VANCOUVER, March 1, 2014 /CNW/ - Cliffmont Resources Ltd. (TSX-V - CMO) ("Cliffmont" or the "Company") wishes to advise that a majority of vendors are prepared to grant the Company a three month extension for the final $900,000 payment due on the purchase of the San Luis property pursuant to the January 3, 2012 purchase agreement. The Company has been in negotiations with all seven vendors for the past several months for an extension of the due date for this payment. The Company was notified on February 28, 2014 by the remaining vendors that they are requesting payment of their portion of the payment which amounts to $234,000. The Company is working to raise the necessary funds to pay these amounts due.
Forward Looking Statements. This Company news release contains certain "forward-looking" statements and information relating to the Company that are based on the beliefs of the Company's management as well as assumptions made by and information currently available to the Company's management. Such statements reflect the current risks, uncertainties and assumptions related to certain factors including, without limitations, competitive factors, general economic conditions, customer relations, relationships with vendors and strategic partners, the interest rate environment, governmental regulation and supervision, seasonality, technological change, changes in industry practices, and one-time events. Should any one or more of these risks or uncertainties materialize, or should any underlying assumptions prove incorrect, actual results may vary materially from those described herein.
"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."
SOURCE: Cliffmont Resources Ltd.
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