CALGARY, Dec. 14, 2012 /CNW/ - First Mountain Exploration Ltd. ("First
Mountain" or the "Company") (TSX Venture: FMX) is pleased to announce
that it closed its previously announced disposition of the Company's
interest in the Faust area of Alberta to CaiTerra International Energy
Corporation ("CaiTerra") (TSX Venture: CTI). The Company's shareholders
approved the disposition at the annual and special meeting of the
shareholders which took place today.
First Mountain intends to use the proceeds from the disposition to
pursue new opportunities that diversify the Company's asset base and
add future value. This could include the purchase of assets or a
In addition, at today's annual and special meeting, the Company's
shareholders appointed the board of directors of the Company which is
now comprised of incumbent directors: William Ambrose, Arthur Halleran,
Sara Pettigrew and Wayne Murphy and a new director William Slipp. For
more information on the composition of the board of directors of the
Company please see the information circular and proxy statement of the
Company dated November 14, 2012 which is filed on SEDAR.
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.
A Note regarding Forward Looking Information
This press release contains forward-looking statements and
forward-looking information within the meaning of applicable securities
laws. The use of any of the words "will", "expects", "believe",
"plans", "potential" and similar expressions are intended to identify
forward-looking statements or information. More particularly and
without limitation, this press release contains forward looking
statements and information concerning First Mountain's plans for the
proceeds of the disposition.
Although First Mountain believes that the expectations and assumptions
on which such forward looking statements and information are based are
reasonable, undue reliance should not be placed on the forward-looking
statements and information because First Mountain can give no assurance
that they will prove to be correct.
Since forward-looking statements and information address future events
and conditions, by their very nature they involve inherent risks and
uncertainties. Actual results could differ materially from those
currently anticipated due to a number of factors and risks. These
include, but are not limited to, the risks associated with the oil and
gas industry in general such as operational risks in development,
exploration and production; delays or changes in plans with respect to
exploration or development projects or capital expenditures; the
uncertainty of reserve and resource estimates; the uncertainty of
estimates and projections relating to reserves, resources, production,
costs and expenses; health, safety and environmental risks; commodity
price and exchange rate fluctuations; marketing and transportation;
loss of markets; environmental risks; competition; incorrect assessment
of the value of acquisitions; failure to realize the anticipated
benefits of acquisitions; ability to access sufficient capital from
internal and external sources; and changes in legislation, including
but not limited to tax laws, royalties and environmental regulations. Management has included the above summary of assumptions and risks
related to forward looking information provided in this press release
in order to provide security holders with a more complete perspective
on First Mountain's future operations and such information may not be
appropriate for other purposes.
The forward-looking statements and information contained in this press
release are made as of the date hereof and First Mountain undertakes no
obligation to update publicly or revise any forward-looking statements
or information, whether as a result of new information, future events
or otherwise, unless so required by applicable securities laws.
SOURCE: First Mountain Exploration Ltd.
For further information:
President, Chief Executive Officer and Director
First Mountain Exploration Ltd.
Telephone: (403) 453-2266