Hudson River Acquires Temex Ring of Fire Claims
21 Dezembro 2010 - 12:32PM
PR Newswire (Canada)
TORONTO, Dec. 21 /CNW/ -- TORONTO, Dec. 21 /CNW/ - Hudson River
Minerals Ltd. (TSX-V: HRM or "Hudson River") is pleased to announce
that it has entered into a Purchase and Sale Agreement (the
"Agreement") to purchase 53 mining claims (the "Properties")
totaling 703 units in the northern and southern portions of the
Ring of Fire area of northern Ontario from Temex Resources Corp.
(TSX-V: TME, FWB:TQ1, or "Temex"). Terms of the Agreement: Temex
has agreed to sell its 100% interest in the Properties to Hudson
River for the following: -- 1,500,000 common shares of Hudson River
Minerals Ltd. -- 1,500,000 common share purchase warrants with each
warrant entitling Temex to purchase one common share of Hudson
River Minerals Ltd. at a price of $0.30 per share for a period of
two years from the date of issuance. Upon payment of the 1,500,000
common shares and the 1,500,000 common share purchase warrants,
Hudson River will own 100% of the Properties and Temex will have no
further interest, title or obligations in the Properties. Hudson
River has agreed to spend a minimum of $250,000 to drill known
airborne electromagnetic targets in the vicinity of an intersection
of zinc mineralization previously discovered by White Pine
Resources. Should Hudson River not make the expenditures on the
claims, Hudson River will issue to Temex an additional 500,000
common shares of Hudson River. The Agreement is subject to all
necessary regulatory approvals and all securities issued in
connection with this transaction are subject to a 4 month plus 1
day hold period from the date of issuance. The Agreement has been
approved by the Board of Directors of both Temex and Hudson River.
About Hudson River Minerals Ltd. Hudson River is focused on the
discovery of nickel, copper and platinum group element (Ni-Cu-PGE)
deposits, volcanogenic massive sulphide (VMS) deposits and precious
metals. The management team has experience exploring in areas with
no geologic outcrop and that rely heavily on geophysical
technologies for discovery. For more details on Hudson River's
properties see the National Instrument 43-101 technicalreport,
which is available at www.sedar.com or visit
www.hudsonriverminerals.com. This document may contain
forward-looking statements relating to Hudson River's operations or
to the environment in which it operates. Such statements are based
on operations, estimates, forecasts and projections. They are not
guarantees of future performance and involve risks and
uncertainties that are difficult to predict and may be beyond
Hudson River's control. A number of important factors could cause
actual outcomes and results to differ materially from those
expressed in forward-looking statements, including those set forth
in other public filings. In addition, such statements relate to the
date on which they are made. Consequently, undue reliance should
not be placed on such forward-looking statements. Hudson River
disclaims any intention or obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise, save and except as may be required by
applicable securities laws. To view this news release in HTML
formatting, please use the following URL:
http://www.newswire.ca/en/releases/archive/December2010/21/c6978.html
pbHudson River Minerals Ltd./bbr/ Stephen J. Balch, President and
CEObr/ Tel: (905) 407-9586br/ Email: a
href="mailto:sbalch@hudsonriverminerals.com"sbalch@hudsonriverminerals.com/a/p
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