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CALGARY, ALBERTA--(May 21, 2008) - Torch River Resources Ltd.
("Torch" or the "Corporation") (TSX VENTURE:TCR)
(FRANKFURT:WNF) is pleased to announce that it has
closed the non-brokered private placement financing previously announced on
May 6, 2008. The financing placed 1,578,900 Units at a price of $0.19 per
Unit for gross proceeds of $299,991 (the "Offering"). Certain
directors and officers of Torch have subscribed for approximately 1,473,600
of the Units.
Each Unit consists of one (1) common share in the capital of the
Corporation issued on a flow through basis (a "Flow Through
Share") and one-half of one common share purchase warrant (each whole
common share purchase warrant a "Warrant"). Each whole Warrant
will entitle the holder to purchase one common share in the capital of the
Corporation (a "Common Share") at an exercise price of $0.30 for
a period of twenty four (24) months from the closing of the Offering.
The Flow Through Shares issued as a part of the Units have a four month
hold period which shall expire on September 22, 2008 and the Warrants
issued as a part of the Units are exercisable until May 20, 2010.
The proceeds of the private placement will be used as working capital to
fund the continued work program on the mineral properties held by Torch.
TORCH RIVER ANNOUNCES UPDATE ON THE MOUNT COPELAND PROPERTY
Further to its News Release of February 14, 2008 Torch is pleased to
announce that the TSX Venture Exchange has conditionally accepted for
filing documentation in relation to the option agreement (the "Option
Agreement") under which Torch may acquire 100% of a property near
Revelstoke, British Columbia (the "Mount Copeland Property").
The Mount Copeland Property featured underground production (1970-73) which
produced 169,729 tonnes and recovered 2,625,073 pounds of molybdenum (0.7%
recovered Mo). When the Mount Copeland Property was in production in 1970
development work indicated 163,340 tonnes of ore at a grade of 1.83% MoS2
(or 1.1 % molybdenum). The information above is included for comparison
purposes only. The information is derived from the MINFILE Record Summary
for MINFILE No. 082M 002 (Mount Copeland), B.C. Ministry of Energy, Mines
and Petroleum Resources and the MINFILE Productions Detail Report, B.C.
Geological Survey, B.C. Ministry of Energy, Mines and Petroleum Resources,
which may be viewed at:
http://minfile.gov.bc.ca/Summary.aspx?minfilno=082M++002 http://minfile.gov.bc.ca/report.aspx?f=PDF&r=Production_Detail.rpt&minfilno=082M++002
A report with respect to the Mount Copeland Property is being prepared in
accordance with National Instrument 43-101 - Standards of Disclosure for
Mineral Projects and once completed further details on the Mount Copeland
Property will be provided in a subsequent news release.
Torch is a company
listed and trading on the TSX Venture Exchange, symbol: TCR.
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.
Forward Looking Information
This press release may contain forward-looking statements which may include
estimates, plans, expectations, opinions, forecasts, projections, guidance
or other statements that are not statements of fact, including without
limiting the generality of the foregoing, statements made regarding the
Mount Copeland 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 risks and uncertainties and may be based on
assumptions that could cause actual results to differ materially from those
anticipated or implied in such statements. Torch's 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 obligation to update or review
any forward-looking statements to reflect subsequent information, events,
results or circumstances or otherwise.
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.
CONTACT INFORMATION:
Torch River Resources Ltd.
William E. Pfaffenberger
President
(403) 444-6888
Website: www.torchriver.ca
or
ProActive Communications Co.
Local Vancouver: (604) 541-1995
Or Toll Free: 1-800-540-1995
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