in one of the Onon
epithermal gold project ("Onon") tenements in northeastern Mongolia, as
referred to in the Company's July 10th, 2012 announcement, is now complete.
Altan Rio completed the earn-in with Erdenyn Erel LLC, a private
Mongolian company, for 90% interest in one of the three Onon tenements
with a final payment of 240,000 common shares in the capital of Altan
Rio. The shares are subject to a four-month escrow expiring on November
13th, 2012, in accordance with TSX Venture Exchange policy. The Company owns
100% of the remaining two tenements.
The earn-in dated August 2008, as amended May 2010, October 2010, May
2011, and May 2012, gives Altan Rio Mongolia LLC, a wholly owned
subsidiary of the Company, the option to acquire an undivided 90%
interest in one of the Onon tenements. With this final share payment of
240,000 shares (substituted for the final cash payment of USD $60,000,
as per the May 2012 amendment), the Company has satisfied all
requirements of the earn-in including exploration expenditures of USD
$900,000, cash payments totaling USD $100,000 and a share payment of
240,000 shares made to Erdenyn Erel LLC.
For more information please visit Altan Rio's website at www.altanrio.com.
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
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 Limited
For further information:
Kelly Earle, Corporate Communications Manager
Altan Rio Minerals Limited
Tel: +1 604 639 5899 ext. 220