BLUE RIVER RESOURCES LTD. ANNOUNCES AMENDED SHARE EXCHANGE AGREEMENT
Vancouver, BC January 23, 2014 - Blue River Resources Ltd. (the "Company" or "Blue River") (TSX VENTURE: BXR) has entered into an amended agreement with Global Resources Investment Ltd., an arm's-length party to the company, pursuant to which the company has agreed to subscribe for 388,716 new ordinary shares of Global Resources Investment Trust PLC (GRIT) at a subscription price of one pound per share. In consideration of the purchase of the GRIT shares, the company has agreed to issue to GRIT 10 million common shares at a deemed price of 3.89 pence per share, which is the equivalent of approximately 7 cents per share. The value of the transaction is approximately $700,000 based on the current exchange rate. The amended agreement is a result of the increased foreign exchange rate of the British Pound and the Canadian dollar. Upon closing, the 10 million shares will represent approximately 19 per cent of the then issued and outstanding shares of the company.
GRIT has been established to exploit investment opportunities in the junior mining and natural resources sectors worldwide, with an investment objective to generate medium- and long-term capital growth. GRIT is seeking listing of its ordinary shares on the main market of the London Stock Exchange, and will be re-registered as a public company and constituted as a U.K. investment trust with the name Global Resources Investment Trust. The company will subsequently resell the GRIT shares through the facilities of the LSE to realize net cash proceeds.
Closing of the transaction is expected within two weeks and is subject to a number of conditions precedent, including final acceptance of the TSX Venture exchange, and GRIT successfully listing on the LSE. The Company may pay a finder's fee in connection with the transaction in accordance with the policies of the TSX Venture Exchange.
The company intends to use the proceeds of this financing for drill programs on the Mazama Copper project in Okanogan County, Washington and the Castle Copper Project, near Princeton BC.
MAZAMA COPPER DEPOSIT
The Company will conduct 2,500 meters of diamond drilling on the Mazama Copper Project, to confirm the deposit’s previously delineated areas of mineralization, as well as test new potential areas of mineralization. The objective of the 2014 exploration program is to confirm and expand the historic copper mineralization located on the Mazama property.
Quintana Minerals Corp., in 1975, calculated an historical resource* of 149 million tons grading 0.36% copper and 0.01% molybdenum on the Mazama project. No assaying for gold mineralization was reported.
*This work was done prior to the implementation of NI 43-101 and the Company does not consider the reported resources as current mineral resources. A qualified person has not done sufficient work to classify the historical estimate as current mineral resources.
CASTLE COPPER PROJECT
Recent mapping work on the Castle Copper Project has identified an area on the property likely to contain the previous drilling by Cop-Ex Mining in 1972, where copper mineralization was encountered in seven drill holes. The most significant intersection was hole 101, which intersected 230 feet of 1.1% copper, five feet from surface.* These historical drill results were not subject to NI 43-101 reporting standards and a qualified person has not reviewed them. A ground IP geophysical survey and a diamond drill program is planned for the Castle Project.
The technical information contained in this news release was reviewed and approved by Paul D. Gray, P. Geo, Company Director, and a qualified person as defined under National Instrument 43-101.
ON BEHALF OF THE BOARD
BLUE RIVER RESOURCES LTD.
Tel: (604) 682-7339