ORIENTAL MINERALS BECOMES WOULFE MINING CORP REBIRTH OF THE COMPANY
Woulfe Mining Corp. Focus.
Woulfe Mining has secured a portfolio of mining leases in South Korea consisting of mines closed during the downturn in metal prices. The mines have known mineralization, extensive mine development and surface support infrastructure and thus can readily be reactivated.
Our flagship and prime focus is the Sangdong Mine which up to its closure in 1992 was a significant producer of tungsten and molybdenum with credits for bismuth and gold. The Sangdong Mine was owned and operated by Korea Tungsten which led the way in the development of large steel companies such as POSCO and the manufacture of tungsten and molybdenum related products. The Sangdong project is strategically located 175 km south east of Seoul, the capital of South Korea, a ready market for Woulfe's production with several companies consuming tungsten and molybdenum there.
The Company will complete a scoping of the project and economic assessment study in early March, 2010 to consider the reopening of Sangdong mining operations using modern mining techniques to support a 2.5 million tonne per annum processing facility. Mineral processing will be based on known technology with crushing, grinding, flotation and gravity separations to produce ammonium paratungstate ("APT") to be sold primarily into domestic Korean markets. Sangdong is also well placed being close to the world's manufacturing giants China and Japan.
Meetings held with the local community and county leaders in January, 2010 have been extremely positive with promised cooperation and assistance in the redevelopment of the Sangdong Mine.
Processing tungsten is by flotation and gravity methods and no environmentally harmful chemicals are therefore released. An environmental review of the Sangdong Mine was commissioned in February, 2010 and this will be released to the market shortly.
The South Korean economy has outperformed all economies world wides, boasting the world's highest growth rate escaping recession during the recent global financial crisis.
On Behalf of the Board of Directors
Brian Wesson
CEO & President
For further information please contact:
Brian Wesson CEO & President Woulfe Mining Corp.
Info@westech.com.au/ mob +61414406611 /skype address westechbrianwesson
Further information please e mail us info@woulfemining.com
Or visit the website www.woulfemining.com (www.orientalminerals.com)
Woulfe Mining Corp.
408 - 837 West Hastings Street
Vancouver, BC V6C 3N6, Canada
Admin +1 (604) 684-6264
Fax +1 (604) 684-6242
Neither the 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
Statements in this release that are forward-looking statements are subject to various risks and uncertainties concerning the specific factors identified in the Company's periodic filings with Canadian Securities Regulators. These factors include the inherent risks involved in the exploration and development of mineral properties, the uncertainties involved in interpreting drill results and other exploration data, the potential for delays in exploration or development activities, the geology, grade and continuity of mineral deposits, the possibility that future exploration, development or mining results will not be consistent with the Company's expectations, accidents, equipment breakdowns, title matters, labor disputes or other unanticipated difficulties with or interruptions in production and operations, fluctuating metal prices, the possibility of project cost overruns or unanticipated costs and expenses, uncertainties relating to the availability and costs of financing needed in the future, the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses, commodity price fluctuations, currency fluctuations, regulatory restrictions, including environmental regulatory restrictions and liability, competition, loss of key employees, and other related risks and uncertainties. The Company undertakes no obligation to update forward-looking information except as required by applicable law. Such forward-looking information represents management's best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information.
Encouraging Geophysical Results on Poplar - Multiple Targets Defined
Using the past producing Bell Mine and the nearby Huckleberry Mine as models, LGM has identified similar magnetic and electromagnetic signatures throughout the Poplar tenements. The geophysical survey presented targets for geochemical and geophysical follow up in order to determine where additional mineralization occurs. The proposed work program for this year includes the geochemical and geophysical follow up in addition to the 5,200m drill program announced on January 18, 2010.
Lions Gate Metals commissioned Aeroquest International Limited ("Aeroquest") to perform the airborne survey after reviewing encouraging results from Geoscience BC's 2008 Quest West Airborne geophysical survey. In November 2009, Aeroquest flew a detailed infill survey over the Poplar claims using the same AeroTEM3 / MAG platform. Magnetic and Electromagnetic imaging indicates four unexplored and three partially explored targets that have signatures consistent with the possible presence of buried or hidden porphyry copper / porphyry copper-molybdenum deposits. Initial results were so encouraging that an additional 105.8 line km were added to the survey for a total of 2,767 line km. An additional 10,396 hectares of ground were staked to cover these extensions and the surrounding ground. Preliminary till sampling was performed over the majority of the Quest West anomalies within LGM's tenures in the fall of 2009, results of which are pending. Additional sampling is planned for the summer of 2010 to develop these new targets and prioritize a potential drill program this fall.
In conjunction with the extensive airborne geophysical survey over the Poplar property, LGM has identified extensions of the IP anomaly in the Poplar Main Zone. In October 2009, a Deep Induced Polarization ("IP") survey was completed on the Poplar Deposit. The Poplar Deposit has a published historic mineral resource of 236,000,000 tonnes at 0.37% copper equivalent grade using 0.25% copper equivalent grade cutoff. The estimation of copper equivalent grade was made in 1982 using metal prices prevalent at that time. This reserve estimate was prepared prior to the implementation of National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101″), and does not comply with that standard; nor does the term copper equivalent grade comply with that standard. The resource estimate was produced prior to the publication of the CIM Standards on Mineral Resources and Mineral Reserves, and does not provide further classification of the estimate into Measured, Indicated or Inferred Mineral Resources. The data used and the resulting estimate may not be relied upon until they have been confirmed by using standards compliant with NI 43-101. The potential for Lions Gate Metals to reproduce the historical estimate or to expand the resource by further work is speculative. Investors are cautioned that a Qualified Person as defined under NI 43-101 has not yet completed adequate testing of the Poplar Deposit, or adequate review of the historical data to define a current resource that is in compliance with NI 43-101. Lions Gate Metals does not consider the historic resource to represent a current mineral resource.
These grades are consistent with current and past producing mines in the area. The Deep IP survey has revealed extensions in the IP anomaly below known mineralization tested by past drilling. A 5200m drill program has been proposed for completion this year to determine depth and grade of the mineralization below the Poplar Main Zone. Funding of the proposed Poplar work program is subject to completion of the private placement forming part of the Ausnico business combination transaction announced on December 18, 2009.
The Poplar property has grown in size by a combination of claim staking and option agreements from 49,162 hectares in early 2009 to 63,936.8 hectares in early 2010 and has exciting new data regarding its mineralization.
Thank you for your continued support.
Sincerely,
"Arni Johannson"
Arni Johannson
CEO
Lions Gate Metals Inc. is a Canadian based, junior resource company focused on the exploration, development, and acquisition of both advanced and early stage mineral projects.
Neither the 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 Information
This news release contains forward-looking information, including statements regarding the following: geological interpretations and management's expectations in respect the Company's Poplar project; the timing and content of upcoming work programs; and the Company's plans to fund further exploration on the Poplar project.
Statements in this release that are forward-looking statements are subject to various risks and uncertainties concerning the specific factors identified in the Company's periodic filings with Canadian Securities Regulators. These factors include the inherent risks involved in the exploration and development of mineral properties; the uncertainties involved in interpreting drill results and other exploration data including IP Surveys and Airborne Geophysical Surveys; the potential for delays in exploration or development activities; the geology, grade and continuity of mineral deposits; the possibility that future exploration, development or mining results will not be consistent with the Company's expectations; accidents, equipment breakdowns, title matters, labor disputes or other unanticipated difficulties with or interruptions in production and operations; fluctuating metal prices; the possibility of project cost overruns or unanticipated costs and expenses; uncertainties relating to the availability and costs of financing needed in the future; the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses; commodity price fluctuations; currency fluctuations; regulatory restrictions, including environmental regulatory restrictions and liability; competition and loss of key employees; and other related risks and uncertainties. The Company undertakes no obligation to update forward-looking information except as required by applicable law. Such forward-looking information represents management's best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information.
Technical Disclosure
Peter Ogryzlo, M. Sc., P. Geo., the Technical Advisor of LGM and a "qualified person" within the meaning of National Instrument 43-101, has reviewed and approved the scientific and technical disclosure contained in this news release.
ORIENTAL MINERALS COMPLETES CAD$6.6 MILLION PRIVATE PLACEMENT
A cash commission of 8% of the proceeds raised has been paid which was split 75%/25% between GMP and Westech respectively. The Company also issued 16,500,000 broker's warrants, having the same terms as the Warrant, representing 20% of the Units placed, which is split 30%/70% between GMP and Westech respectively.
All of the securities issued pursuant to the Placement are subject to a four month hold period expiring on April 18, 2010.
US$1 million of the proceeds from the Placement will be used to secure the Company's 51% interest in the mineral title for the Sangdong property by making a final payment to the Korean vendor, with 49% being held in trust for the vendor pending the tabling of a bankable feasibility study, at which time the vendor will surrender its 49% interest and retain only a net smelter royalty of 2%. The balance of the proceeds will be used to facilitate work on the ground in Korea to advance its Tungsten and Molybdenum project at Sangdong, the gold project at Muguk, and for general working capital.
Wardrop Engineering, a reputable Canadian engineering company, has built a model using the results of the Company's current, and the historical owners' prior, drilling campaigns at Sangdong, from which the Company has identified targets for further drilling to provide the requisite data to better define the resource and allow the Company to complete and issue a Preliminary Economic Assessment Report. It is envisaged that further funding will be required to complete infill drilling to better understand the extent of the mineralization, allow further modeling and engineering studies to define the most economical process routes, and to take the Sangdong tungsten/molybdenum project through the Pre-, and Bankable-, Feasibility Study phases.
Concurrent with the Placement, the Company has engaged Westech to manage the Company, as a result of which Mr. Brian Wesson will assume the roles of President & Chief Executive Officer and Ms. Amelia Wesson will assume the role of Vice President Administration. Mr. Fodie, the current President & CEO will remain with the Company in the role of Chief Financial Officer.
"I am extremely pleased to have been able to complete this financing in such difficult financial markets, which is an indication of the value of the rights Oriental holds in Korea, in addition to the experience Westech brings to the Company" Mr. Fodie stated. "Westech brings extensive skills and knowledge in the design and redeveloping of mines and projects that are critical to successfully re-developing the Sangdong property into a significant tungsten supplier to Korea and the world."
"We are excited to be leading Oriental into this new phase of its evolution" said Mr. Brian Wesson, President of Westech. "In addition to Sangdong, historically one of the world's largest known tungsten deposits, and Muguk, historically Korea's largest gold mine, there are a number of other projects containing molybdenum, lead, zinc, uranium and vanadium, and potential acquisition targets, that make Oriental a very exciting Company to be developing."
About Oriental Minerals
Oriental Minerals is focused on developing world-class mining projects in South Korea. The company is working on proving up its flagship Sangdong tungsten-molybdenum project which was formerly one of the largest tungsten mines in the world.
On behalf of the Board of Directors:
Ian Fodie
President & CEO
For More Information Contact:
Ian Fodie, President & CEO
info@orientalminerals.com
or
Mike Rodger,
Resinco Capital Partners
1-604-696-6515
www.orientalminerals.com
This news release does not constitute an offer to sell or a solicitation of an offer to sell any of securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
Statements in this news release, other than purely historical information, including statements relating to the Company's future plans and objectives or expected results, constitute Forward-looking statements. Such statements are based on numerous assumptions and are subject to all the risks and uncertainties inherent in the Company's business, including risks related to mineral exploration and development. Consequently, actual results may vary materially from those described in the forward-looking statements.
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.
ORIENTAL MINERALS CLOSES PRIVATE PLACEMENT
Proceeds from the private placement will be used to complete the 2009 audit and preserve mining titles.
Shares in the Company are still subject to a Cease Trade Order issued by the BC Securities Commission (BCSC) until the Company applies for and receives a full revocation order from the BCSC following the filing of its audited financial statements for 2009. The private placement was closed due to a Partial Revocation Order issued today by the BCSC.
About Oriental Minerals
Oriental Minerals is focused on developing world-class mining projects in South Korea. Its flagship Sangdong tungsten-molybdenum project is nearing the completion of a Preliminary Economic Assessment as a further step to revitalizing what was formerly one of the largest tungsten mines in the world.
On behalf of the Board of Directors,
Ian Fodie
President & CEO
For More Information Contact:
Ian Fodie, President & CEO
info@orientalminerals.com
or
Mike Rodger,
Resinco Capital Partners
1-604-696-6515
www.orientalminerals.com
This news release does not constitute an offer to sell or a solicitation of an offer to sell any of securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
Statements in this news release, other than purely historical information, including statements relating to the Company's future plans and objectives or expected results, constitute Forward-looking statements. Such statements are based on numerous assumptions and are subject to all the risks and uncertainties inherent in the Company's business, including risks related to mineral exploration and development. Consequently, actual results may vary materially from those described in the forward-looking statements.
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.
SHEEN RESOURCES LTD. ANNOUNCES PROPOSED REVERSE TAKE-OVER
Sheen Resources Ltd. (the "Company") (TSX-V: SHN) is pleased to announce the execution of an agreement in principle dated November 13, 2009 (the "Acquisition") to acquire all of the issued and outstanding shares of Canamara Energy Corporation ("Canamara"), a private company incorporated in British Columbia which has an option to acquire a 100% interest in the Lake Touladi property in the Province of Quebec, subject to a 2.5% net smelter return royalty in favour of the Optionor, as more fully disclosed below.
The terms of the acquisition are subject to TSX Venture Exchange (the "Exchange") acceptance and, if accepted for filing, the Acquisition will constitute a "Reverse Take-Over" ("RTO"), as that term is defined in Exchange policy. Upon completion of the Acquisition, Sheen will continue to be listed as Tier 2 mining issuer.
The Acquisition is a related party transaction, in that Adrian Rollke, the President, Chief Executive Officer and a director of the Company, is also a director, officer and a major shareholder of Canamara. Accordingly, completion of the Acquisition will be subject to the approval of a majority of the shareholders of the Company who are not related parties (i.e. -- disinterested shareholders). The Company will be holding a special general meeting of its shareholders in early 2010, at which the approval of disinterested shareholders for the Acquisition will be sought.
Property Highlights
Pursuant to an option agreement dated August 25, 2009 between Canamara and Fayz Yacoub (the "Optionor") (the "Option Agreement"), which superseded and replaced Canamara's earlier option agreement with the Optionor dated February 20, 2008, as amended by amending agreement dated August 11, 2008, Canamara has been granted an option entitling it to acquire a 100% interest in the Lake Touladi property in the Province of Quebec, in the regional municipality of Le Domaine du Roy, consisting of 68 mineral claims comprising approximately 3,883 hectares, subject to a 2.5% net smelter return royalty in favour of the Optionor, the consideration to consist of the following:
(a) Canamara making cash payments totaling $551,000 by June 30, 2011 (of which $71,000 has been paid to date);
(b) Canamara issuing 7,100,000 common shares in its capital stock by June 30, 2011 (of which 3,100,000 shares have been issued to date); and
(c) Canamara incurring $1,000,000 in exploration expenditures on the property by November 30, 2011 (of which approximately $100,000 has been incurred to date).
The Lake Touladi property is located in the province of Quebec (NTS sheet 32A07) on the NW side of Lac St-Jean approximately 30 km from the town of St. Felicien and 37 km from the town of Roberval, and is 100% owned by the Optionor. The Lake Touladi area is underlain by Precambrian high-grade plagioclase-rich gneiss, amphibolite, microcline granite and metagabbro, along with a few quartzite and pyroxenite that are part of the Canadian Grenville Province. The Fe-Ti deposit forms a large north-trending elongated body of metagabbro, which is locally anorthositic. The mineralized rock consists of magnetite (Fe+32Fe+2O4), ilmenite (Fe+2TiO3) and hemoilmenite, with feldspar and ferromagnesian silicates. The deposit forms dense layers or lenses several cm thick in width of Fe-Ti-Fe-rich oxide minerals, separated by narrow bands of silicate-rich material. The analyses of the Touladi mineralized zones indicates low amount of sulfides and the presence of pure ilmenite that may form more than 65 % of the mineralization in certain part of the deposit.
Four major mineralized zones, A to D, were identified through the 1950's by ground based exploration, magnetic surveying and drilling. 1800 m of short and long diamond drill holes were performed by the Roberval Mining Corporation, concentrated mainly in the A and B zones. Zone A provided an historical tonnage of 90 Mt, running at 23.5 wt. % Fe and 6.8 wt. % TiO2 and Zone B revealed 34 Mt grading approximately 22.6 wt. % Fe and 6.2 wt. % TiO2. (A qualified person as defined in National Instrument 43-101 ("Standards of Disclosure for Mineral Projects") (NI 43-101) has not done sufficient work to classify the historical estimates as current mineral resources, and neither the Company nor Canamara is treating the historical estimates as current mineral resources, and these historical estimates should not be relied upon.)
A helicopter-borne magnetic geophysical survey flown over the property highlighted two NS-oriented zones of magnetic highs juxtaposed on their western side by parallel zones of strong magnetic lows. The latter covering a large area (3 X 0.5 km) is probably related to ilmenite-rich or reversely polarized Ti-magnetic-rich mineralization at shallow depth. New chemical analyses on collected grab samples reveal average Fe and TiO2 contents of 25.66 and 7.59 wt.% respectively, which are comparable to published values for Zone A and B (22.6-23.5 wt.% Fe and 6.2-6.8 wt.% TiO2), and composites of the short holes drilled by Roberval Mining Corporation (23.6-26.1 wt.% Fe and 6.92-7.50 wt.% TiO2).
The Lake Touladi Fe-Ti deposit carries geological, mineralogical and geographical characteristics that may contribute to the development of a world-class deposit. This assertion is based on the interpretation of the new aeromagnetic survey in combination with the examination of previous surveys and drilling campaigns showing that: a) areas defined by strong magnetic lows, probably related to the presence of hemoilmenite at depth, were not investigated by drilling and present a strong potential owing to their large extension (ex: 3 X 0.5 km); b) zones characterized by strong positive anomalies, correlated to magnetite-rich zones submitted to historical drilling (Zones A to D), were only partially explored; and c) there is a newer, albeit less well defined, NS-oriented area located 1 km west of the main showing that displays a similar pattern of alternating magnetic highs and lows which should be spatially related with mineralized gabbroic lithologies. Furthermore, a new access road via the north end of the property is viewed as an important development in improving the value of the deposit. The main showing of the Property is attainable from a 1.6 km bush road leading to well-maintained logging roads that reach the village of La Doré 30 km to the north. Finally, the lac St-Jean area (pop. 275,000) retains all the infrastructure (airport, commerce, lodging, roads) and manpower necessary to the development of a mine.
A geological report dated November 2008 and entitled "Technical Report and Recommendations -- The Lake Touladi Fe-Ti deposit, Lyonne and Chabanel Townships, Lac St-Jean area, Quebec, Canada" (the "Technical Report") was prepared for Canamara. The Technical Report has been prepared in compliance with the provisions of NI 43-101. The author of Technical Report is Michel Boily, PhD, P.Geo. who is a qualified person as defined in NI 43-101.
The Technical Report contains a recommendation for a two phased exploration program. Phase 1 will include the mapping and sampling of the principal Fe-Ti showings, including the probable ilmenite ± Ti-magnetite zones, the completion of a 1.6 km bush road suitable for heavy equipment, the stripping of an area of 200 X 200 m centered on the region where mineralized samples were collected, geological mapping and grab and channel sampling, and an airborne magnetic survey over the southern part of the property, at an estimated cost of approximately $229,000. Phase 2, contingent on the results from Phase 1, would consist of a comprehensive drilling campaign, at an estimated cost of approximately $1,900,000.
Sheen intends to undertake the recommended Phase 1 exploration program upon the completion of the Acquisition.
Acquisition Highlights
The terms of the Acquisition are as follows:
The Company will issue 7,416,500 common shares in its capital stock to the shareholders of Canamara in exchange for all of the 14,833,000 common shares of Canamara currently issued and outstanding, on the basis of one share of the Company to be issued for each two (2) shares of Canamara. There are currently 3,330,658 shares of the Company issued and outstanding, which would result in the Company having 10,747,158 common shares issued and outstanding following the closing of the Acquisition (not including the additional shares to be issued pursuant to the concurrent financing and debt settlements referred to below).
Canamara understands that some or all of the shares of the Company to be issued to the shareholders of Canamara may be subject to both the escrow provisions provided for in applicable Exchange policy and the trading restrictions provided under applicable securities legislation.
In conjunction with the closing of the Acquisition, the Company expects to change its name to "Canamara Minerals Ltd.", subject to the requisite shareholder approval and regulatory acceptance.
Concurrent Financing
The Company also intends to complete a concurrent financing by way of private placement, the proceeds of which will be used to fund the exploration program referred to above, and to provide the Company with sufficient working capital to satisfy operating and regulatory requirements. Details of this financing will be announced in due course.
Debt Settlements
Closing of the Acquisition will also be subject to the Company settling certain outstanding indebtedness, details of which will also be announced in due course.
Sponsorship of Acquisition
The Company intends to seek an exemption from the sponsorship requirements of the Exchange, but will appoint a sponsor if required to do so.
Officers, Directors and Insiders
The key vending shareholders of Canamara are Reinhart Capital Corp. (a private company owned by Adrian Rollke, of West Vancouver, B.C.), Karl Rollke, of West Vancouver, B.C. and Fayz Yacoub, of Surrey, B.C. Following the completion of the Acquisition, it is anticipated that the officers, directors and insiders of the "Resulting Issuer" (as defined in Exchange policy) will be, in addition to another board member with geological expertise to be added shortly, the following individuals:
Adrian Rollke, President, Chief Executive Officer and Director -- Mr. Rollke, of West Vancouver, B.C. has been involved in the resource sector for 15 years. He holds a Bachelor of Economics degree from the University of Western Ontario. He started his career in accounting and administration as a controller of a TSX listed company. He has held senior positions in several resource companies. He founded Sheen Resources Ltd. in 1999 (then named Azure Resources Corp.), and brought it public in 2003. He is currently the President and CEO and/or director of several publicly listed resource companies. Mr. Rollke has been involved in project development and investment on an international level.
Hein Poulus, QC, Director -- Mr. Poulus, of Vancouver, B.C. holds a BA and an LLB from the University of British Columbia and an LLM from the London School of Economics. Mr. Poulus is a partner in the Vancouver office of the Stikeman Elliot law firm He has been a senior executive of Kaiser Resources ( 1979 to 1980), a publicly traded producer of metallurgical and thermal coal and oil and gas: and with private Kaiser companies ( 1980 to 1984) whose aqctivities included coal trading, oil and gas, real estate and professional football . Mr. Poulus served as a senior officer in Southeastern Capital Corporation, a Denver based., leveraged buyout group (1984 to 1990) with interests in broadcasting,petroleum product distribution and environmental laboratories., As well as a barrister specializing in complex commercial litigation, Mr. Poulus serves on a number of corporate boards, including Finavera Renewables Inc., Tournigan Energy Ltd. Oriental Minerals Inc. and Longview Capital Partners Inc.
John Icke, Director -- Mr. Icke, of Vancouver BC is a senior executive with more than 25 years management experience, 14 in the role of president, general manager or chief executive officer, in both the private and public sectors. He was previously (2002 to 2005) the president of Accenture Business services for Utilities the largest business process outsourcing company for the utilities sector in the world. Mr Icke is currently the president and chief executive officer of Longview Capital Partners a publically traded investment firm which specializes in natural resource sector financing. His previous positions include president and CEO of Lily Cups Inc, executive vice president and chief operating officer of Sweetheart Cup Corp, executive vice president and worldwide general manager Indigo NV, chairman, president and CEO of ShopLink Inc, founding chairman of the Canadian Polystyrene Recycling Association (C.P.R.A.) Mr. Icke has significant experience with private equity financing in addition to debt and public equity transactions. Mr. Icke serves on a number of public and private boards including Cue Resources Ltd, Finavera Renewables Inc, Mega Moly Inc, Pacific Coast Nickel Inc and Oriental minerals Inc.
The Company also announces the resignations of Damien Reynolds and Gary Stock as Directors. The Board would like to thank them for their contributions to the Company.
Nathalie Pilon, Chief Financial Officer -- Ms. Pilon, of Vancouver, B.C., is a financial reporting consultant for a number of listed companies on both Canadian and U.S. exchanges.
Trading Halted
In accordance with Exchange policy, the Company's shares are currently halted from trading and are expected to remain halted until the requirements for reinstatement of trading in Exchange Policy 5.2 ("Changes of Business and Reverse Takeovers") have been met. (Other than as elsewhere disclosed herein, there are no significant conditions to the completion of the Acquisition.)
Completion of the transaction is subject to a number of conditions, including Exchange acceptance and disinterested shareholder approval. The transaction cannot close until the required Shareholder approval is obtained. There can be no assurance that the transaction will be completed as proposed or at all.
Investors are cautioned that, except as disclosed in the Management Information Circular to be prepared in connection with the transaction, any information released or received with respect to the RTO may not be accurate or complete and should not be relied upon. Trading in the securities of Sheen Resources Ltd. should be considered highly speculative.
The TSX Venture Exchange has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.
On behalf of the Board of Directors
SHEEN RESOURCES LTD.
"Adrian Rollke"
President, Chief Executive Officer and Director
For further information, please contact Adrian Rollke at: Telephone: 604-683-2808, Facsimile: 604-683-2286, email: info@pencarimining.com.
The technical information in this news release has been reviewed and approved by Michel Boily, PhD, P. Geo., a qualified person for the purposes of NI 43-101. Mr. Boily is independent from each of Sheen Resources Ltd. and Canamara Energy Corporation.
WARNING: This news release may contain forward looking statements based on assumptions and judgments of management regarding future events or results that may prove to be inaccurate as a result of exploration and other risk factors beyond its control, and actual results may differ materially from the expected results.
NEITHER THE 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 NEWS RELEASE.