Takara Resources Inc.
TSX VENTURE : TKK

Takara Resources Inc.

September 01, 2009 10:36 ET

Distribution of Garson Gold Shares to Shareholders of Takara

TORONTO, ONTARIO--(Marketwire - Sept. 1, 2009) -

THIS PRESS RELEASE IS NOT FOR DISTRIBUTION IN THE UNITED STATES OR TO U.S. NEWS AGENCIES

Takara Resources Inc. (TSX VENTURE:TKK) ("Takara") announces that the hold period in respect of the 10,000,000 shares of Garson Gold held by the Company expired on August 28, 2009, and accordingly, the Company will take the necessary steps to re-distribute the 10,000,000 Garson Gold shares to its shareholders of record as at September 23, 2009. Subject to further adjustments, it is anticipated that one (1) Garson Gold share will be distributed for every four (4) Takara shares held.

Further to the proposed merger with St. Eugene (TSX VENTURE:SEM) as announced on June 30, 2009, each of St. Eugene Mining and Takara have obtained regulatory consent to postpone the date in which to hold their respective upcoming Annual and General Meeting of shareholders from September 23, 2009 to a date to be determined not later than December 23, 2009. The meeting delay was requested due to certain conditions specified in the proposed merger that will require extra time to be satisfied, and that will require regulatory approval.

Takara further announces that it has taken steps to terminate its interest in the Kaibab Joint Venture (uranium breccia pipe exploration in Arizona). On July 21, 2009, a large area in the Arizona Strip was segregated from mineral entry for two years pending completion of certain studies to determine whether the area should be withdrawn for up to 20 years. As a result, and after careful consideration and investigation into mitigating opportunities, the Company took steps to terminate its participation in the Kaibab Joint Venture, which includes a final issuance of 200,000 common shares of Takara to the Optionor.

Lastly, Takara announces, subject to receipt of certain approvals, the cancellation of all of its outstanding stock options.

Completion of the transaction with St. Eugene Mining is subject to a number of conditions, including Exchange acceptance and disinterested Shareholder approval. The transaction cannot close until the required Shareholder approval is obtained. There can be no assurance that the transaction will be completed as proposed or at all.

Investors are cautioned that, except as disclosed in the Management Information Circular to be prepared in connection with the transaction, any information released or received with respect to the proposed transaction may not be accurate or complete and should not be relied upon. Trading in the securities of Takara Resources Inc. should be considered highly speculative.

The TSX Venture Exchange has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release. Further, the TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

All of the forward-looking information contained in this press release is qualified by this cautionary statement. There can be no assurance that the actual results or developments anticipated by Takara, as expressed or implied by the forward-looking information, will be realized or, even if substantially realized, that they will have the expected consequences to or effects on Takara or its business operations. Takara disclaims any intention or obligation to update or revise any forward-looking information as a result of new information or future events. Readers should not place undue reliance on forward-looking information.

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 news release.

Contact Information

  • For Takara Resources Inc.:
    Jennifer L. Boyle, B.A., LL.B.
    Chief Executive Officer
    (647) 430-0966 (work)
    or
    Pamela Strand, P. Geol.
    Chair, Board of Directors
    (780) 435-0045 (work)
    or
    Julie Lassonde
    Director and Executive Vice President
    (647) 430-0966 (work)