TAKARA TERMINATES BUSINESS COMBINATION TRANSACTION WITH AXIOM GOLD AND SILVER CORP.
TORONTO, ONTARIO? May 3, 2012 ? Takara Resources Inc. ("Takara" or the ?Company?) (TSXV:TKK) announces that the current market conditions, and availability of a combined operating team as contemplated, has precluded Axiom Gold and Silver Corp. and Takara from concluding the proposed business combination transaction on the terms previously negotiated (announced March 26, 2012). In the event that suitable amended terms can be reached the Company will provide updates to same. In the interim, Takara shall continue to conduct its business in the normal course.
Given the above, the Company further announces that it has provided the TSX Venture Exchange with notice of termination of the non-brokered private placement offering, announced March 9, 2012.
About Takara
Takara Resources Inc. is a Canadian based gold company focused on exploring and developing its Guyana gold assets in the Guiana Shield that are held within a wholly-owned subsidiary, StrataGold Guyana Inc., namely: (i) the Tassawini Gold Project (100% interest); and (ii) the Arakaka Project (100% interest).
The Tassawini Gold Project hosts a National Instrument ("NI") 43-101 compliant mineral resource estimate (disclosed in a press release dated March 18, 2010) consisting of 437,000 ounces gold in an indicated resource of 10,799,000 tonnes having an average grade of 1.3 g/t, and 62,000 ounces gold in an inferred resource of 1,926,000 tonnes having an average grade of 1.0 g/t., for a total resource of approximately half a million ounces gold.
FOR FURTHER INFORMATION PLEASE CONTACT:
Jennifer Boyle, B.A., LL.B.
President & Chief Executive Officer
(647) 430-0966 (office) (416) 904-2714 (cell)
Statement Regarding Forward Looking Information
This news release of Takara contains statements that constitute ?forward-looking statements.? Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause Takara?s actual results, performance or achievements, or developments in the industry to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words ?expects,? ?plans,? ?anticipates,? ?believes,? ?intends,? ?estimates,? ?projects,? ?potential? and similar expressions, or that events or conditions ?will,? ?would,? ?may,? ?could? or ?should? occur. Forward-looking statements in this document include statements regarding Takara?s expectations regarding ownership, entitlements, drilling and exploration activities on properties in which Takara has, or believes it has an interest. There can be no assurance that such statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements, and readers are cautioned not to place undue reliance on these forward-looking statements. Any factor could cause actual results to differ materially from Takara?s expectations. Takara undertakes no obligation to update these forward-looking statements in the event that management?s beliefs, estimates or opinions, or other factors, should change.
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 news release.