Selwyn Resources Ltd.

Selwyn Resources Ltd.

October 29, 2009 13:30 ET

Selwyn Resources Announces Receipt of Class A Land Use Permit From the Sahtu Land and Water Board, Northwest Territories

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 29, 2009) - Selwyn Resources Ltd. (TSX VENTURE:SWN) ("Selwyn") is pleased to announce that it has recently received a Class A Land Use Permit from the Sahtu Land and Water Board, Northwest Territories. The permit, which is valid for a period of five years, will allow the corporation to carry out diamond drilling on its mining claims and leases in the Northwest Territories. Under this permit the corporation will explore the XY Nose Zone identified by previous operator Placer Development with 34 drill holes carried out between 1972 and 1981. The XY Nose Zone has been interpreted as the extension of the XY Deposit currently under exploration in the Yukon. The XY Deposit has a NI 43-101 compliant Indicated mineral resource of 44.45 million tonnes grading 2.64% Pb and 6.19% Zn. This includes an Indicated high-grade component of 10.74 million tonnes grading 4.41% Pb and 10.38% Zn. Additional Inferred resources of the XY Deposit include 55.17 million tonnes grading 1.48% Pb and 4.31% Zn with a high-grade component of 4.77 million tonnes grading 3.62% Pb and 9.59% Zn.

Selwyn Resources received in 2008 a Land Use Permit and Type B Water Licence in the Northwest Territories for the purpose of rehabilitating the existing all season access road to the Project area (June 19, 2008 News Release). This new permit allows exploration to proceed on the Northwest Territories portion of Selwyn's mineral claims and leases. Rehabilitation of this road will establish a link between the Selwyn Project and Highway 10 (Nahanni Range Road) in the Yukon. The Land Use Permits for exploration and road rehabilitation will allow the corporation to enhance the value of its assets in the Northwest Territories.

The Selwyn Project represents one of the largest undeveloped resources of zinc and lead in the World and is unique in its location in the politically-attractive and stable jurisdiction of the Yukon and Northwest Territories. It is therefore both a unique development opportunity and a strategic Canadian resource providing a long term secure supply of zinc and lead to the Pacific Margin.

This news release contains forward-looking statements concerning the proposed financing and the development of the Selwyn Project. These statements are based on assumptions and judgments of management regarding future events or results that may prove to be inaccurate as a result of failure to complete the proposed financing, failure to obtain necessary regulatory or shareholder approvals, exploration and other risk factors beyond Selwyn's control. There can be no assurance that such forward-looking statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements contained in this news release.

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.

Contact Information

  • Selwyn Resources Ltd.
    Dr. Harlan Meade
    President and CEO
    (604) 801-7240 or Toll-free: 1-888-989-9188
    Selwyn Resources Ltd.
    Jasmin TamDoo
    Manager of Investor Communications
    (604) 801-7240 or Toll-free: 1-888-989-9188
    (604) 689-8355 (FAX)