TORONTO, Oct. 3 /CNW/ - Silk Road Resources Ltd. (TSXV: SIL) (the
"Company") announced today that it has entered into an agreement to purchase
an additional 20% interest in its joint venture company, Gansu Jiaxin Minerals
Company Limited (the "Jiaxin JV"). Pursuant to the agreement between the
Company and its joint venture partners, the Company will increase its
ownership interest from 70% to 90% in the Jiaxin JV. The aggregate purchase
price of this additional 20% ownership interest is US$602,000. Closing of the
transaction is subject to certain conditions precedent including regulatory
approval and the transfer of the exploration licenses to the Jiaxin JV.
The Company's CEO, Allen J. Palmiere said, "We are very pleased to
acquire the additional interest in the joint venture corporation. The Jiaxin
JV holds the highly prospective Bulagou property which contains both the Yidi
and Labuzaika prospects as well as several other areas of interest."
The Company plans to begin a drilling program on the Bulagou property as
soon as the exploration licences are received. This is anticipated within the
next three weeks.
Forward Looking Statements
Certain information regarding the Company set forth in this press
release, including management's assessment of the Company's future plans and
operations contains forward looking statements that involve substantial known
and unknown risks and uncertainties. These forward looking statements are
subject to numerous risks and uncertainties, some of which are beyond the
Company's and management's control, including but not limited to, the impact
of general economic conditions, industry conditions, fluctuation of commodity
prices, fluctuation of foreign exchange rates, imperfection of reserve
estimates, environmental risks, industry competition, availability of
qualified personnel and management, stock market volatility, timely and cost
effective access to sufficient capital from internal and external sources. The
Company's actual results, performance or achievement could differ materially
from those expressed in or implied by, these forward looking statements and
accordingly, no assurance can be given that any of the events anticipated to
occur or transpire from the forward looking statements will provide any
benefits to the Company.
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.
For further information:
For further information: Silk Road Resources Ltd., Allen J. Palmiere,
President & CEO, Telephone, (416) 363-6045 And/or David R. Bell, Chairman,
Telephone, (416) 363-4280