KELOWNA, BC, June 8 /CNW/ - Trigon Uranium Corp. ("Trigon" or "the
Company") (TSX-V:TEL) is pleased to announce that it has entered into an
agreement, subject to closing conditions, with Diamondex Resources Ltd. under
which Trigon has agreed to sell its diamond exploration portfolio to Diamondex
for a consideration of $3.2 million in common shares of Diamondex ("Shares").
Under the terms of the agreement, the number of Shares to be issued to
Trigon is anticipated to be between 6,400,000 Shares and 10,000,000 Shares. An
initial 6,400,000 Share issuance will occur on the closing date which is
anticipated to be July 15, 2007. These shares will be subject to a twelve
month hold period. In order to maintain the sale price for the diamond
division at $3.2 million, additional Shares may be issued on July 15, 2008
should the 30-day average price of the Shares be less than $0.50 prior to that
date. The maximum number of additional Shares which may be issued is 3,600,000
The closing of the sale is subject to a number of conditions including
the satisfactory completion of due diligence by Diamondex and the receipt of
all necessary regulatory and third party approvals or consents. Diamondex
considers this acquisition key to its portfolio to advance development of its
diamond properties in Canada.
About Trigon Uranium Corp.
Trigon Uranium Corp. is a uranium exploration and development company
focused on the known deposits of the United States South West. This region has
produced over one billion pounds of uranium. Trigon has a highly qualified
team of uranium exploration experts located in Canada, Utah, and Colorado to
direct its exploration and development efforts in the United States South
West. Trigon's strategies include the development of advanced uranium
projects, entry into uranium mining on an expeditious basis, and opportune
acquisitions of Uranium development properties for operation or sale. The
company has offices in Kelowna (British Columbia), Golden (Colorado), and Moab
(Utah). The company has 55,075,233 shares outstanding and its stock trades on
the TSX Venture Exchange under the symbol "TEL".
Should you wish to receive Company news via email, please email
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The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release. This release
includes certain statements that may be deemed "forward-looking statements".
All statements in this release, other than statements of historical facts,
that address future developments that the company expects to occur, are
forward-looking statements. Although the company believes the expectations
expressed in such forward-looking statements are based on reasonable
assumptions, such statements are not guarantees of future performance and
actual results or developments may differ materially from those in the
forward-looking statements. Factors that could cause actual results to differ
materially from those in forward looking statements include market prices,
exploitation and exploration successes, and continued availability of capital
and financing and general economic, market or business conditions. Investors
are cautioned that any such statements are not guarantees of future
performance and actual results or developments may differ materially from
those projected in the forward-looking statements. The Company does not assume
any obligation to update or revise its forward-looking statements, whether as
a result of new information, future events or otherwise.
For further information:
For further information: please visit www.trigonuraniumcorp.com or
contact: Sidney Himmel, President and Chief Executive Officer, Trigon Uranium
Corp., Tel: (250) 317-3624, Email: firstname.lastname@example.org; Jeanny
So, Broker Relations Specialist, CHF Investor Relations, Tel: (416) 868-1079
x225, Email: email@example.com