CALGARY, ALBERTA -- (Marketwired) -- 04/30/13 -- Torch River Resources Ltd. ("Torch" or the "Company") (TSX VENTURE: TCR) (FRANKFURT: WNF) (PINK SHEETS: TORVF), is pleased to announce that effective immediately, Mr. Paul Ogilvie, former CEO of Canada Carbon Inc., has been appointed to Chairman of the Board and CEO of Torch. Dr. William Pfaffenberger, former CEO and currently President of Torch River Resource, commented, "We are pleased to have Mr. Ogilvie as CEO and Director of our company as we begin the first step to becoming a leading carbon company".
Paul Ogilvie commented, "Over the coming months we hope to complete acquisitions of lump graphite properties, appoint a management team, and be well on our way to building a 100% pure play lump graphite company. We expect the management team in particular to be one of the best in the graphite business". The Company plans to acquire three to four lump graphite properties in Quebec with a goal to be in production within 24 months. Mr. Ogilvie went on to state: "The Company believes this near term production plan is feasible as lump projects typically have low capital requirements when being brought into production. Lump graphite, like that mined in Sri Lanka, is typically found in very high grade veins and can be produced in some cases almost as a finished customer-ready product. As such, we are confident the property acquisitions we intend to complete will be timed perfectly to undertake a broad sampling, mapping and exploration program this summer".
The Company has not yet acquired any such properties and there is no certainty such properties will be acquired, and if acquired, in the absence of a feasibility study, there is no certainty that the proposed operations will be economically viable.
Dr. Pfaffenberger further commented: "It has been Torch's goal to find carbon projects which can cash flow quickly and have low capital expenditures. Our Board is very excited about this new direction for Torch." To that end the Company, subject to approval of the TSX Venture Exchange ("TSX-V"), plans to change its name to Saint Jean Carbon Inc. The proposed name change reflects the evolution of the Company towards a Quebec base of operations where the primary target properties are located.
Lump or Vein graphite is considered to be one of the rarest, commercially valuable, and highest quality types of natural graphite. It occurs in veins along intrusive contacts in solid lumps and is only actively mined in Sri Lanka (Mores, 2007). Given the carbon content typically found with lump/vein graphite recovery operations and costs will normally be lower than flake or amorphous graphite recovery. In addition, vein graphite is suitable for many of the same applications as flake graphite giving it a distinct competitive edge in terms market prices and product applications.
Mr. Ogilvie has been a driving force in the natural graphite sector since 2006. He has successfully identified and assembled outstanding graphite projects beginning with his active efforts to reorganize Industrial Minerals Inc. (now Northern Graphite Corporation) and its Bissett Creek project in Northern Ontario in early 2007. That project is now fully engaged in pre-production plans. In 2010 he continued his mine development initiatives with an agreement to develop the Uley Graphite project near Port Lincoln, Australia. While that project is currently seeking full development funding, it represents the quality of vision and development potential that Mr. Ogilvie will bring to Torch River Resources.
In addition to compensation payable to Mr. Ogilvie under a consulting agreement entered into today, Mr. Ogilvie has been granted 1.7 million options under the Company's stock option plan. The options have a five year term and are exercisable at a price of $0.10 per share and vest over a six month period. With this new direction for Torch, the private placement, announced on March 13, 2013 is being cancelled.
ABOUT TORCH RIVER RESOURCES
Torch River Resources is a publicly traded junior mining exploration company with a number of mining claims. The Mount Copeland molybdenum deposit lies within metamorphic rocks flanking the southern margin of Frenchman Cap Dome, 32 kilometers northwest of Revelstoke, British Columbia. The Fort-Eden copper property is comprised of 18 mineral tenures that total 2,828.6 hectares in area. The mineral claims are located 100 km west of Fort St James, BC. The Red Bird deposit is comprised of three zones of molybdenum concentration referred to as the Main, Southeast and Southwest zones within a property totaling 1,836 ha (4400 acres) and is located 133 km southwest of Burns Lake and 105 km north of Bella Coola. The Company plans to divest each of these properties through a sale or joint venture, thus allowing it to focus on building a graphite mining company.
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.
FORWARD LOOKING STATEMENTS: This news release contains forward-looking statements, within the meaning of applicable securities legislation, concerning Torch's business and affairs. In certain cases, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "intends" "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" 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". Such forward-looking statements include those with respect to the Company's intention to complete a name change and complete the acquisition of three to four lump graphite properties in Quebec (the "Transactions"), the anticipated closing time of such transactions, the intention of Torch to divest its existing mineral properties (the "Divestures"), the intention of Torch to undertake a broad sampling, mapping and exploration program this summer (the "Work Programs") and to pursue its strategy.
These forward-looking statements are based on current expectations, and are naturally subject to uncertainty and changes in circumstances that may cause actual results to differ materially. The forward-looking statements in this news release assume, inter alia, that the conditions for completion of the Transactions and Divestures, including regulatory approval, will be met, that the Company will be able to arrange sufficient funding for the Transactions and the Work Programs and that there are no other material obstacles to pursuing the new strategy.
Although Torch believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that these expectations will prove to be correct. There are risks which could affect Torch's future results and could cause the results to differ materially from those expressed in these forward-looking statements including negotiation failure or delay, the impact of general economic conditions in Canada and the risk that they will deteriorate, industry conditions, including fluctuations in the price of supplies and the risk that they will increase, that required consents and approvals from regulatory authorities will not be obtained, that activity in the lump or vein graphite business will not be at the level or of the nature anticipated, liabilities and risks inherent in Torch's operations, technical problems, equipment failure and construction delay.
Statements of past performance should not be construed as an indication of future performance. Forward-looking statements involve significant risks and uncertainties, should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether or not such results will be achieved. A number of factors, including those discussed above, could cause actual results to differ materially from the results discussed in the forward-looking statements. Any such forward-looking statements are expressly qualified in their entirety by this cautionary statement.
Readers are cautioned not to place undue reliance on such forward-looking statements. Forward-looking information is provided as of the date of this press release, and Torch assumes no obligation to update or revise them to reflect new events or circumstances, except as may be required under applicable securities laws.
All of the forward-looking statements made in this press release are qualified by these cautionary statements and by those made in our filings with SEDAR in Canada (available at www.sedar.com).
"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."
Torch River Resources Ltd.
William E. Pfaffenberger
ProActive Communications Co.
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