Pitchblack Enters LOI Regarding Mike Lake Property
16 June 2011 - 5:00AM
Marketwired
Pitchblack Resources Inc. (TSX VENTURE: PIT) ("Pitchblack" or the
"Company") announces that it has entered into a letter of intent
with Inform Resources Corp. ("Inform") whereby the Company has
granted to Inform an option (the "Option") to earn an interest in
the Company's Mike Lake Property.
In order to acquire an initial 51% undivided interest in the
Mike Lake Property, Inform will issue to the Company an aggregate
of 1,200,000 common shares of Inform and incur $5,000,000 in
qualified exploration expenditures on the Mike Lake Property.
Inform may earn a further undivided 24% interest in and to the Mike
Lake Property by issuing to the Company 1,000,000 common shares of
Inform and completing a Preliminary Economic Assessment on the Mike
Lake Property by the fifth anniversary date on which the parties
execute the definitive option agreement.
The Option remains subject to completion of due diligence and
the execution of a definitive agreement, as well as receipt of all
regulatory approvals, including the approval of the TSX Venture
Exchange.
Pitchblack is also pleased to announce Mr. Scott Moore was
appointed as a Director at the Company's annual and special meeting
of shareholders which took place on June 10, 2011. Mr. Moore is a
finance executive with over 20 years of experience in the resource
sector. He holds a Bachelor of Arts degree from the University of
Toronto and an MBA from the Kellogg School of Management. Neither
Mr. Stan Bharti nor Mr. Peter Rowlandson stood for reelection to
the Company's board of directors. Pitchblack thanks each director
for his contribution and wishes both well in their future
prospects. The board of directors of the Company is now comprised
of Fred Leigh, William Clarke and Scott Moore.
About Pitchblack Resources Ltd.
Pitchblack has uranium, coal and gold assets in the Yukon
Territory, Canada. The Company is currently reviewing the potential
of these properties but does not plan any extensive field work in
2011 and may seek to sell its interest in the properties.
FORWARD LOOKING INFORMATION
This press release contains "forward-looking information" within
the meaning of applicable Canadian securities legislation.
Forward-looking information includes, but is not limited to,
statements with respect to the grant of the option, the future
financial or operating performance of the Company and its projects,
exploration prospects, requirements for additional capital and
regulatory approvals. Generally, forward-looking information can be
identified by the use of forward-looking terminology such as
"plans", "expects" or "does not expect", "is expected", "budget",
"scheduled", "estimates", "forecasts", "intends", "anticipates" or
"does not anticipate", or "believes", or variations of such words
and phrases or state that certain actions, events or results "may",
"could", "would", "might" or "will be taken", "occur" or "be
achieved". Forward-looking information is subject to known and
unknown risks, uncertainties and other factors that may cause the
actual results, level of activity, performance or achievements of
the Company to be materially different from those expressed or
implied by such forward-looking information, including but not
limited to: financing not being available at desired prices;
general business, economic, competitive, political and social
uncertainties; the actual results of current exploration
activities; timing and availability of external financing on
acceptable terms; conclusions of economic evaluations; competition;
future prices of mineral prices; failure of plant, equipment or
processes to operate as anticipated; accidents, labour disputes and
other risks of the mining industry; and, delays in obtaining
governmental approvals or required financing or in the completion
of activities. Although the Company has attempted to identify
important factors that could cause actual results to differ
materially from those contained in forward-looking information,
there may be other factors that cause results not to be as
anticipated, estimated or intended. There can be no assurance that
such information will prove to be accurate, as actual results and
future events could differ materially from those anticipated in
such statements. Accordingly, readers should not place undue
reliance on forward-looking information. The Company does not
undertake to update any forward-looking information, except in
accordance with applicable securities laws.
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.
Contacts: For further information or to register for
distribution for future press releases, please contact: Pitchblack
Resources Inc. Fred Leigh, President & Chief Executive Officer
416-861-5933 fleigh@forbesmanhattan.com
(TSXV:PIT)
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