VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 16, 2012) - Selwyn Resources Ltd. (TSX VENTURE:SWN) ("Selwyn") has completed a purchase of 273.43 acres of surface rights located to the west of the current Main Pit. These lands cover the proposed southwest expansion area of the Main Pit for inclusion of the updated mineral resources announced April 6, 2011.
With purchase of the surface rights, ScoZinc can complete its application for the Industrial Authorization to expand the Main pit, based upon the recent approval of Nova Scotia Environment of the proposed expansion (see October 11, 2011 news release).
Selwyn is currently advancing various financing alternatives for securing the $30 million required for restarting ScoZinc mine. Currently there are 27 employees on the site, undertaking refurbishment of the mill and surface facilities. Management continues planning of the pre-stripping of waste materials and major mill improvements, for implementation once financing is secured.
About Selwyn Resources Ltd.
Selwyn's main focus remains the exploration and development of the Selwyn Project in the Yukon, by the joint venture comprised of Selwyn and Chihong Canada Mining Ltd. The Selwyn Project has the potential for large-scale production and to provide a secure supply of zinc and lead to meet the future needs of the markets in Asia and beyond. The revitalization of the ScoZinc Mine provides Selwyn with a near term opportunity for growth and cash flow from operations, for use in advancing the Selwyn Project.
This press release contains forward-looking statements concerning Selwyn's development activities in Nova Scotia related to the ScoZinc Mine and the re-start of the ScoZinc Mine. These forward-looking statements are based on assumptions and judgments of management regarding future events or results that may prove to be inaccurate as a result of factors beyond Selwyn's control, including the results and interpretation of exploration activities, economic evaluations and engineering studies and the availability of funds in the financial markets on terms acceptable to Selwyn. There is no assurance that Selwyn will be able to secure satisfactory financing for the restart of the ScoZinc mine. Although Selwyn has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking statements, there may be other factors that could cause results not to be as anticipated or intended. Readers should not place undue reliance on forward-looking statements.
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.