VANCOUVER, March 9, 2012 /CNW/ - Reliance Resources Limited, (TSX;RI) (the company) would like to provide the following update in relation to the recently announced Indonesian Government Regulation No. 24 of 2012, regarding foreign ownership of mining projects. It is noted that the Indonesian press is giving focus to certain foreign owned mining enterprises that do not have any direct Indonesian ownership, which is not the case with Reliance.
Reliance advises that the Company's three Sulawesi and two Halmahera projects are already compliant with divestiture requirements under Mining Law 4/2009 and the Company does not expect to have to undertake any further divestment under the new regulations.
The Company will continue take advice and to monitor the situation with its local partners who currently own between 10% and 25% of the Indonesian incorporated subsidiaries that hold the Reliance tenements.
The statements herein that are not historical facts are forward-looking statements. These statements address future events and conditions and so involve inherent risks and uncertainties, as disclosed under the heading "Risk Factors" in the company's periodic filings with Canadian securities regulators. Actual results could differ from those currently projected. The Company does not assume the obligation to update any forward-looking statement.
For further information:
Media Information, contact:
Scott Emerson, President
Investor Information, contact:
Mike Kordysz, Investor