Former Canada Carbon CEO, Paul Ogilvie, Ignites Torch
CALGARY, ALBERTA -- (Marketwired) -- 04/30/13 -- Torch River
Resources Ltd. ("Torch" or the "Company") (TSX VENTURE:TCR)
(FRANKFURT:WNF) (PINK SHEETS:TORVF), is pleased to announce that
effective immediately, Mr. Paul Ogilvie, former CEO of Canada Carbon
Inc., has been appointed to Chairman of the Board and CEO of Torch.
Dr. William Pfaffenberger, former CEO and currently President of
Torch River Resource, commented, "We are pleased to have Mr. Ogilvie
as CEO and Director of our company as we begin the first step to
becoming a leading carbon company".
Paul Ogilvie commented, "Over the coming months we hope to complete
acquisitions of lump graphite properties, appoint a management team,
and be well on our way to building a 100% pure play lump graphite
company. We expect the management team in particular to be one of the
best in the graphite business". The Company plans to acquire three to
four lump graphite properties in Quebec with a goal to be in
production within 24 months. Mr. Ogilvie went on to state: "The
Company believes this near term production plan is feasible as lump
projects typically have low capital requirements when being brought
into production. Lump graphite, like that mined in Sri Lanka, is
typically found in very high grade veins and can be produced in some
cases almost as a finished customer-ready product. As such, we are
confident the property acquisitions we intend to complete will be
timed perfectly to undertake a broad sampling, mapping and
exploration program this summer".
The Company has not yet acquired any such properties and there is no
certainty such properties will be acquired, and if acquired, in the
absence of a feasibility study, there is no certainty that the
proposed operations will be economically viable.
Dr. Pfaffenberger further commented: "It has been Torch's goal to
find carbon projects which can cash flow quickly and have low capital
expenditures. Our Board is very excited about this new direction for
Torch." To that end the Company, subject to approval of the TSX
Venture Exchange ("TSX-V"), plans to change its name to Saint Jean
Carbon Inc. The proposed name change reflects the evolution of the
Company towards a Quebec base of operations where the primary target
properties are located.
Lump or Vein graphite is considered to be one of the rarest,
commercially valuable, and highest quality types of natural graphite.
It occurs in veins along intrusive contacts in solid lumps and is
only actively mined in Sri Lanka (Mores, 2007). Given the carbon
content typically found with lump/vein graphite recovery operations
and costs will normally be lower than flake or amorphous graphite
recovery. In addition, vein graphite is suitable for many of the same
applications as flake graphite giving it a distinct competitive edge
in terms market prices and product applications.
Mr. Ogilvie has been a driving force in the natural graphite sector
since 2006. He has successfully identified and assembled outstanding
graphite projects beginning with his active efforts to reorganize
Industrial Minerals Inc. (now Northern Graphite Corporation) and its
Bissett Creek project in Northern Ontario in early 2007. That project
is now fully engaged in pre-production plans. In 2010 he continued
his mine development initiatives with an agreement to develop the
Uley Graphite project near Port Lincoln, Australia. While that
project is currently seeking full development funding, it represents
the quality of vision and development potential that Mr. Ogilvie will
bring to Torch River Resources.
In addition to compensation payable to Mr. Ogilvie under a consulting
agreement entered into today, Mr. Ogilvie has been granted 1.7
million options under the Company's stock option plan. The options
have a five year term and are exercisable at a price of $0.10 per
share and vest over a six month period. With this new direction for
Torch, the private placement, announced on March 13, 2013 is being
ABOUT TORCH RIVER RESOURCES
Torch River Resources is a publicly traded junior mining exploration
company with a number of mining claims. The Mount Copeland molybdenum
deposit lies within metamorphic rocks flanking the southern margin of
Frenchman Cap Dome, 32 kilometers northwest of Revelstoke, British
Columbia. The Fort-Eden copper property is comprised of 18 mineral
tenures that total 2,828.6 hectares in area. The mineral claims are
located 100 km west of Fort St James, BC. The Red Bird deposit is
comprised of three zones of molybdenum concentration referred to as
the Main, Southeast and Southwest zones within a property totaling
1,836 ha (4400 acres) and is located 133 km southwest of Burns Lake
and 105 km north of Bella Coola. The Company plans to divest each of
these properties through a sale or joint venture, thus allowing it to
focus on building a graphite mining company.
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.
FORWARD LOOKING STATEMENTS: This news release contains
forward-looking statements, within the meaning of applicable
securities legislation, concerning Torch's business and affairs. In
certain cases, forward-looking statements can be identified by the
use of words such as "plans", "expects" or "does not expect",
"intends" "budget", "scheduled", "estimates", "forecasts", "intends",
"anticipates" 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". Such forward-looking
statements include those with respect to the Company's intention to
complete a name change and complete the acquisition of three to four
lump graphite properties in Quebec (the "Transactions"), the
anticipated closing time of such transactions, the intention of Torch
to divest its existing mineral properties (the "Divestures"), the
intention of Torch to undertake a broad sampling, mapping and
exploration program this summer (the "Work Programs") and to pursue
These forward-looking statements are based on current expectations,
and are naturally subject to uncertainty and changes in circumstances
that may cause actual results to differ materially. The
forward-looking statements in this news release assume, inter alia,
that the conditions for completion of the Transactions and
Divestures, including regulatory approval, will be met, that the
Company will be able to arrange sufficient funding for the
Transactions and the Work Programs and that there are no other
material obstacles to pursuing the new strategy.
Although Torch believes that the expectations represented in such
forward-looking statements are reasonable, there can be no assurance
that these expectations will prove to be correct. There are risks
which could affect Torch's future results and could cause the results
to differ materially from those expressed in these forward-looking
statements including negotiation failure or delay, the impact of
general economic conditions in Canada and the risk that they will
deteriorate, industry conditions, including fluctuations in the price
of supplies and the risk that they will increase, that required
consents and approvals from regulatory authorities will not be
obtained, that activity in the lump or vein graphite business will
not be at the level or of the nature anticipated, liabilities and
risks inherent in Torch's operations, technical problems, equipment
failure and construction delay.
Statements of past performance should not be construed as an
indication of future performance. Forward-looking statements involve
significant risks and uncertainties, should not be read as guarantees
of future performance or results, and will not necessarily be
accurate indications of whether or not such results will be achieved.
A number of factors, including those discussed above, could cause
actual results to differ materially from the results discussed in the
forward-looking statements. Any such forward-looking statements are
expressly qualified in their entirety by this cautionary statement.
Readers are cautioned not to place undue reliance on such
forward-looking statements. Forward-looking information is provided
as of the date of this press release, and Torch assumes no obligation
to update or revise them to reflect new events or circumstances,
except as may be required under applicable securities laws.
All of the forward-looking statements made in this press release are
qualified by these cautionary statements and by those made in our
filings with SEDAR in Canada (available at www.sedar.com).
"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."
Torch River Resources Ltd.
William E. Pfaffenberger
ProActive Communications Co.
Local Vancouver: (604)541-1995
Toll Free: 1(800)540-1995
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