Torch Enters Binding Agreement to Acquire Walker Mine, Launches New Corporate
Website, Adds New Executives and Reschedules AGM
OAKVILLE, ONTARIO -- (Marketwired) -- 06/13/13 -- Torch River
Resources Ltd. (TSX VENTURE:TCR)(FRANKFURT:WNF)(PINKSHEETS:TORVF)
("Torch" or the "Company") with reference to the press release dated
May 21, 2013 is pleased to announce that agreement to acquire the
past producing Walker lump graphite mine is now binding, but remains
subject to the approval of the TSX Venture Exchange.
Torch wishes to announce that it has rescheduled its annual general
and special meeting of shareholders which will now be held on July
31, 2013 in Calgary, Alberta.
Torch is also is pleased to announce that the Company has launched
their newly re-designed website www.torchriver.ca and the appointment
of three new executives.
Torch's new website has been designed to provide the ultimate
user-friendly experience with improved navigation and functionality
throughout. The site renders current and detailed content about the
company and their value proposition to the market for current and
potential customers, investors and industry partners. Effective
communication is important to Torch and this newly designed site is a
significant step to communicate the brand and capabilities of Torch.
Paul Ogilvie, CEO and Chairman commented, "The new website is just
the first step to better position the company, we will be building on
the content over the next few months with the hopes that the end
result will be a very comprehensive and informative graphite
Torch also announces today three new senior management executives to
the team. Paul Ogilvie, CEO and Chairman, commented, "The new
executives are well seasoned in the graphite business, and bring
years of experience, and will help the company realize its goals, and
build a customer centric company."
Newly appointed Chief Operating Officer
Paul Cooper, Chief Operating Officer
Mr. Cooper brings 30 years of experience in operational and financial
management in both the private and public sectors. Mr. Cooper has
senior leadership experience in industrial minerals and precious
metals mining including the role of COO of Industrial Minerals Inc. a
publicly traded OTC-BB company that is today Northern Graphite.
Following this from 2009 to 2012 Mr. Cooper was the Chief Operating
Officer and Director of Trueclaim Exploration, a publicly traded
company with gold and silver properties in Northern Ontario and
Newly appointed Sales, Marketing and Product Development
Mark Burack, Vice President, Business Development
Mr. Burack has had 20+ years of business experience managing client
and business development for a number of technology companies
including IBM Corporation, EMC Corp., SHL SystemHouse, GE Capital,
and Puredata Corp., both in the US and Canada. Mr. Burack's more
personal style, track record in developing mutually beneficial
business partnerships and years of experience delivering superior
business cases/cost justification make him an excellent asset within
Peter Smith, Vice President, Sales and Marketing
Mr. Smith comes to Torch with over 25 years of success in a variety
of global sales roles including Director of Sales and Marketing at
Canada Carbon and Leader of Business Development at Mega Graphite
Inc. Mr. Smith used his experience with all levels of industries to
establish a high level sales database of graphite consumers.
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 (4,400 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.
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 the Walker acquisition (the
"Transaction") and the Company's intention to divest its existing
mineral properties (the "Divestures").
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 Transaction and the
Divestitures including regulatory approval, will be met, that the
Company will be able to arrange sufficient funding for the
Transaction 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.
Director, Corporate Communications
(905) 844-1200 ext. 305
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