VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jan. 21, 2014) - IEMR Resources Inc. (TSX VENTURE:IRI) ("IEMR" or the "Company") is pleased to announces that the Company and American CuMo Mining Corporation ("American CuMo") have amended (the "Amendment") the option agreement dated January 26, 2010, as amended (the "Option Agreement"), with respect to the Pine Tree Copper-Molybdenum Property in Nevada (the "Pine Tree Property") pursuant to which the Company was granted the option (the "Option") to earn a 100% interest, subject to an underlying net smelter returns royalty (the "Underlying NSR"), in the Pine Tree Property and that the Company has completed its earn-in under the Option Agreement.
Prior to the Amendment, the Company had: (a) made all cash payments due under the Option Agreement to American CuMo except the final US$200,000 cash payment due on or before June 25, 2014 (the "Final Cash Payment"); (b) issued a total of 4 million common shares of the Company (the "Issued Shares") to American CuMo pursuant to the Option Agreement and was to issue an additional 1 million common shares (the "Final Share Instalment") to American CuMo on or before June 25, 2014; and (c) incurred the amount of exploration expenditures on the Pine Tree Property required to exercise the Option.
Pursuant to the Amendment, the parties agreed to amend the Option Agreement to cause the Company to pay American CuMo the Final Cash Payment immediately on the following terms: (a) that the size of the Final Cash Payment be reduced to US$185,000 (the "Amended Payment"); that the Company not be required to issue the Final Share Instalment to American CuMo; and that American CuMo return the Issued Shares to the Company for cancellation.
The Company has paid the Amended Payment to American CuMo, and as such, the Company has earned a 100% interest in the Pine Tree Property, subject to the Underlying NSR.
The Company also announces that Charles Yuen has been appointed as the Chief Financial Officer of the Company.
On behalf of the Board of Directors of IEMR RESOURCES INC.
Hongxue Fu, Chief Executive Officer
About IEMR Resources Inc.
IEMR is a junior mining company listed on the TSXV under the symbol "IRI". The Company is directly tied to and has been formed from capital sources in China and Canada. IEMR is devoted to taking full advantage of its capital by participating in mineral and energy projects ranging from exploration, development, production, processing, smeltering and mineral trade with a long-term view. The Company's emphasis is on the Chinese and Canadian markets utilizing the capital stemming from China and the resources and market of Canada to create a maximum return for shareholders. The Company's investment priorities ranked in order are copper, chromium, nickel, manganese, uranium, platinum silver, diamonds and molybdenum. Investment and or acquisitions in exploration projects will be focused in chromium, manganese, uranium and potash. The Company has already formed alliances of cooperation with large smeltering steel, copper, lead, zinc and aluminum companies.
For further information on IEMR, please refer to the Company's profile on SEDAR at www.sedar.com or the Company's website at www.iemr.ca.
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.