Torch River Resources Ltd.
TSX VENTURE : TCR
FRANKFURT : WNF
PINK SHEETS : TORVF

Torch River Resources Ltd.

February 25, 2010 09:00 ET

Torch River Closes Mount Copeland Agreement

CALGARY, ALBERTA--(Marketwire - Feb. 25, 2010) - With reference to the press release dated February 14, 2008 and June 30,2008, Torch River Resources Ltd. ("Torch" or the "Corporation") (TSX VENTURE:TCR) (FRANKFURT:WNF) (PINK SHEETS:TORVF) is pleased to announced that the amendment of the option agreement has been made among the Corporation, William E. Pfaffenberger, J. John Kalmet, Andris A. Kikauka and Multiplex Enterprises Limited (an "Amending Agreement"), whereby the Corporation has negotiated a reduction in the cash the consideration to be paid under the option agreement (the "Option Agreement") to acquire a 100% interest in a molybdenum property located Revelstoke, British Columbia (the "Mount Copeland Property"). The Amending Agreement is subject to TSX Venture Exchange approval.

Pursuant to the Amending Agreement, the cash consideration to be paid by Torch under the Option Agreement shall be reduced from $475,000.00 to $175,000.00 and the number of shares to be issued by Torch shall increase from 1,300,000 shares to 1,880,000 shares of Torch. Under the amended Option Agreement, Torch must pay the vendors the outstanding consideration of $100,000.00 in cash plus 1,480,000 shares of Torch on or before April 28, 2010.
The vendors retain their right to a net smelter royalty of 2.75% on all minerals mined. Torch retains its right to terminate the Option Agreement. 

Torch is a company listed and trading on the TSX Venture Exchange, symbol: TCR.

Forward Looking Information

This press release may contain forward-looking statements which may include estimates, plans, expectations, opinions, forecasts, projections, guidance or other statements that are not statements of fact, including without limiting the generality of the foregoing, statements made regarding Torch's work programs. Although Torch believes that the expectations reflected in such forward-looking statements are reasonable, it cannot give any assurance that such expectations will prove to be correct. Results of Torch including its ability to mobilize and drill on schedule may be affected by a variety of variables and risks associated with the mining industry such as availability of human and capital resources, competition, exploration and development plans and results, anticipated capital expenditures and financing thereof, timing of applications and approvals. As such the future plans and objectives of Torch are forward-looking statements that involve risks and uncertainties and may be based on assumptions that could cause actual results to differ materially from those anticipated or implied in such statements. Torch's forward-looking statements are expressly qualified in their entirety by this cautionary statement. Unless otherwise required by applicable securities laws, Torch does not intend nor does it undertake any obligation to update or review any forward-looking statements to reflect subsequent information , events, results or circumstances or otherwise.

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.

Contact Information

  • Torch River Resources Ltd.
    William E. Pfaffenberger
    President
    (403) 444-6888
    www.torchriver.ca
    or
    ProActive Communications Co.
    Local Vancouver: (604) 541-1995 or Toll Free: 1-800-540-1995