Rainbow Resources Announces Completion of Tin City Acquisitionadmin
Mr. David W. Johnston reports:
TORONTO, ONTARIO – (December 17, 2013) Rainbow Resources Inc. (‘Rainbow’ or ‘the Company’) (TSX VENTURE:RBW)(OTC:RIINF) announces that it has completed the acquisition of the Tin City Property by submitting the final option payment of $6,000 to the former owners of the Tin City claims adjacent to its high-grade lead/silver International Property in the West Kootenays, BC. The claims comprise a total of 820 hectares and their location can be viewed in Figure 1 below.
Figure 1 – Property Location Map
Click Image To View Full Size
The Tin City agreement, dated July 11, 2011, was originally made with Braveheart Resources Canada Inc. (acquired by Rainbow in October, 2011). The agreement was amended on July 31, 2013. Highlights of the agreement were as follows:
1.Cash payments totalling $30,000 during the period July 1, 2011 to December 1, 2013;
2.A total of 225,000 Rainbow common shares during the period July 1, 2011 to November 1, 2013;
3.A 2% NSR payable upon the initiation of commercial production on the property and,
4.Rainbow has the option of reducing the NSR to 1% by making a $500,000 cash payment to the former owners.
About Rainbow Resources:
Rainbow is a Canadian based junior exploration company focused on building shareholder value through aggressive exploration in two favourable and proven mining jurisdictions – the West Kootenays in southeast British Columbia (silver, gold and flake graphite), and Nevada where Rainbow’s Jewel Ridge gold-silver project is in the heart of a major producing district. Rainbow’s shares are listed on the TSX Venture Exchange under the symbol TSX-V:RBW and on the OTC under the symbol RIINF.
Rainbow currently has 47,820,052 common shares issued and outstanding.
Rainbow Resources Inc.
David W. Johnston
Caution Regarding Forward-Looking Information
This news release includes certain information that may constitute “forward-looking information” under applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements about strategic plans, future work programs and objectives and expected results from such work programs. Forward-looking information is necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks,(more)uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information and the risks identified in the Company’s continuous disclosure record. There can be no assurance that such information 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 forward-looking information.
All forward-looking information contained in this news release is given as of the date hereof and is based upon the opinions and estimates of management and information available to management as at the date hereof. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.
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 of this news release.
Posted: December 17th, 2013 under ACCESSWIRE.