Brilliant Resources Inc.
TSX VENTURE : BLT

Brilliant Resources Inc.

April 09, 2015 16:00 ET

Brilliant Receives Final Payment from Government of Equatorial Guinea

EDMONTON, ALBERTA--(Marketwired - April 9, 2015) - Ivory Resources Inc. ("Ivory"), a wholly-owned subsidiary of Brilliant Resources Inc. (TSX VENTURE:BLT) ("Brilliant" or the "Company"), announces that it has received, from the government of the Republic of Equatorial Guinea (the "Government"), the final payment owed to it under the terms of the agreement reached with the Government pursuant to which Ivory agreed to relinquish all its rights and interests under its Exploration Services Agreement with the Government. As a result, Ivory has now received US$31.5 million in cash.

Courtenay Wolfe, the Chair of Brilliant, stated, "We are very pleased to have received the final payment and wish to thank the government of Equatorial Guinea for the speedy manner in which these issues were resolved. As noted earlier, we believe that through the survey and interpretive service previously performed by Ivory Resources under the exploration service agreement, a strong foundation has been established for other international mining companies to bring significant benefits to the government and its people in the future." Ms. Wolfe also noted, "Brilliant is now in an enviable position to pursue other opportunities and initiatives, and having nearly completed a thorough review of the Company's resources and strategic options, the Board expects to be able to outline a new path forward to its shareholders shortly."

The Company also announced that in light of the significant results achieved for the Company by the Special Committee that was established to oversee this matter (being Ms. Wolfe (Chair of the committee) and Mr. Williamson) and key members of management, the Compensation and Governance and Nomination Committee and the Board have agreed that a special bonus of $1.3 million, in the aggregate, will be paid to the members of the Special Committee and the Chief Financial Officer of the Company.

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 future direction of the Company. 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 Company to develop an appropriate strategic initiative for the future; 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. The Company 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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