SRA to evaluate strategic alternatives under court protection



    NEX: SRZ.H

    TORONTO, Jan. 15 /CNW/ - Strategic Resource Acquisition Corporation
("SRA") announced that it and its U.S. subsidiary, Mid-Tennessee Zinc
Corporation ("MTZ"), have filed for protection in the U.S. under Chapter 11 of
the U.S. Bankruptcy Code. SRA is also applying for ancillary protection under
the Companies' Creditors Arrangement Act in Canada.
    SRA and MTZ have sought protection as their current cash in hand is
insufficient to meet their current obligations. As previously disclosed, the
Company has not made the December 31, 2008 interest and sinking fund payments
on the Series 1 Notes or the December 31, 2008 interest payment on the Series
2 Notes. The concurrent filings for court protection, if granted, will stay
creditors, suppliers and others from enforcing any rights against the
companies and will allow them to develop a restructuring plan to address
current debt, capital and cost structures in the best interest of all
stakeholders. Computershare Investor Services Inc. remains the transfer agent
for the common shares.
    While court protection enables SRA and MTZ to continue their day-to-day
operations until their status changes, the implications for SRA shareholders
are uncertain and will not be determined until the end of the restructuring
process and according to the terms of a restructuring plan approved by the
affected stakeholders.

    Cautionary Statement on Forward-Looking Information This news release
contains "forward-looking information" which may include, but is not limited
to, statements with respect to the future financial or operating performance
of the Company and its projects, the future price of zinc or other metal
prices, the estimation of mineral resources and realization of mineral
resource estimates, the timing and amount of estimated future production,
costs of production, capital, operating and exploration expenditures, costs
and timing of the development of new deposits and future exploration,
requirements for additional capital, government regulation of mining
operations, environmental risks, reclamation expenses, title disputes or
claims, limitations of insurance coverage and the timing and possible outcome
of regulatory matters. These statements reflect management's current beliefs
and are based on information currently available. Forward-looking statements
involve significant risks, uncertainties and assumptions and other factors
that may cause the actual results, performance or achievements of the Company
to be materially different from any future results, performance or
achievements expressed or implied by the forward-looking statements. A number
of factors could cause actual results to differ materially from the results
discussed in the forward-looking statements, including those listed in the
"Risk Factors" section of the Company's prospectus on file with Canadian
provincial securities regulatory authorities.

    
    The TSX Venture Exchange has not reviewed and does not accept
    responsibility for the accuracy or adequacy of this release.
    





For further information:

For further information: please email info@sra-corporation.com or
contact: Victor P. Wyprysky, President and Chief Executive Officer, Tel: (416)
861-0430 ext. 1833, Email: victor.wyprysky@sra-corporation.com; Ian M.
MacNeily, Executive VP and Chief Financial Officer, Tel: (416) 861-0430 ext.
1422, Email: ian.macneily@sra-corporation.com

Organization Profile

STRATEGIC RESOURCE ACQUISITION CORPORATION

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