Olympic Receives Conditional Approval for Qualifying Transaction
OLYMPIC RESOURCES LTD.
602 – 595 Howe Street Vancouver, BC V6C 3T5 Tel: (604) 629-7083 Fax: (604) 629-7084
NEWS RELEASE
TSXV: OLA.P For Immediate Release
OLYMPIC RECEIVES CONDITIONAL APPROVAL FOR QUALIFYING TRANSACTION
Vancouver, British Columbia – September 1, 2011. Olympic Resources Ltd. (the "Company") is pleased to announce that it has received TSX Venture Exchange (the "Exchange") conditional approval for its qualifying transaction (the "Qualifying Transaction"), the details of which were previously announced on June 27, 2011.
The Company has an option to acquire a 60% interest in the Dragon Lake Project in the Yukon territory pursuant to its Option Agreement dated June 24, 2011 with Eagle Plains Resources Ltd. For a summary of the Option Agreement and a description of the Dragon Lake Property, please see the Company's press release dated June 27, 2011, as well as the Technical Report identified below.
Upon completion of the Qualifying Transaction, the Company will be classified as a mineral exploration company and is expected to have 20,285,909 common shares issued and outstanding, of which 2,500,001 common shares will be held and released pursuant to the Company's original CPC Escrow Agreement.
For further information, see the Company's Filing Statement dated August 29, 2011, which is available on SEDAR. The Company has also filed a Technical Report on the Dragon Lake Property, entitled "Technical Report on the Dragon Lake Property, Ross River, Yukon Territory", which is also available on SEDAR. The Company expects to close the Qualifying Transaction based on the Exchange's conditional approval on or about September 9, 2011.
For further information please contact Balbir Johal, Director of the Company, at (604) 629-7083.
Neither 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.
Statements included in this news release, including statements concerning the Company's plans, intentions and expectations, and which otherwise are not historical in nature, are intended to be, and are hereby identified as, "forward-looking statements" for purposes of safe harbour. Forward-looking statements may be identified by words including "plans", "intends", "will", "expects", "estimates", "anticipates", "believes", and similar expressions. The Company cautions readers that forward-looking statements, including without limitation those relating to the structure and closing of the Qualifying Transaction and the company's future operations and business prospects, are based on assumptions, none of which can be assured, and are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated in the forward-looking statements. Readers should not place undue reliance on forward-looking statements.
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