Fortress Announces Letter of Intent Signed for Disposition of Svetloye Gold Project, Far East Russia
FORTRESS MINERALS CORP. Suite #2101, 885 W. Georgia Street Vancouver, B.C. V6C 3E8 Ph. (604) 689-7842 www.fortressminerals.com
NEWS RELEASE
FORTRESS ANNOUNCES LETTER OF INTENT SIGNED FOR DISPOSITION OF SVETLOYE GOLD PROJECT, FAR EAST RUSSIA
June 8, 2010 (FST-TSXV) Fortress Minerals Corp. (“Fortress”) announces that a letter of intent (“LOI”) has been executed with Macritchie Metals Pte Ltd. (“Macritchie”) for the proposed sale (the “Transaction”) of 100% of Fortress’ interest in the Svetloye Gold Project located in the Russian Far East for US$8,000,000 (the “Selling Price”), payable in cash. The Transaction is subject to completion of due diligence and definitive agreements, requisite TSX Venture Exchange (the “Exchange”) approval and other regulatory, board of directors and shareholder approval.
Macritchie has been granted a forty-five (45) day due diligence period. Upon satisfactory conclusion of Macritchie’s due diligence investigations, the parties contemplate the execution of a definitive agreement and thereafter, subject to receipt of requisite approvals, the close of the Transaction within approximately 45 days.
There will be no finder’s fees payable on this Transaction.
The Svetloye project is located approximately 750 km southwest of Magadan and 220 km southwest of the Village of Okhotsk and approximately 80 km from the Pacific Ocean.
The Svetloye Licence area consists of an 8,460 hectare Exploration and Mining Licence valid until December 31, 2030.
About Fortress
Fortress is principally engaged in the acquisition, exploration and development of precious and base metal properties located in Russia. The common shares of Fortress are listed for trading on the TSX Venture Exchange under the trading symbol “FST”.
FORWARD-LOOKING INFORMATION
This news release contains forward-looking statements concerning the Company’s plans for its properties. These forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking statements, including, without limitation, risks and uncertainties relating to political risks involving the Company’s exploration and development of its properties, the inherent uncertainty of cost estimates and the potential for unexpected costs and expenses, commodity price fluctuations, the inability or failure to obtain adequate financing on a timely basis and other risks and uncertainties, including those described in the Company’s periodic filings with the British Columbia Securities Commission. Such information contained herein represents management’s best judgment as of the date hereof based on information currently available. The Company does not intend to update this information and disclaims any legal liability to the contrary.
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.
On behalf of the Board of Directors, Ryan Torvik, CFO
For further information, please contact Sophia Shane, Corporate Development or Ryan Torvik, Chief Financial Officer at 604-689-7842