Currie Rose Resources Inc.: Status of the South African Isibaya Acquisition, Amendment of Acquisition Terms
Published : April 18, 2013
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Keywords :   B-wave | Gold | Market | Platinum | Report |

ST. CATHARINES, ONTARIO--(Marketwired - April 18, 2013) - Currie Rose Resources Inc. (the "Company") (News - Market indicators)(OTCBB:CUIRF)(FRANKFURT:CDVN) -

The Company is pleased to announce it has received a National Instrument 43-101 technical report on Uitvalgrond PGE-Chromite (platinum group elements) Project, which is the property on which the Company plans on initially conducting exploration activities. The technical report has been submitted to the TSX Venture Exchange for review as part of the regulatory filing process and is available for viewing on the Company's website www.currierose.com.

In order to facilitate the transaction progressing to completion, the Company and Rock & Stock Investments (Pty) Ltd. ("R&S") have agreed to modify the purchase agreement to an option agreement. The result of the amended agreement is that the Company will not issue the 7,500,000 common shares or 4,000,000 warrants on closing. Instead, the Company has been granted an option to earn up to a 44% interest in the shares of Isibaya owned by R&S by the expenditure of $3,000,000 US, over a three year period, with a firm commitment of $350,000 US during the initial year. The $100,000 US payment to R&S remains as a term of the option agreement.

Upon earning the 44% interest of shares of Isibaya, the Company has a call and R&S has a put during a period of one year for the Company to acquire R&S' remaining 30% interest in shares of Isibaya owned by R&S by the payment of cash or, at the election of the Company, issuance of common shares in the capital stock of the Company equal to fair market value of the 30% interest.

In the event neither the Company or R&S exercise the call or put options, then other provisions of the option agreement apply, and the Company may earn 74% of the outstanding shares of Isibaya by funding the property to a definitive feasibility study and by arranging financing for construction and development of a mine. A 2.5% NSR is payable to R&S in the event the Uitvalgrond or Sondzela projects are placed into production. A 3% NSR is payable to Wave Exploration and Development (Pty) Ltd. and a payment of $500,000 US to R&S in the event the Company places the Steinkopf project into production.

As per the terms of the initial letter agreement, in the event the Company earns a 74% interest in the shares of Isibaya, the Black Economic Empowerment group ("BEE") will own the remaining 26% interest, as required by South African law.

A finder's fee is payable to third parties of 860,000 common shares of the Company and 300,000 warrants, exercisable at $0.10 per warrant.

The Company intends on completing a financing to raise funds to undertake exploration of the Uitvalgrond Project and for working capital, details of which will be announced when finalized.

The terms of the option agreement are subject to TSX Venture Exchange approval.

BY ORDER OF THE BOARD OF DIRECTORS OF CURRIE ROSE RESOURCES INC.

Harold Smith, Chief Executive Officer

"This news release includes certain forward-looking statements or information. All statements other than statements of historical fact included in this release, including, without limitation, statements relating to the potential mineralization and geological merits of the and properties and other future plans, objectives or expectations of the Company are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's plans or expectations include risks relating to the actual results of current exploration activities, fluctuating gold prices, possibility of equipment breakdowns and delays, exploration cost overruns, availability of capital and financing, general economic, market or business conditions, regulatory changes, timeliness of government or regulatory approvals and other risks detailed herein and from time to time in the filings made by the Company with securities regulators. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise except as otherwise required by applicable securities legislation."

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.

Currie Rose Resources Inc.
Harold Smith
Chief Executive Officer
(905) 688-9115
www.currierose.com

Currie Rose Resources Inc.

EXPLORATION STAGE
CODE : CUI.V
ISIN : CA2319004081
CUSIP : 231900
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Currie Rose Res. is a silver and copper exploration company based in .

Currie Rose Res. holds various exploration projects in Canada and in Tanzania.

Its main exploration properties are LAONIL LAKE and SUDBURY CURRIE ROSE in Canada and JUBILEE REEF, MABALE and NYAMIREMBE in Tanzania.

Currie Rose Res. is listed in Canada, in Germany and in United States of America. Its market capitalisation is CA$ 1.1 millions as of today (US$ 856 352, € 750 164).

Its stock quote reached its highest recent level on February 28, 1997 at CA$ 2.25, and its lowest recent point on July 20, 2017 at CA$ 0.01.

Currie Rose Res. has 35 701 313 shares outstanding.

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In the News and Medias of Currie Rose Resources Inc.
3/24/2006Information Memorandum
Financings of Currie Rose Resources Inc.
4/24/2013Non-Brokered Private Placement
11/8/2007Closes $1,668,800 brokered private placement by Bolder Inve...
Nominations of Currie Rose Resources Inc.
8/5/2008appoints Benn as VP exploration
Project news of Currie Rose Resources Inc.
2/3/2009(Mabale)Mabale exploration to focus on Mwamazengo
8/27/2008(Mabale) starts new phase of drilling at Mabale
6/25/2008(Mabale Hills)completes stage 1 drilling at Mabale Hills, Sizu River drill...
4/18/2008(Mabale Hills)DRILLING COMMENCES AT HIGH PRIORITY TARGETS MABALE HILLS GOL...
8/16/2007(Mabale)Begins drilling at Mabale Hills
7/26/2007(Mabale)Mwamazengo prospect in Tanzania continues to return good res...
6/14/2007(Mabale)Drills 31 m of 5.97 g/t Au in Tanzania
3/21/2007(Jubilee Reef)Identifies New Gold Target with JV Partner Barrick Gold
Corporate news of Currie Rose Resources Inc.
4/29/2013(Jubilee Reef)Liontown to Acquire 100% Ownership of Jubilee Reef Gold Proj...
4/18/2013Status of the South African Isibaya Acquisition, Amendment o...
1/31/2013Status of the South African Isibaya Aquisition
1/9/2013Status of the South African Isibaya Acquisition
12/11/2012(Tanzania)Significant Gold Intersection From Drilling at Jubilee Reef ...
11/7/2012Acquires Properties in South Africa
7/6/2011News Release July 5, 2011
7/5/2011(Mabale Hills)Completes First Three Holes at Mabale Hills Project
6/9/2011(Tanzania)Prepares for 10,000 Metre Drill Program in Tanzania
2/25/2009to fully acquire Lake Victoria properties
5/2/2007(CUI-TSXV) drills 15 m of 4.7 g/t Au at Mwamazengo
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