VANCOUVER and NEW DELHI, India, May 19 /CNW/ - Pebble Creek Mining Ltd.
(the "Company" or "Pebble Creek") has relocated its Vancouver office,
effective immediately, to:
Pebble Creek Mining Ltd.
1 - 2910 Commercial Drive
Vancouver, B.C. V5N 4C9
Telephone number remains the same: 604 696 6101, and fax 604 696 6196.
Because all of the Company's activities are in India and much of its
recent financing is from international investors, it has little need for an
office in Vancouver's financial district. The new office is small and located
in an east Vancouver neighbourhood. The savings in rent and related costs will
be substantial. Other economizing measures in Canada have cut overheads
significantly during this period of financial uncertainty. The three full-time
officers of the Company have foregone salaries for many months and one
employee took voluntary retirement in March.
In India the Company terminated a lease on one of its facilities and
relocated to a less expensive building. The Company has curtailed travel;
temporarily laid off 15 workers; and reduced its tunnel driving crew to one
shift per day.
The Company is determined to weather the storm and still targets late
2011 for commercial production of the Askot massive sulfide prospect in
India, the largest democracy in the world, re-elected the Congress
Party's coalition last week with a stronger mandate for reform. This is good
news for the mining community. One pending reform will be passage of the much
discussed National Mining Policy. The policy makes several structural changes
that will benefit mineral exploration, development and mining, especially
cutting bureaucratic red tape and providing for secure transition from
Prospecting Licences to Mining Leases.
About Pebble Creek. The Company is concentrating on developing the
high-grade Askot copper, zinc and lead deposit, with some gold, silver and
indium, in Uttarakhand State, India. Askot is projected to be an
environmentally friendly underground mine. With a thorough knowledge of India
after 14 years in country, the Company is well positioned to carry out this
project and others in the acquisition pipeline.
This news release contains forward-looking statements, which address
future events and conditions, which are subject to various risks and
uncertainties. The Company's actual results, programs and financial position
could differ materially from those anticipated in such forward-looking
statements as a result of numerous factors, some of which may be beyond the
Company's control. These factors include: the availability of funds; the
timing and content of work programs; results of exploration activities and
development of mineral properties, the interpretation of drilling results and
other geological data, the uncertainties of resource and reserve estimations,
receipt and security of mineral property titles; project cost overruns or
unanticipated costs and expenses, fluctuations in commodity prices; currency
fluctuations; and general market and industry conditions.
Forward-looking statements are based on the expectations and opinions of
the Company's management on the date the statements are made. The assumptions
used in the preparation of such statements, although considered reasonable at
the time of preparation, may prove to be imprecise and, as such, undue
reliance should not be placed on forward-looking statements.
Neither 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.
For further information:
For further information: Andrew Nevin, President & CEO, New Delhi, tel.
+91 98 1091 0678; Mike Romanik, Investor Relations, Verenex Capital Corp.,
Brandon, Manitoba, tel. (204) 724-0613