Dundarave Resources Inc.
TSX VENTURE : DDX

Dundarave Resources Inc.

July 08, 2010 18:00 ET

Dundarave Resources Inc. and ENPAR Technologies Inc. Mutually Agree to Terminate the ExtrEL Nickel Recovery Technology License Agreement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 8, 2010) - Dundarave Resources Inc. (TSX VENTURE:DDX) ("Dundarave") and ENPAR Technologies Inc. (TSX VENTURE:ENP) ("ENPAR") announce that, effective July 08, 2010, they have mutually agreed to terminate the ExtrEL Nickel Recovery Technology License Agreement.

Effective July 8, 2010, Dundarave shall have no residual interest in the Enpar Technology, ExtrEL Patent Applications and the Improvements, and the parties agree that all Licensed Rights shall revert back to Enpar.

The current depressed nickel price and the associated project economics have prevented Dundarave from raising the funds required to meet its obligations under the agreement which include building a pilot plant at a cost of over $3 Million CDN.

Dundarave President & CEO, Paul Matysek, stated that, "Dundarave values the business relationship established with Enpar President & CEO, Dr. Gene Shelp, and the team at ENPAR and extend our best wishes for their future success."

Directors and Management of Dundarave are now actively involved in reviewing a number of mineral exploration and development projects and will keep shareholders apprised of any significant developments.

ON BEHALF OF THE BOARD

Paul Matysek, M.Sc., P. Geo., President & CEO

Forward Looking Statement

This press release contains "forward-looking information" that is based on the Company's current expectations, estimates, forecasts and projections. This forward-looking information includes, among other things, statements with respect to the Company's plans, outlook and business strategy. The words "may", "would", "could", "should", "will", "likely", "expect", "anticipate", "intend", "estimate", "plan", "forecast", "project" and "believe" or other similar words and phrases are intended to identify forward-looking information Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the Company's actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Dundarave Resources Inc.
    Paul Matysek
    President & CEO
    604-408-4777
    604-408-4799 (FAX)