Dundarave Resources Inc.
TSX VENTURE : DDX

Dundarave Resources Inc.

November 29, 2007 14:34 ET

Dundarave Resources Inc. Obtains Conditional Approval from TSX Venture for ExtrEL Technology Licence Agreement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 29, 2007) - Dundarave Resources Inc. (TSX VENTURE:DDX) ("Dundarave") is pleased to announce that Dundarave has obtained the conditional approval from the TSX Venture Exchange for the ENPAR Technologies' ExtrEL nickel recovery technology licensing agreement.

The TSX Venture Exchange has determined that the transaction is a Fundamental Acquisition (as defined in TSX Venture Exchange Policy 5.3) and requires that Dundarave obtain shareholder approval for the transaction, since there is potential for a change of control.

Dundarave will provide its shareholders with a disclosure document in order to obtain their written consent for approval of the transaction. The TSX Venture Exchange has issued conditional approval for the transaction with final approval contingent on acceptance by at least 50% of the Dundarave shareholders.

The final approval of the transaction will pave the way for the Optimization and Design Program, which is focussed on reactor design and the iron/nickel separation process. Upon its completion, ENPAR will produce design specifications for all aspects of the Demonstration Plant, including leaching, metal separation, metal recovery and acid recovery.

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. Such factors include, but are not limited to: uncertainties related to the success of the ExtrEL leaching system technology; changes in economic conditions or financial markets; changes in prices for the optimization and design program or the test pilot plant; patent and other forms of litigation; legislative, environmental and other judicial, regulatory, political and competitive developments; technological or operational difficulties or an inability to obtain suitable tailings or permits required in connection with extraction and related activities; and labour relations matters. This list is not exhaustive of the factors that may affect our forward-looking information. These and other factors should be considered carefully and readers should not place undue reliance on such forward-looking information. The Company disclaims any intention or obligation to update or revise forward-looking information, whether as a result of new information, future events or otherwise.

ON BEHALF OF THE BOARD

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

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, M.Sc., P. Geo.
    President & CEO
    (604) 999-9939
    (604) 408-4799 (FAX)