IGC Resources Inc.: Termination and Surrender of Blackburn Project Sub-Leases
23.06.2010 | Marketwire
KELOWNA, 06/23/10 - In a resolution dated 21 June 2010, the Directors of IGC Resources Inc. (the 'Company') (TSX VENTURE: IGC)(PINK SHEETS: IGCGF)(FRANKFURT: I6G) has terminated the Blackburn Project and surrendered all its interests in the project, including all sub-leases effective immediately such that the Company will have no further interests in the subject property.Due to overall changes in the financial markets since 2007, which severely impacted the Company's ability to raise additional development capital, and due to the lower than expected exploration results, the Company has not undertaken exploration work for some time and has not met minimum work commitments.
Mr Clive Hartz, (Chairman), is a related party to the current leaseholder, Great Southern Resources Pty Ltd. and disclosed his interest in the subject matter of this resolution.
DATED at Kelowna BC, this 23rd June, 2010.
About IGC Resources Inc.:
IGC's principal business activities are the exploration and development of its gold, copper, uranium and coal projects while continuing to investigate other mineral resource prospects for potential acquisition globally. www.igcresources.com
Statements in this release may constitute forward-looking statements which involve known and unknown inherent risks and uncertainties that are detailed in IGC's periodic filings with Canadian securities regulators. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results. Actual events or results could differ materially from IGC's expectations and projections.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
Contacts:
IGC Resources Inc.
John McColl, Director/Compliance Manager
+1 (250) 868-0868
igcresources@gmail.com
www.igcresources.com