VANCOUVER, May 29, 2014 /CNW/ - Cliffmont Resources Ltd. (TSX-V - CMO) ("Cliffmont" or the "Company") announces the Company has not made the final $920,000 payment due on the purchase of the 20321 title pursuant to the January 3, 2012 purchase agreement. The Company continues discussions with the 20321 vendors in regards to the outstanding debt and various alternatives that may be available to deal with the debt. The Company announced April 09, 2014 a convertible loan of USD$270,000 from an arm's length Colombian group to be used to pay two of the vendors and while the funds will be available shortly the vendors were notified they are not accessible in time for this payment.
The Company is currently continuing to advance discussions and due diligence with several third parties, that subject to certain conditions being met, including the debt to the vendors, are interested in moving the project forward.
At the San Jorge mine, notification has been given by La Corporacion Autonoma Regional del Alto Magdalena ("CAM") that the environmental impact assessment (EIA) is in its final stages and is expected shortly.
ON BEHALF OF THE BOARD
Jeff Tindale, President and CEO
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.
For further information: Jeff Tindale, President and CEO, Telephone: (604) 568-6894, Facsimile: (604) 568-6834, Website: www.cliffmontresources.com, Email: [email protected]