VANCOUVER, Oct. 16 /CNW Telbec/ - International Barytex Resources Ltd.
(the "Company") is aware of comments made by a source in the DRC regarding
securing financing and title to the Shituru Project.
The identified source, Mr. Rene Coda, is not a spokesperson for
International Barytex Resources Ltd. The comments made by Mr. Coda, including
mention of a signing bonus, are incorrect and do not reflect current
discussions being held with Gecamines.
Given the comments reported the Company wishes to advise on the matters
related to its Shituru project in the DRC. The Company believes its title to
the Shituru deposit is in good order as described in its existing, legally
binding contract and that payments required ahead of project development will
The Company recently commenced discussions with its partner, Gecamines,
on amendments on the existing 'Mining Contract' as part of the government
Both partners recognize that some aspects of the contract would benefit
from amendments in light of the recently completed Feasibility Study. Dialogue
and work on these amendments are ongoing and the Company looks forward to a
favourable conclusion in the near future. The matter of title has not been
part of these discussions.
With the completion of the Feasibility Study the Company is now engaged
in discussions with various sources to advance the project.
President Leo King says, "Despite the market turmoil and uncertainty the
Mining Contract Review process has created, Shituru remains a high grade
deposit which we believe is worthy of advancing as confirmed by interest from
financing sources now that the Feasibility Study is complete."
On behalf of the Board of Directors
President and Director
Some statements in this news release contain forward-looking information.
These statements address future events and conditions and, as such, involve
known and unknown risks, uncertainties and other factors which may cause the
actual results, performance or achievements to be materially different from
any future results, performance or achievements expressed or implied by the
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this
For further information:
For further information: International Barytex Resources Ltd.: Leo King,
President or Alf Hills, CEO, (604) 688-9368, Fax: (604) 688-9336; Renmark
Financial Communications Inc.: Jen Power, firstname.lastname@example.org; Dan
Symons, email@example.com; Montreal: (514) 939-3989, Fax: (514)
939-3717; Toronto: (416) 644-2020, Fax: (416) 644-2021;