International KRL Resources Corp.
TSX VENTURE : IRK

International KRL Resources Corp.

December 01, 2006 09:38 ET

International KRL Resources Corp. Shareholders Vote in Favour of a Distribution of Shares of Golden Harp Resources Inc.

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Dec. 1, 2006) - International KRL Resources Corp. (TSX VENTURE:IRK) (the "Company") today announced that at its Annual General Meeting held November 29, 2006, the majority of shareholders voted in favour of distributing the shares of its wholly-owned subsidiary, Golden Harp Resources Inc., to its shareholders on a pro rata basis and reducing the Company's stated capital accordingly (the "Transactions"). Please see International KRL news releases May 24, 2006 and June 15, 2006 for further detail about the transfer of the Copper Hill property to Golden Harp Resources Inc.

Golden Harp Resources Inc. is preparing a preliminary prospectus, which is required to obtain Reporting Issuer status in British Columbia, Alberta and Ontario. Once the regulatory approvals are obtained and Golden Harp Resources Inc. becomes a Reporting Issuer, the Company will seek the approval of the Supreme Court of British Columbia for approval of the Transactions. The record date will be set seven days after Court approval is received. Shareholders of the Company as of the record date will be entitled to a distribution in accordance with the Transactions. The ratio for the distribution will be determined once the record date has been set.

Golden Harp Resources Inc. has recently completed a private placement raising gross proceeds of $600,000. The funds will be used for working capital, legal costs associated with the spin off and exploration to generate drill targets for a spring drill program on the Copper Hill property.

International KRL Resources Corp. is a mineral exploration company engaged in the acquisition, exploration and advancement of Canadian mineral properties. The Company is currently exploring for uranium, copper, and gold in the Yukon Territory, Saskatchewan, Ontario and British Columbia. For more information on the properties and International KRL Resources Corp. please visit www.krl.net, www.sedar.com and www.sec.gov.

ON BEHALF OF THE BOARD

Seamus Young, President and CEO

This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from registration is available.

Statements contained in this news release that are not historical facts are forward-looking statements, which are subject to a number of known and unknown risks, uncertainties and other factors that may cause the actual results to differ materially from those anticipated in our forward looking statements. Although we believe that the expectations in our forward looking statements are reasonable, actual results may vary, and we cannot guarantee future results, levels of activity, performance or achievements.

The TSX Venture Exchange has neither approved nor disapproved the information contained herein.

Contact Information

  • International KRL Resources Corp.
    Seamus Young
    President and CEO
    (604) 689-0299 x.223
    (604) 689-0288 (FAX)
    Email: syoung@krl.net
    Website: www.krl.net