VANCOUVER,
April 24, 2013 /CNW/ -
Salmon River Resources
Ltd. (TSX.V: SAL) (together with its subsidiaries
individually and jointly referred to as "Salmon River" or the "Company")
wishes to provide a further update to its press release of
25 March 2013.
A creditor of one of Salmon River's wholly owned subsidiaries has
received approval in the Supreme Court of Western Australia for a winding-up of the
subsidiary. The subsidiary has been an operating, exploration
subsidiary of the Company in Australia and has no material assets.
As previously reported, The Company is
continuing discussions with an investment group regarding several
stages of funding that, when and if completed, will be sufficient
for the Company to meet all its current financial commitments,
including payments due to the Vendor, payment of all outstanding
accounts payable of the Company including amounts sufficient to
discharge the winding-up and funding of current exploration and
operating expenses. The investor has provided to Salmon River representations of the
availability of funds and that they expect to complete required
transfer of funds shortly. However, no assurances can be
given by the Company that a transaction will be completed and all
claims settled on a timely basis.
Salmon River
expects to be in a position to make further disclosure shortly.
About Salmon River Resources Ltd.
Salmon River Resources Limited (TSXv:
SAL) is a mineral exploration company engaged in the exploration
for and development of commercial deposits of iron ore in
Western Australia. It exercised
its option to acquire five tenements in the Yilgarn region of
Western Australia including the
Treppo Grande iron ore project, approximately 210 kilometres
northwest of Kalgoorlie, comprising three tenements covering
approximately 396.7 km2. Completion of the acquisition
of the tenements is subject to certain conditions, including cash
payments and issuance of shares to the Vendor. For further
information visit our website at www.salmonriver.com.au.
Forward-Looking Statements:
This press release contains forward-looking
statements that are based on the beliefs of management and reflect
Salmon River's current
expectations. This press release relates to a significant set
of financings and completion of the acquisition of the Treppo
Grande Iron Pty Ltd, further exploration and future financing
requirements. The forward-looking statements are based on
certain assumptions, which could change materially in the future,
including the assumption that the transactions and financings
contemplated herein will be completed, that Salmon River will be able to settle its trade
payables, that Salmon River will
be able to complete on its acquisition of TGI and that the Treppo
Grande property will ever be developed. By their nature,
forward-looking information involves known and unknown risks,
uncertainties and other factors that may cause actual results,
performance or achievements to be materially different from any
future results, performance or achievements expressed or implied by
the forward-looking information. Such factors include the
risk that funds may not be secured, that definitive financing
agreements may not be completed, that Salmon River may not be able to satisfy the
claims of its creditors, that Salmon
River may not complete the financings in the amounts
required and that the Company may not complete on its acquisition
of TGI. There can be no assurance that forward-looking
information will prove to be accurate, as actual results and future
events could differ materially from those anticipated in such
statements. Accordingly, investors should not place undue
reliance on forward-looking information. Forward-looking
information is provided as of the date of this press release, and
the Company assumes no obligation to update or revise them to
reflect new events or circumstances, except as required in
accordance with applicable laws.
Statements in this release that are
forward-looking statements are subject to various risks and
uncertainties concerning the specific factors disclosed under the
heading "Risk Factors" and elsewhere in the Company's periodic
filings with Canadian securities regulatory authorities. Such
information contained herein represents management's best judgment
as of the date hereof based on information currently
available. The Company does not assume the obligation to
update any forward-looking statement.
NEITHER 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 Salmon River Resources Ltd.