September 23, 2010 14:23 ET

Inter-Rock Minerals Inc. Announces Normal Course Issuer Bid

TORONTO, ONTARIO--(Marketwire - Sept. 23, 2010) - Inter-Rock Minerals Inc. (TSX VENTURE:IRO) ("Inter-Rock") announced today that it intends to commence a normal course issuer bid (the "Bid") to repurchase from time to time up to 1,000,000 of its common shares (the "Shares") at varying intervals, representing 4.4% of its issued and outstanding Shares. Purchases will be made for cancellation through the facilities of the TSX Venture Exchange (the "TSX-V").

At September 22, 2010 there were 22,672,811 Shares issued and outstanding.

The Bid is intended to commence on September 27, 2010 and will terminate September 27, 2011. The price that Inter-Rock will pay for any Shares purchased will be paid in cash at the prevailing market price of such Shares at the time of such purchase. The Bid will be conducted through CIBC Investor Services Inc.

Inter-Rock believes that its Shares have been trading in a price range that does not adequately reflect the value of the Shares in relation to its current financial condition and future business prospects. As a result, Inter-Rock believes that the repurchase of the Shares through the Bid can enhance shareholder value and represents an economically worthwhile investment and desirable use of Inter-Rock's available funds. The Bid will also afford an increased degree of liquidity to those shareholders of Inter-Rock who wish to dispose of their Shares.

To the knowledge of Inter-Rock, no director or senior officer, no person acting jointly or in concert with Inter-Rock and no person holding 10% or more of any Shares of Inter-Rock currently intends to sell Shares during the course of the Bid. However, sales by such persons through the facilities of the TSX-V may occur if the personal circumstances of any such person changes or any such person makes a decision unrelated to the Bid. The benefits to any such person whose Shares are purchased would be the same as the benefits available to all other holders whose Shares are purchased under the Bid.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any Shares, nor shall there be any sale of the Shares in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful.

About Inter-Rock

Inter-Rock Minerals Inc. ("Inter-Rock" or the "Inter-Rock") owns MIN-AD, Inc., an industrial minerals business that supplies a specialty mineral to the beef and dairy cattle feed industry in North America, and is also engaged in mineral exploration in Nevada.

Forward-Looking Statements

This press release may contain forward-looking statements including, without limitation, financial and business prospects and financial outlooks, and such statements may be forward-looking statements which reflect management's expectations regarding future plans and intentions, growth, results of operations, performance and business prospects and opportunities. Words such as "may", "will", "should", "could", "anticipate", "believe", "expect", "intend", "plan", "potential", "continue", and similar expressions have been used to identify these forward-looking statements. These statements reflect management's current beliefs and are based on information currently available to management. Forward-looking statements involve significant risk and uncertainties. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements including, but not limited to, changes in general economic and market conditions and other risk factors. Although the forward-looking statements contained herein are based upon what management believes to be reasonable assumptions, management cannot assure that actual results will be consistent with these forward-looking statements. Investors should not place undue reliance on forward-looking statements. These forward-looking statements are made as of the date hereof.

Contact Information

  • Inter-Rock Minerals Inc.
    Michael B. Crombie
    (416) 367-3003