VANCOUVER, Jan. 24, 2012 /CNW/ - Reliance Resources Ltd. (the "Company")
(TSX:RI) is pleased to announce that it has retained Mining Associates
(www.miningassociates.com) , an internationally recognized independent consulting firm, to
prepare an updated NI 43-101 report on The Tanoyan Gold Project, North
This updated mineral resource estimation will include results from the
recent Phase 1 program of diamond core drilling and geological mapping.
The Phase 1 drilling program completed 5,041.8 meters of drilling in 44
holes. A total of 1753 drillcore samples were assayed by PT Intertek in
their analytical facility in Jakarta, a part of their global network of
state-of-the-art laboratories. (http://www.intertek.com/minerals/)
Mining Associates is a specialist geological and mining consultancy
based in Brisbane, Australia. With a newly opened Hong Kong office and
associates around the world, they have a truly global presence and
solid experience in Indonesia They are focused on providing the client
with an understanding of the fundamental geological controls to add
value to our project. It is this underlying framework that needs to be
the basis for all further developments.
The Company has a portfolio of five mineral tenements covering 68,000
acres on the islands of Sulawesi and Halmahera in East Indonesia. The
projects offer both exploration potential and an existing resource
base. All five projects are adjacent to or along strike from operating
gold mines or identified gold resources with similar geology and
The Company is active on four of its five Indonesian gold projects;
currently preparing for the Phase 2 drill program on the Tanoyan Gold
Project and surface exploration programs are being carried out on the
Palopo Gold Project, the Kapa Kapa Gold Project and the Roko Gold
Project. All of the projects have easy access via paved and/or gravel
roads and the regional infrastructure is good.
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.
SOURCE Reliance Resources Ltd.
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