Boss Power Provides Update to Settlement with BC Government
News Release
TSX.V: BPU July 20, 2012
Boss Power Provides Update to Settlement with BC Government
Vancouver, B.C. - Friday, July 20, 2012: Boss Power Corp. (TSX.V: BPU) (“the Company”) continues to work with the Province of British Columbia to finalize the settlement announced October 20th, 2011 arising from the expropriation of the Blizzard Uranium Properties east of Kelowna. The material terms of the settlement include a payment to Boss Power Corp. of $30,000,000 plus costs in return for the surrender or transfer of the mineral claims involved.
The Company has clear title to the Blizzard Mineral Claim which hosts a well-known uranium resource, and the negotiated settlement of the lawsuit was predicated upon detailed technical valuations of this resource.
Following the settlement, the Province required the Company to surrender not only the mineral properties to which it has clear title but also certain properties peripheral to the Blizzard Mineral Claim which the Company held in trust for a third party under a now-expired option agreement. Those claims were identified in the Notice of Civil Claim as being registered in the Mineral Titles Online system in the name of Boss Power subsidiary Blizzard Uranium Corp.
The Company has made reasonable commercial efforts to compensate the owner of these claims which are not known to host any proven mineral resource in order to facilitate the settlement. Those negotiations have now come to an end and the Company has returned to the Province to effect an amendment to the settlement agreement which will require delivery of only the properties owned by the Company and not the properties of other parties.
The Company has referred into arbitration a dispute with respect to 2,000,000 shares of the Company which were placed into escrow following the failure of a vendor to deliver certain mineral claims to the Company.
The Company has advised potential claimants that any royalties that were contemplated in the acquisition of the Blizzard properties have been frustrated by the government expropriation.
The Company also reports that Anthony Beruschi has resigned as a director of the Company effective immediately.
Boss Power Corp. is actively seeking resource project acquisitions to build shareholder value.
On Behalf of the Board of Directors
BOSS POWER CORP.
Randy Rogers, M.Sc., P.Geo., President & CEO Phone: 250-558-8952 Email: [email protected]
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.
For further information contact: Tony Perri – Investor Relations, Manager Suite 611, 675 W. Hastings Street Vancouver, British Columbia, Canada V6B 1N2 Tel: (604) 688-8115 Fax: (604) 669-2543 Website: www.bosspower.ca