Inter-Rock Minerals Inc.

Inter-Rock Minerals Inc.

June 16, 2011 17:15 ET

Inter-Rock Subsidiary Announces Agreement to Acquire a Dolomite Quarry and Plant

TORONTO, ONTARIO--(Marketwire - June 16, 2011) -Inter-Rock Minerals Inc. (TSX VENTURE:IRO) ("Inter-Rock") announces that its wholly-owned Colorado subsidiary, MIN-AD, Inc. ("MIN-AD"), has executed an asset purchase agreement (the "Agreement") with Unimin Corporation to acquire an operating dolomite quarry and plant located in Mill Creek, Oklahoma (the "Mill Creek Business").

MIN-AD currently supplies a high quality dolomite to the beef and dairy cattle feed industry. The acquisition of the Mill Creek Business will give Inter-Rock access to other specialty markets for dolomite. Additionally, there may be synergies with MIN-AD's business as Mill Creek is a favourable location to supply the beef industry. MIN-AD believes the Mill Creek dolomite is suitable for animal nutrition applications, but further research is required to verify this.

The purchase price for the Mill Creek Business is US$2 million to be paid in cash at closing, plus an adjustment post-closing in respect of inventory. Completion of the transaction is subject to customary closing conditions, including receipt of regulatory approvals. The acquisition will close on the date that is two business days following the satisfaction or waiver of the conditions set out in the Agreement. It is currently anticipated that closing will take place in approximately three weeks. Further information will be released to the market at the time of closing.

Certain information regarding Inter-Rock including management's assessment of future plans and operations, may constitute forward-looking statements under applicable securities laws and necessarily involve risks associated with mining exploration and development, volatility of prices, currency fluctuations, imprecision of resource estimates, environmental and permitting risks, access to labor and services, competition from other companies and ability to access sufficient capital. As a consequence, actual results may differ materially from those anticipated in the forward-looking statements.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Inter-Rock Minerals Inc.
    Michael B. Crombie, Ph.D.