Kria Resources Ltd.

Kria Resources Ltd.

December 23, 2010 14:03 ET

Kria Resources Receives Positive Certificate of Determination on the Environmental Impact Assessment From New Brunswick Department of Environment to Construct and Operate the Halfmile Mine

TORONTO, ONTARIO--(Marketwire - Dec. 23, 2010) - Kria Resources Ltd. (TSX VENTURE:KIA) ("Kria" or the "Company") announces that a Certificate of Determination to proceed has been issued on the Environmental Impact Assessment ("EIA") from the New Brunswick Department of the Environment to construct and operate the Halfmile Mine. Kria expects to begin site construction activities shortly, after receipt of a number of other permits, which require the Certificate of Determination of the EIA as a precondition.

Mr. Mike Hoffman, the President and Chief Executive Officer of the Company, stated, "The positive Certificate of Determination from the Department of Environment is an important milestone in the development of the Halfmile Mine. The Government of New Brunswick and our stakeholders including the Mi'gmag First Nations have been very cooperative in reviewing our submissions and their feedback on the design will minimize any potential impacts of the Halfmile Mine on the environment."

About Kria Resources Ltd.  

Kria Resources is a base metal exploration and development company focused on high-quality, advanced-stage base metal assets. Kria's primary asset is the Halfmile Lake and Stratmat properties near Bathurst, New Brunswick. The Halfmile Lake and Stratmat projects are optioned by Kria from Xstrata, which is currently the largest shareholder of Kria.

Kria completed a preliminary economic assessment ("PEA") on its Halfmile Lake project in September 2010 that indicated the project's economics improve if the mineral resource from Kria's nearby Stratmat property is combined with the mineral resource from Halfmile Lake. The combined Halfmile/Stratmat PEA estimated a pre-tax NPV of C$253 million (8% discount rate) and IRR of over 20% based on metal prices of US$1.03/lb Zn, US$3.03/lb Cu, US$0.92/lb Pb and US$15.08/oz Ag. Mineral resources that are not mineral reserves do not have demonstrated economic viability.

Please refer to the Company's technical reports filed on SEDAR for details regarding the NI 43-101 compliant resource estimates on Halfmile, Stratmat and Ruttan. Prices and other assumptions mentioned in this press release are Kria's internal assumptions and estimates. Additional information is available at

On December 16, 2010, Kria Resources announced that it has entered into a letter of intent (the "Letter Agreement") with Trevali Resources Corp. ("Trevali") (TSX:TV)(FRANKFURT:4TI)(OTCQX:TREVF) to complete a business combination whereby Trevali will acquire all of the issued and outstanding common shares of Kria and Kria will become a wholly owned subsidiary of Trevali (the "Transaction"). It is anticipated that the Transaction will occur by way of a plan of arrangement and will be subject to receipt of all necessary regulatory, court and shareholder approvals, including disinterested shareholder approval by the Kria shareholders.

The Transaction is subject to the parties entering into a definitive agreement by January 15, 2011 and the receipt of all necessary regulatory approvals and necessary shareholder and disinterested shareholder approvals at special meetings of Kria and Trevali, respectively, to be held no later than April 29, 2011. Closing of the Transaction is set to occur shortly after the shareholder meetings.

Please see the Kria Press Release of December 16, 2010 for further details on the proposed transaction.

Cautionary Note Regarding Forward-Looking Information

This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the MOU, the anticipated timing and results with respect to the development of the Property and the anticipated timing with respect to the receipt of additional permits required to begin construction and development of the mine, , exploration prospects, , and timing with respect to all regulatory approvals and shareholder approvals, if required. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: general business, economic, competitive, political and social uncertainties; the actual results of current exploration activities; timing and availability of external financing on acceptable terms; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; future prices of mineral prices; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes and other risks of the mining industry; and, delays in obtaining governmental approvals or required financing or in the completion of activities. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.


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