EDMONTON, ALBERTA--(Marketwired - Jan. 22, 2015) - Ivory Resources Inc., a wholly-owned subsidiary of Brilliant Resources Inc. (News - Market indicators), (the "Company") is pleased to announce that it has agreed to relinquish all its rights and interests under the terms of its Exploration Services Agreement with the government of the Republic of Equatorial Guinea (the "Government") and to work with the Government to open up the Río Muni area of the country to mining.
Courtenay Wolfe, the Chair of Brilliant, stated "We are pleased to have reached an agreement with the government of Equatorial Guinea. We believe that through the survey and interpretive service previously performed by Ivory Resources under the exploration service agreement, a strong foundation has been established for other international mining companies to bring significant benefits to Equatorial Guinea and its people. We look forward to assisting the government and its people in the future."
Under the terms of the agreement reached between Ivory Resources and the Government, the Government agreed to pay Ivory Resources US$31.5 million in cash in three installments. The first installment of US$11.5 million is payable within seven days, the second installment of US$10 million is payable in a further thirty days and the final installment of US$10 million is payable within thirty days thereafter. Upon receipt of the final payment owing, Ivory Resources will withdraw its request for arbitration against the Government, which had been submitted in June 2014.
For further information about Brilliant Resources Inc. or this news release, please visit our website www.brilliantresources.com.
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 OR ACCURACY OF THIS RELEASE.
Caution concerning forward-looking information
This press release contains "forward-looking information" and "forward-looking statements" within the meaning of applicable securities laws, including statements regarding the receipt of funds by the Company from the Government. This information and statements address future activities, events, plans, developments and projections. All statements, other than statements of historical fact, constitute forward-looking statements or forward-looking information. Such forward-looking information and statements are frequently identified by words such as "may", "will", "should", "anticipate", "plan", "expect", "believe", "estimate", "intend" and similar terminology, and reflect assumptions, estimates, opinions and analysis made by management in light of its experience, current conditions, expectations of future developments and other factors which it believes to be reasonable and relevant. Forward-looking information and statements involve known and unknown risks and uncertainties that may cause actual results, performance and achievements to differ materially from those expressed or implied by the forward-looking information and statements and, accordingly, undue reliance should not be placed thereon. Risks and uncertainties that may cause actual results to vary include, but are not limited to, failure by the Government to adhere to the terms of the agreement reached with the Company; political, economic and other risks; fluctuations in foreign exchange rates; as well as other risks and uncertainties which are more fully described in our annual and quarterly Management's Discussion and Analysis and in other filings made by us with Canadian securities regulatory authorities and available at www.sedar.com. The Company disclaims any obligation to update or revise any forward-looking information or statements except as may be required by applicable law.
