News Column

Selwyn Resources Announces Satisfaction of Additional Closing Conditions for Sale of Selwyn Project

May 13 2013 12:00AM

Marketwire

LogoTracker

VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 05/13/13 -- Selwyn Resources Ltd. (TSX VENTURE: SWN) ("Selwyn" or the "Company") announces that, in connection with the sale of the Company's remaining interest in the Selwyn Project to Chihong Canada Mining Ltd. (the "Transaction"), the board of directors of Yunnan Chihong Zinc & Germanium Co. Ltd., parent company to Chihong Canada Mining Ltd. ("Chihong Canada"), has approved the Transaction. Chihong Canada has advised the Company that the last outstanding Chinese governmental approval is the final formal approval for the remittance of funds out of China from the State Administration of Foreign Exchange of Yunnan Province (the "SAFE Approval").

Once the SAFE Approval has been obtained, all conditions to closing of the Transaction, other than delivery of customary closing documentation and payment of the balance of the purchase price, will have been satisfied. The Company will announce the proposed closing date for the Transaction once it has been notified that the SAFE Approval has been obtained.

Forward-Looking Statements

This press release contains forward-looking statements and forward-looking information (collectively referred to as "forward-looking statements") regarding the SAFE approval and the closing of the Transaction. These forward-looking statements are based on assumptions and judgments of management regarding future events or results that may prove to be inaccurate as a result of the results of regulatory review, dissident shareholder actions or other risk factors beyond Selwyn's control.

Readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions which may have been used. Selwyn's actual results, programs and financial position could differ materially from those anticipated in such forward-looking statements as a result of numerous factors, many of which are beyond Selwyn's control. These factors include, but are not necessarily limited to, court and regulatory review and rulings, the availability of funds, fluctuations in metal prices and general market and industry conditions. There is no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on this information. Selwyn does not undertake to update any forward-looking statements, except as, and to the extent required by, applicable securities laws. For more information about the risks and challenges of Selwyn's business, investors should review Selwyn's Annual Information Form dated March 28, 2013 and its management's discussion and analysis 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.



Contacts:
Selwyn Resources Ltd.
Dr. Harlan Meade
President and CEO
(604) 801-7240 or Toll-free: 1-888-989-9188

Selwyn Resources Ltd.
Carlos Gonzalez
Manager of Investor Communications
(604) 801-7240 or Toll-free: 1-888-989-9188
(604) 689-8355 (FAX)
info@selwynresources.com
www.selwynresources.com





Source: Marketwire


Story Tools