Volta Resources Inc

Published : July 22nd, 2009

Bui Dam Update - Ghana

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Tuesday, July 21, 2009

TSX: VTR

Bui Dam Update - Ghana


Toronto, ON - July 21, 2009 - Volta Resources Inc. ("Volta" or the "Company") (TSX:VTR) has received a copy of a letter from the Environmental Protection Agency ("EPA") to the Ghana Minister of Science, Environment and Technology relating to the Company's properties on the Bui Belt in Ghana. The EPA has indicated that they do not approve of mineral exploration activity within the proximity of the Bui Dam Project because they consider that potential exploitation of a mineral resource may impact on the structural integrity of the dam. Consequently, the EPA has decided not to renew the Company's Environmental Permits for Mineral Exploration ("EPA Permits"). The Company has not been provided with a technical explanation or at what distance the EPA considers exploration or potential mining activities may have an effect on the integrity of the dam infrastructure. The Company has seven prospecting license on the Bui Belt, none of which is closer than 20 kilometres from the dam infrastructure and all licenses are downstream of the dam wall and therefore outside the drainage system within the catchment area of the dam. The Company has met all of the requirements and conditions pertaining to the renewal of these EPA Permits and therefore believes it is in full compliance. All other statutory conditions required to maintain the prospecting licenses in good standing have also been met.

The Company has not received direct and formal notification from the Ghana Minerals Commission of how the current situation impacts on the Company's valid licenses. Consequently, the Company has requested a meeting with the Ghana Minister of Mines and Energy in order to clarify the situation and facilitate resolving the issues relating to the renewal of the permits. Work programs on these permits will continue to be suspended until this issue is resolved.

Given the uncertainty of the current situation, as discussed above, the Company will continue to evaluate further action and determine, if any, the impact on the carrying value of these mineral interests in the Company's financial statements.

Volta is a mineral exploration company primarily focused on becoming a leader in the identification, acquisition and exploration of gold properties in West Africa. The Company is committed to West African exploration and is Canadian-based with its head office in Toronto, Ontario and operations offices in Accra, Ghana and Ouagadougou, Burkina Faso.

For further information, please refer to our website
www.Voltaresources.com or contact:

Vic King, COO
Tel: +44 788 400 3007
Email:
vking@voltaresources.com

Forward Looking Information Caution:

This press release presents "forward-looking statements" within the meaning of Canadian securities legislation that involve inherent risks and uncertainties. Forward-looking statements include, but are not limited to, statements with respect to the renewal of the Bui Dam prospecting permits and government regulation of mining operations. Generally, these forward-looking statements can be identified by the use of forward looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Volta to be materially different from those expressed or implied by such forward looking statements, including but not limited to: risks related to international operations and delays in obtaining governmental approvals. Although the management and officers of Volta believe that the expectations reflected in such forward-looking statements are based upon reasonable assumptions and have attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Volta Resources does not undertake to update any forward-looking statements that are incorporated by reference herein, except in accordance with applicable securities laws.

 

� 2009, Volta Resources Inc., All Rights Reserved.

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Gold and Silver Prices for these countries : Ghana | All

Volta Resources Inc

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CODE : VTR.TO
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Volta Res is a gold and copper producing company based in Canada.

Its main asset in development is KIAKA in Burkina Faso.

Volta Res is listed in Canada and in Germany. Its market capitalisation is CA$ 51.3 millions as of today (US$ 47.9 millions, € 34.8 millions).

Its stock quote reached its lowest recent point on November 28, 2008 at CA$ 0.05, and its highest recent level on December 03, 2010 at CA$ 2.65.

Volta Res has 155 370 000 shares outstanding.

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