Takara Resources Inc.
TSX VENTURE : TKK

Takara Resources Inc.

September 23, 2009 10:56 ET

Takara Resources Inc.: Press Release

TORONTO, ONTARIO--(Marketwire - Sept. 23, 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 shareholders of record at market close today will receive one (1) Garson Gold share (TSX VENTURE:GG) for every four (4) shares of Takara held. The Garson Gold shares are being issued in addition to the shares of Takara already held, all in accordance with the business combination transaction between Takara and Garson Gold announced on March 13, 2009.

The Company further announces that on July 21, 2009, a large area of the Arizona Strip and all of the Kaibab National Forest was segregated from mineral entry for two years pending completion of certain studies to determine whether the area should be withdrawn for 20 years. After careful consideration and investigation into mitigating opportunities, the Company has taken steps to terminate its participation in its uranium breccia pipe project in the Arizona Strip. Subject to approval by the TSX Venture Exchange, the Company shall make a final issuance of 225,000 common shares to its joint venture partner in respect of this matter.

Additionally, the Company has offered to settle debts with creditors amounting to $140,000 by the issuance of 2,800,000 common shares (of which 1,000,000 would be issuable to directors of the Company for accrued management fees) at a price of $0.05 per share. The 1,000,000 shares issuable to insiders of the Company require the approval of disinterested shareholders prior to being approved by the TSX Venture Exchange, which may be obtained by written resolution or at the upcoming meeting of shareholders.

The approval of disinterested shareholders is also required for the issuance of 1,080,000 common shares to settle debts in the amount of $54,000 as announced on April 27, 2009. The shares issuable for this previously announced debt settlement (1,080,000 shares) shall be eligible for the Garson Gold shares referred to above.

Completion of the matters that are the subject to this news release are subject to a number of conditions, including Exchange acceptance and shareholder approval. There can be no assurance that the transactions contemplated will be completed as proposed or at all.

The TSX Venture Exchange has in no way passed upon the merits of the proposed private placement and has neither approved nor disapproved the contents of this press 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 (416) 904-2714 (cell)
    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)