HALIFAX, May 30, 2014 /CNW/ - Muskrat Minerals Incorporated (CSE: YYR)
(the "Corporation") is pleased to announce that it has filed its third quarter unaudited
financial statements and management's discussion and analysis for the
period ended March 31, 2014. The documents are available for viewing
under the Corporation's profile on SEDAR at www.sedar.com and on the Corporation's website at www.muskratminerals.ca.
The Corporation is also pleased to announce that it has entered into a
binding letter of intent (the "LOI") wherein the Corporation will acquire all of the issued and
outstanding common shares of Grand River Ironsands Incorporated, a
private Nova Scotia company. The parties to the LOI have agreed to
negotiate a definitive agreement by September 1, 2014. The final terms
remain to be negotiated and the transaction is expected to take the
form of amalgamation, arrangement, share purchase, or similar form of
business combination. The terms of the LOI require the completion of
certain conditions precedent, including among other things,
satisfactory due diligence, execution of a definitive agreement and
receipt of all necessary regulatory, director and shareholder
About the Corporation
The Corporation's principal focus is the investment in mineral projects
of interest. It indirectly owns a 40.2% interest in Grand River
Ironsands Incorporated ("GRI"). GRI owns 67.2% of NAIC, a manufacturing
investment that has access to its own iron ore resource. NAIC is an
industrial company with two distinct components to its business model,
one being a natural resource and the second a smelter business. NAIC's
ironsands are assessed as a low cost feedstock in making a high purity
pig iron for sale to steel mills and foundries. GRI also owns a 100%
interest in Forks Speciality Metals Inc. ("FSM"), which owns and
operates two electric arc smelting furnaces in Pennsylvania, USA. FSM
is used as a testing facility for the ironsands of NAIC.
The Corporation will continue to seek potential joint ventures and
partnerships to enhance the value of its existing properties. The
Corporation has issued and outstanding 17,251,015 common shares.
Neither CSE nor its Regulation Services Provider (as that term is
defined in the policies of the CSE) accepts responsibility for the
adequacy or accuracy of this release.
The Corporation seeks Safe Harbour.
SOURCE: Muskrat Minerals Incorporated
For further information:
Liz MacKenzie, Corporate Communications (902) 233-7255