TORCH
RIVER RESOURCES LTD
FOR IMMEDIATE RELEASE July 4,
2007
NEWS RELEASE
TORCH RIVER RESOURCES LTD PURCHASES
NEW SILVER CLAIMS
Torch River Resources Ltd. ("Torch")
(TSXV: TCR) is pleased to announce today that it has entered into an agreement
(the "Agreement") with William Pfaffenberger ("Dr. Pfaffenberger") to purchase
six (6) mineral claims covering a total of 1,574.5054 hectares at Grouse Mountain, British Columbia (the "Grouse Mountain Claims"):
|
Tenure Number |
Hectares |
|
553757 |
112.4884 |
|
553762 |
468.7057 |
|
553764 |
187.4284 |
|
553767 |
131.2432 |
|
557529 |
318.5608 |
|
557530 |
356.0789 |
Torch will pay $33,060 in cash for
the Grouse Mountain Claims. The Agreement is subject to regulatory approval and
assuming such approval is provided, is expected to close on or about July 25,
2007. Dr. Pfaffenberger is a director and officer of Torch and holds directly or
indirectly approximately 2.4 % of the issued and outstanding shares of Torch.
Accordingly, the purchase of the Grouse Mountain Claims is a related party
transaction. As the fair market value represents less than 25% of the market
capitalization of Torch, the Corporation will rely on the exemptions available
under OSC Policy 61-501 as adopted by Policy 5.9 of the TSX Venture Exchange in
regard to the requirements for valuation of the Grouse Mountain Claims and
minority shareholder approval of the Agreement. The Agreement was approved by an
independent committee of the Board of Directors of Torch. The purchase price
paid Torch for the Grouse Mountain Claims is equal to purchase price paid by Dr.
Pfaffenberger for the same. The transaction will not result in the issue of any
Torch shares to Dr. Pfaffenberger.
Torch has the Red Bird Property which
contains molybdenum and rhenium. Torch also has the High Rock Property which has
gold mineralization.
It is Torchs objective to carry out
a program of geophysics and sampling to investigate the potential of the new
property.
Further to our press release of June 7,
2007, Torch has mobilized its camp at its Red Bird property.
Torch has contracted with Neills Mining
Ltd to drill up to 8 holes (approximately 7000 feet) in an area of the property
which had no previous drilling. This area lies in the northwest region of the
4000 foot by 5000 foot Red Bird intrusion and was identified as a prime target
for drilling by the soil and chip sampling and ground geophysics carried out in
Torchs 2006 program on Red Bird (see the August 15, 2006 release at our
web-site, www.torchriver.ca ).
Torch is expecting that the drill on
Red Bird will be mobilized by July 8, with drilling continuing at least to the
end of August.
Andris A. Kikauka is a Qualified
Person under NI 43-101 and has reviewed and approved the technical data in this
press release.
Torch River resources Ltd is a
company listed and trading on the TSX Venture Exchange, symbol: TCR.
FOR FURTHER INFORMATION PLEASE CONTACT:
William Pfaffenberger
President and CEO
Torch River Resources Ltd.
Telephone No. (403) 444-6888
For all Torch River investor relations needs, investors are asked
to visit the Torch River IR Hub at http://www.agoracom.com/IR/Torchriver
where they can post questions and receive answers within the same day, or
simply review questions and answers posted by other investors. Alternatively,
investors are able to e-mail all questions and correspondence to
tcr@agoracom.com where they can also request addition to the investor
e-mail list to receive all future press releases and updates in real time.
FOR FURTHER INFORMATION PLEASE CONTACT:
John R. Chalcraft, ProActive
Communications
#201 - 2383 King George Hwy., White Rock, BC, V4A
5A4
Local: (604) 541-1995; Toll free: 1 (800) 540-1995
email: johnchalcraft@shaw.ca
Note: The following
information about the Grouse Mtn. claims appears on the Torch River website www.torchriver.ca.
Grouse
Mountain Property - Near Houston,
B.C.
Widespread
precious and base metal mineralization grading to 4% copper, 312 oz/ton silver
and .33 oz/ton gold occurs in a number
of veins on the Grouse Mountain Property. Grouse Mountain is located in central
west British Columbia approximately midway between Smithers and Houston. Although
as presently defined the veins are not economic because they are too narrow,
their depth potential and the potential
that mineralization may be part of a larger mineralizing event, is generally
unevaluated.
The
Julia Vein has a small adit, from which a 2.72 tonne sample was taken in approximately 1939 and which produced 12,548
grams (403 ounces) of silver and 85.3 kgs (3.14%) copper. Torch River is carrying out a program of ground
geophysics, in addition to soil and rock chip sampling on the Grouse Mountain
property in the summer of 2007.
THE TSX VENTURE EXCHANGE DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF
THIS RELEASE.
This press release may contain forward-looking
statements which may include estimates, plans, expectations, opinion, forecast,
projections, guidance or other statements that are not statements of fact,
including without limiting the generality of the foregoing, statements made
regarding drilling on Torchs Red Bird property. Although Torch believes that
the expectations reflected in such forward looking statements are reasonable, it
cannot give any assurance that such expectations will prove to be correct.
Results of Torch including its ability to mobilize and drill on schedule may be
affected by a variety of variables and risks associated with the mining industry
such as availability of human and capital resources, competition, exploration
and development plans and results, anticipated capital expenditures and
financing thereof, timing of applications and approvals. As such the future
plans and objectives of Torch are forward-looking statements that involve risk
and uncertainties and may be based on assumptions that could cause actual
results to differ materially from those anticipated or implied in such
statements. Torchs forward-looking statements are expressly qualified in their
entirety by this cautionary statement. Unless otherwise required by applicable
securities laws, Torch does not intend nor does it undertake any obligations to
update or review any forward-looking statements to reflect subsequent
information, events, results or circumstances or otherwise.
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Torch River Resources Ltd.
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EXPLORATION STAGE |
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CODE : TCR.V |
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ISIN : CA79015E1060 |
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Torch River is a gold and copper exploration company based in Canada. Torch River holds various exploration projects in Canada. Its main exploration properties are MT. COPELAND, GROUSE MOUNTAIN, HIGHROCK ISLAND, NAHMINT and RED BIRD in Canada. Torch River is listed in Canada, in Germany and in United States of America. Its market capitalisation is CA$ 2.2 millions as of today (US$ 2.2 millions, € 1.6 millions). Its stock quote reached its highest recent level on December 31, 2007 at CA$ 0.91, and its lowest recent point on April 12, 2013 at CA$ 0.01. Torch River has 44 888 000 shares outstanding. |