VANCOUVER, April 22, 2014 /CNW/ - Reliance Resources Limited (TSXV: RI) ("Reliance") or ("the Company") is pleased to announce that George S. Young has been appointed as Chairman of the Board, in addition to his position as President and CEO. Gary Lewis has resigned as Chairman and as a Director of the Company. Mr. Young will continue to move the Company forward to close the recently announced agreement to acquire Minnesota-based American Iron Corp. ("American Iron"), an iron ore focused exploration and development company seeking to acquire projects in the United States.
Regarding its press release dated April 7, 2014, the Company would also like to clarify that Mr. Geoffrey Hill, is no longer Chairman of Mt Gibson Iron (ASX: MGX) having stepped down from that position in February 2014. Mr Hill remains as an independent director of MGX.
While Reliance is working to complete the American Iron transaction, it is also actively investigating options to obtain maximum benefit from its existing Indonesian assets. Shareholders will be notified at an appropriate time on the outcome of these efforts.
Reliance will update shareholders on the progress of the American Iron transaction in due course.
On behalf of the Board of Directors of Reliance
George S. Young
Chairman, CEO and Director
Neither the 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: Reliance Resources Ltd.
For further information: George S. Young at (806) 886 3317