Disposition of Lianlong Property in China; Moving to NEX
VANCOUVER, CANADA – Further to its news release of March 24, 2015, Tri-River Ventures Inc. (the “Issuer”) (TSX.V Symbol: TVR.V) announces that it has closed the agreement (the “Agreement”) dated March 23, 2016 and sold its wholly owned subsidiary, Red Sun Group Holdings Limited (“Red Sun”) to a group of Chinese resident purchasers (collectively, the “Purchasers”) in exchange for the cancellation of six million (6,000,000) shares of the Issuer. Red Sun owns a 95% equity interest in Longbao Mining Co. (“Longbao”) which holds the exploration permit to the Lianlong property (the “Lianlong Property”) in the Changtai District of Baiyu County, Sichuan Province, China. In 2008, the Purchasers had sold the Lianlong Property to the Issuer in exchange for the issuance of 6 million Issuer shares.
With the closing of the Agreement, it is expected that the Issuer will be moved to the NEX Board of the TSX Venture Exchange.
Tri-River is a Canadian based company that has been focussed on acquisition, exploration and development of mineral resource properties.
For further information, please contact:
Y.B. Ian He (604) 306-5867
This press release contains forward-looking statements based on current expectations. Forward-looking statements entail various risks and uncertainties that could cause actual events or results to differ materially from those reflected in forward-looking statements. Risks and uncertainties about Tri-River’s business are more fully discussed in Tri-River’s disclosure materials under the heading “Risk Factors” and elsewhere in Tri-River’s MD&A, Financial Statements and other periodic filings with Canadian securities regulators and on SEDAR. The Issuer does not assume any obligation to update forward-looking statements except as required under applicable law.