Brilliant Resources Inc.
TSX VENTURE : BLT

Brilliant Resources Inc.

February 11, 2015 12:49 ET

Brilliant Provides Update on Payment From Government of Equatorial Guinea

EDMONTON, ALBERTA--(Marketwired - Feb. 11, 2015) - Ivory Resources Inc. (the "Company" or "Ivory"), a wholly-owned subsidiary of Brilliant Resources Inc. (TSX VENTURE:BLT) ("Brilliant"), announces that it has received, from the government of the Republic of Equatorial Guinea (the "Government"), a payment of approximately US$10.64 million towards the first installment payment of US$11.5 million owed to the Company under the terms of the agreement reached with the Government pursuant to which the Company has agreed to relinquish all its rights and interests under the Exploration Services Agreement with the Government.

As disclosed on January 22, 2015, under the terms of the agreement reached between Ivory and the Government, the Government agreed to pay Ivory US$31.5 million in cash in three installments: US$11.5 million payable on January 29, 2015; US$10 million payable on February 28, 2015; and US$10 million payable on March 30, 2015. We have been informed by representatives of the Government that due to currency fluctuations and having to convert the funds from local currency to Euros and then to US dollars the funds ultimately received by the Company with respect to the first installment were inadvertently less than agreed. Representatives of the Government have stated that the remainder owed in respect of the first installment will be paid when the second installment is made. Accordingly, the second installment payment due on February 28, 2015 is expected to be approximately US$10.86 million.

For further information about Brilliant Resources Inc. or this news release, please visit our website www.brilliantresources.com.

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.

Caution concerning forward-looking information

This press release contains "forward-looking information" and "forward-looking statements" within the meaning of applicable securities laws, including statements regarding the receipt of funds by the Company from the Government. This information and statements address future activities, events, plans, developments and projections. All statements, other than statements of historical fact, constitute forward-looking statements or forward-looking information. Such forward-looking information and statements are frequently identified by words such as "may", "will", "should", "anticipate", "plan", "expect", "believe", "estimate", "intend" and similar terminology, and reflect assumptions, estimates, opinions and analysis made by management in light of its experience, current conditions, expectations of future developments and other factors which it believes to be reasonable and relevant. Forward-looking information and statements involve known and unknown risks and uncertainties that may cause actual results, performance and achievements to differ materially from those expressed or implied by the forward-looking information and statements and, accordingly, undue reliance should not be placed thereon. Risks and uncertainties that may cause actual results to vary include, but are not limited to, failure by the Government to adhere to the terms of the agreement reached with the Company; political, economic and other risks; fluctuations in foreign exchange rates; as well as other risks and uncertainties which are more fully described in our annual and quarterly Management's Discussion and Analysis and in other filings made by us with Canadian securities regulatory authorities and available at www.sedar.com. Brilliant disclaims any obligation to update or revise any forward-looking information or statements except as may be required by applicable law.

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