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VAL-D'OR, QC, Jan. 20 /CNW Telbec/ - X-Ore Resources Inc. (TSXV : XOR)
("X-Ore") provides the following update with respect to its
previously-announced proposed reverse take-over with Shamika Resources Inc.
As reported in X-Ore's last update of November 11, 2008, completion of
the transaction is subject to a number of conditions, including the closing of
a private placement to fund the recommended exploration work programs and
provide working capital, as well as the satisfactory completion of all legal,
accounting and financial due diligence, including the annual audited financial
statements of Shamika as required by the TSX Venture Exchange.
To date, these conditions have not been met, in part due to the
challenges of raising capital in the current marketplace and in view of the
recent political situation in the Democratic Republic of Congo. The deadline
for completing the formal agreements is January 31, 2009. As a result, the
Company reiterates that there can be no assurance that the transaction will be
completed as proposed.
In the meantime, X-Ore's core precious metals projects continue to
advance with successful ongoing exploration program at its Croinor gold
project near Val-d'Or, Quebec and opportunities with respect to the Chimo and
Mexican gold projects are also being pursued.
About X-Ore Resources Inc.
X-Ore Resources is a mineral exploration company with 18 properties
located in known gold regions of Mexico and Canada, including the prolific
Sierra Madre Gold Belt and the Val-d'Or region of Quebec.
The TSX Venture Exchange does not accept responsibility for the accuracy
of this press release. This press release contains "forward-looking
statements" not based on historical facts. Forward-looking statements express,
as of the date of this press release, our estimates, forecast, projections,
expectations and opinions as to future events or results. Forward-looking
statements herein expressed are reasonable, but involve a number of risks and
uncertainties, and there can be no assurance that such statements will prove
to be accurate. Therefore, actual results and future events could differ
materially from those anticipated in such statements. Factors that could cause
results or events to differ materially from current expectations expressed or
implied by the forward-looking statements include, but are not limited to,
fluctuations in the market price of precious metals, mining industry risks,
uncertainty as to calculation of mineral resources and requirements of
additional financing and the capacity of the Company to obtain financing.
For further information:
For further information: please visit X-Ore's website at www.x-ore.com
or contact: Mr. Léon Méthot, President and CEO, (819) 824-5422; Mr. Paul
Goulet, Investor Relations, (514) 710-8290, firstname.lastname@example.org