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Torch Enters Binding Agreement to Acquire Walker Mine, Launches New Corporate Website, Adds New Executives and Reschedules AGM

Jun 13 2013 12:00AM

Marketwire

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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 website."

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 Arizona.

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 Torch River.

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.



Contacts:
Torch River Resources Ltd.
Laurie McCarney
Director, Corporate Communications
(905) 844-1200 ext. 305
info@torchriver.ca
www.torchriver.ca





Source: Marketwire


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