TORCH RIVER RESOURCES LTD.
FOR IMMEDIATE RELEASE March
24, 2010
TORCH RIVER RECEIVES APPROVAL ON MOUNT COPELAND
AMENDING AGREEMENT
With reference to the press
release dated February 25, 2010, Torch River Resources Ltd. ("Torch"
or the "Corporation") is pleased to announced that the
amendment of the option agreement has been made among the Corporation, William
E. Pfaffenberger, J. John Kalmet,
Andris A. Kikauka and
Multiplex Enterprises Limited (an "Amending Agreement"),
whereby the Corporation has negotiated a reduction in the cash the
consideration to be paid under the option agreement (the "Option
Agreement") to acquire a 100% interest in a molybdenum property
located Revelstoke, British Columbia (the "Mount
Copeland Property") has now been approved by the TSX Venture Exchange.
Pursuant to the Amending
Agreement, the cash consideration to be paid by Torch under the Option Agreement
shall be reduced from $475,000.00 to $175,000.00 and the number of shares to be
issued by Torch shall increase from 1,300,000 shares to 1,880,000 shares of
Torch. Under the amended Option Agreement, Torch must pay the vendors the
outstanding consideration of $100,000.00 in cash plus 1,480,000 shares of Torch
on or before April 28, 2010.
The vendors retain their right
to a net smelter royalty of 2.75% on all minerals mined. Torch retains its
right to terminate the Option Agreement.
Torch is a company listed and
trading on the TSX Venture Exchange, symbol: TCR.
FOR FURTHER INFORMATION PLEASE CONTACT:
William E. Pfaffenberger
President
Torch River Resources Ltd. (www.torchriver.ca)
Telephone No. (403) 444-6888
Bankers Hall West
Tower, Suite 1000,
888 - 3rd St. S.W.
Calgary,
Alberta T2P 5C5
or
ProActive Communications Co.
Local Vancouver: (604) 541-1995
Or toll free
(800) 540-1995
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 Torch's work programs. 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.
NEITHER 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.
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