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  Reliance granted forestry permit to begin exploration at Anggre

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Anmeldedatum : 10.09.10

BeitragThema: Reliance granted forestry permit to begin exploration at Anggre   Mo Mai 06, 2013 7:36 pm

Reliance granted forestry permit to begin exploration at Anggre

Ministry approval for forestry permit received
Past exploration outlined six zones of alteration and gold mineralization
Immediate focus to define priority targets for drill testing 2nd half 2013

VANCOUVER, May 1, 2013 /CNW/ - Reliance Resources Ltd. ("the Company") (TSX:RI) is pleased to announce the Company has received Ministry approval for a "borrow to use" forestry permit, covering its Anggrek project.

Under new Mining Laws in Indonesia, the forestry approval allows for exploration in Production Forest areas. Access to the entire Anggrek tenement is now available and if a discovery is made, all forms of mining are permissible.

Reliance President Nicholas Clark said; "With approval from the Indonesian Government to undertake drilling within the Anggrek tenement the Company can now advance its exploration program with confidence.
"Previously we have undertaken surface reconnaissance mapping and sampling, this approval now permits us to plan a drilling program to test the targets defined by our work and from historical exploration activity".
The immediate focus of the Company will be to undertake infill geochemical sampling and mapping within known prospects in order to define priority drill targets. This will support the Company's goal of commencing drill testing of the Anggrek Project in the second half of 2013.


The Anggrek property lies along a composite volcanic island arc which runs through the north arm of the island of Sulawesi and extends northwards into the Philippines. The island arc is host to a number of well-known gold and copper-gold mines (Mesel - 2Mozs, Lanut - 1.0Mozs, Toka Tindung - 1.8Mozs) and deposits in development phase (Bakan- 0.5Mozs). The Bakan deposit is approximately 12km from Anggrek.

Past exploration of Anggrek, has outlined six zones of alteration and gold mineralization. These are hosted by quartz veins in hydrothermal breccias and fault breccia zones which are up to 20metres in width and can be traced up to 1.2 kilometres along strike. Grab samples include 46.0 g/t gold from the Maleo Zone and 10.2 g/t gold from the TongTong Zone.

Mr Clark continued; "We have every confidence in the Anggrek assets and are very pleased we can move forward with this exciting project. We expect to update shareholders on our progress as soon as is practical."

Background on Anggrek

The Anggrek project regional geology consists of interlayered sediments and basic volcanics. Gunung Menangix is a prominent flat-toped hill in the centre of the prospect and is underlain by the large Patung Breccia of approximately 1 square kilometre surface area. Outcrop this breccia is shared between Reliance's property and an adjacent locally-held property.

The breccia is interpreted as likely to be a diatreme pipe, representing the core of a large hydrothermal system with widespread alteration, veining and precious metal mineralisation. Gold mineralisation has been recorded in fault and associated fracture zones. These zones extend out from the breccia pipe and at least 5 zones of alteration and veining have been identified so far with rock chip assays of up to 46.0 g/t gold from Maleo Zone and 10.2 g/t gold from Tong Tong.

Background on Reliance Resources

Reliance has a portfolio of five mineral tenements covering 68,000 acres on the islands of Sulawesi and Halmahera in East Indonesia. The Company owns a 75% direct equity interest in both the Tanoyan and Anggrek properties and a 90% direct equity interest the Polopo property in Sulawesi. In the two Halmahera properties, Roko and Kapa Kapa, Reliance has an 82.5% beneficial joint-venture interest through a 100% Reliance-owned Indonesian subsidiary. The projects offer both exploration potential and an existing resource base. All five projects are adjacent to or along strike from operating gold mines or identified gold resources with similar geology and structural feature. Importantly, all projects have been converted to IUP tenements as required under the new Indonesian Mining Act (2009).

The Company is active on three of its five Indonesian gold projects; currently drilling on the Tanoyan Gold Project and conducting surface exploration programs on the Kapa Kapa Gold-Silver Project and the Roko Gold Project.

All of the Reliance properties have easy access via paved and/or gravel roads and regional infrastructure is good. Further information is located on our website www.relianceresources.com

This press release has been reviewed and approved by Mr. John Levings, B.Sc., FAusIMM, director of Reliance Resources Limited and a Qualified Person as defined by National Instrument 43-101, under whose direction the exploration programs are being carried out.





SOURCE: Reliance Resources Ltd.
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BeitragThema: Reliance Resources formally engages IBK Capital to undertake a Private Placement    Di Aug 27, 2013 12:08 pm

Reliance Resources formally engages IBK Capital to undertake a Private Placement


/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/

SYDNEY, Australia, Aug. 21, 2013 /CNW/ - Reliance Resources Limited (TSX: RI) ("Reliance" or the "Company") announces that a formal agreement has been entered into with IBK Capital ("IBK") to facilitate the placement of convertible debentures ("Convertible Debentures") and common share purchase warrants ("Warrants") with appropriate accredited investors; the agreement allows for aggregate gross proceeds of up to $1,490,000 (the "Private Placement") to be raised. The Convertible Debentures shall bear interest at a rate of 10% per annum and have a three-year term to maturity. The conversion price is set at 10 cents and provides a matching warrant for every $1000 invested.

The Company has paid a nominal Administrative Fee of $25,000 to IBK and has agreed to pay, upon closure of the Private Placement, a Finder's Fee equal to 9% of the proceeds of the Private Placement. The Administrative Fee is recoverable by the Company upon the close of the Private Placement.

Nicholas Clark [President of Reliance] stated: "We are pleased to have the support of such a reputable firm as IBK and look forward to working with them in support of this raise. I am confident that proceeding with this private placement, as a convertible debt offering, will help to reduce shareholder dilution while at the same time enabling Reliance to move forward with our various exploration programs. Although the market climate has been difficult, the quality and variety of the projects in our exploration portfolio have helped to differentiate us and have allowed us the opportunity to work with IBK".

RELIANCE RESOURCES LIMITED
NICHOLAS CLARK
[President]




SOURCE: Reliance Resources Ltd.
Further Information, please contact:
Nicholas Clark
nc@relianceresources.com.au
+1 864 991 6687
Copyright CNW Group 2013
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