Tri-River Acquisition of Potash Properties
VANCOUVER, Jan. 26 /CNW/ – Tri-River Ventures Inc. (TSX.V Symbol: TVR.V) announces that it has entered into a share acquisition agreement with Strong Rising International Limited (“Strong Rising”), to acquire a 100% interest in Strong Rising’s wholly owned subsidiary Taiji Resources Ltd. (“Taiji”). Taiji is a private resources exploration company registered in the Province of Saskatchewan. In consideration of the acquisition, the Company will issue common shares to Taiji’s shareholder, which will be determined following completion of the Company’s ongoing due diligence work. The acquisition is subject to shareholder approvals and TSX Venture Exchange acceptance.
Taiji holds a 100% interest in three non-contiguous potash exploration permits in the Province of Saskatchewan. The three separate permits, KP460, KP461, and KP465 (the “Permits”) are favorably located in southern Saskatchewan and are at the preliminary exploration stage. Permit KP460, consisting of 18,479 acres, is approximately 160 kilometers east of Regina on the TransCanada Highway. Permit KP 461, consisting of 32,583 acres is approximately 40 kilometers west of Regina near Moose Jaw, and Permit KP 465, consisting of 12,464 acres is approximately 55 kilometers northeast from Saskatoon. The Permits cover a total 1026 square kilometers. A sequence of Mid Devonian carbonates and evaporites containing the target strata of interest for potash is projected to pass under all three Permits. 2D seismic geophysical test reports have been received on KP461 and KP460 consistent with this conclusion.
Tri-River is a Canadian based exploration company focussed on acquisition, exploration and development of mineral resource properties. The Company is currently evaluating its 95% owned Lianlong mineral property in Sichuan province, China. Tri-River’s shares are listed on the TSX Venture Exchange under the symbol TVR.
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 Company does not assume any obligation to update forward-looking statements except as required under applicable law.
Y.B. Ian He (604) 306-5867
Michael Woods (604) 925-0551