CALGARY, ALBERTA--(Marketwire - March 8, 2011) - International Frontier Resources Corporation ("IFR or the Company") (TSX VENTURE:IFR) has entered into a letter of intent with an arm's length public company to sell the company's 100% interest in five producing wells, pipelines and facilities located in the Alderson area of southern Alberta for a consideration of $1,050,000.
The sale is expected to close on April 28, 2011 and it will be conditional on execution of a sale and purchase agreement and other customary industry standard conditions. Proceeds from the sale, together with cash and cash equivalents of approximately $7.2 million, will be used to meet the company's 2011/2012 business plan.
The principal property's of the company are located in the Central Mackenzie Valley, NWT where IFR holds interests ranging from 8.23% to 25% in 2 Significant Discovery Licenses, 2 Exploration Licenses and 3 freehold parcels.
The company's shares are listed on the TSX-V trading under the symbol IFR. The company has 59.5 million common shares issued. For additional information on the company please visit www.internationalfrontier.com.
Contact Information: International Frontier Resources Corporation
Pat Boswell
President
403-215-2781
www.internationalfrontier.com