VANCOUVER, Jan. 16, 2018 /CNW/ - Eros Resources Corp. (TSX.V: ERC) ("Eros" or the "Company") wish to provide an update regarding the Company's focus and priorities.
The Board of Directors has recently renewed the Company's resolve to focus on Canadian resource investments, with priority given to advanced Canadian projects focused both in oil & gas and minerals. The company currently holds over $3.4 million in cash, an equity portfolio valued over $6.1 million, and has modest cash-flow from its share in three heavy-oil wells in the Flaxcombe oil fields in Saskatchewan.
The Company also wishes to advise that Ron Stewart has resigned as President and Chief Executive Officer of the Company to pursue other professional activities. We wish to thank Mr. Stewart for the contributions he has made over the past year and wish him well in his endeavours.
Ronald Netolitzky has been appointed interim President and Chief Executive Officer until a permanent appointment has been made.
Eros Resources Corp. is a Canadian public company focused on the exploration and development of resource projects in North America. Eros has as its prime business objective the selection of strategic investments with a Canadian focus and a diverse commodity base. The Company's expertise in the resource sector supports the selection of these strategic investments.
On behalf of the Board of Directors of
Eros Resources Corp.,
Chairman of the Board of Directors
Cautionary note regarding forward-looking statements
Certain statements made and information contained herein may constitute "forward looking information" and "forward looking statements" within the meaning of applicable Canadian and United States securities legislation, including, among other things, this press release includes references to mineral resources and future potential forecast economics of extracting those resources. There is no certainty that any portion of the resources will be confirmed with greater certainty. If confirmed, there is no certainty that it will be commercially viable to extract any portion of the resource. There is no certainty that access to the resource area will be re-established, and if access to the resource area is blocked for an extended period of time, or permanently, there is no certainty that any compensation will be received by the Company. Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those expressed or implied by such forward-looking information, including the re-establishment of physical access to the property, the availability of adequate and secure sources of funding to construct the extraction facilities required to extract the mineral resources, prevailing commodity prices, the receipt of regulatory approvals, environmental risks and the performance of personnel. While the Company considers its assumptions to be reasonable as of the date hereof, forward-looking statements and information are not guarantees of future performance and readers should not place undue importance on such statements as actual events and results may differ materially from those described herein. The Company does not undertake to update any forward-looking statements or information except as may be required by applicable securities laws.
Neither TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.
SOURCE Eros Resources Corp.
For further information: Andrew MacRitchie, (604) 684-8725, [email protected]