VANCOUVER, Oct. 31, 2012 /CNW/ - Westminster Resources Ltd. ( "the Company") wishes to announce that it has closed the non-brokered private placement of 10,000,000 shares for net proceeds of $1,000,000 announced in its press release dated October 26, 2012. With the closing of this placement Capstone Mining Corp. now owns 17.27% of the Company's issued and outstanding shares.
The shares issued pursuant to the private placement will be legended with a hold period to expire on March 4, 2013. The funds will be used by the Company for working capital purposes.
Westminster and Capstone Mining Corp. are continuing to explore the Cumbral-San Bartolo property whereby Capstone has the right under an Option Agreement to earn a 70% interest by funding a minimum of $9.3 million CDN in exploration by December 31, 2015 (WMR 12-02, April 17, 2012).
ON BEHALF OF THE BOARD OF DIRECTORS
WESTMINSTER RESOURCES LTD.
"Glen J. Indra"
Managed by an experienced exploration team the Company is focused on exploring and developing prospects on its 28,632 hectare El Cobre and 13,398 hectare Navojoa properties in Sonora, Mexico. The El Cobre property contains among other prospects, the 100% owned Guayacan prospect and the 8,000 hectare Cumbral-San Bartolo option project with Capstone Mining Corp. On the Navojoa property the Company is exploring gold-silver-copper targets.
This news release may contain forward-looking information which is not comprised of historical facts. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release may include, but is not limited to, the Company's objectives, goals or future plans. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, those risks set out in the Company's public documents filed on SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
SOURCE: Westminster Resources Ltd.
For further information:
For further information regarding Westminster Resources Ltd., please contact Leif Smither or Fulvio Scrigner at 604-608-0400, Toll Free: 1-877-608-0007 or visit our website at www.westminsterres.com
Kin Communications Inc. At 604-684-6730, Toll free: 1-877-684-6730 Website: www.kincommunications.com