Samara Capital Inc., Concerned Shareholder of Selwyn Resources Ltd.

April 29, 2013 17:15 ET

Mr. Justin Oliver Appointed President and Chief Executive Officer of Selwyn Resources Ltd.

TORONTO, ONTARIO--(Marketwired - April 29, 2013) - Samara Capital Inc., the Concerned Shareholder of Selwyn Resources Ltd. (the "Company"), is pleased to make this announcement, on behalf of the new Board of Directors of the Company, which was elected at the Annual General and Special Meeting of the Company on April 22, 2013.

At the first meeting of the new Board of Directors held earlier today, Mr. Jeremy Link was appointed Chairman of the Company. Additionally, Mr. Justin Oliver was appointed President and Chief Executive Officer of the Company.

The Company thanks Dr. Harlan Meade for his past service as President and CEO of the Company, and wishes him well in his future endeavours.

The Board of Directors also resolved that, other than as required pursuant to the asset purchase and sale agreement dated March 3, 2013 between the Company, Chihong Canada Mining Ltd. and Selwyn Chihong Mining Inc., or in order to give effect to the sale of the Company's remaining 50% interest in the Selwyn Project, the Company will not incur or pay any expense or obligation over $10,000, enter into or terminate any contracts or other agreements or obligations, amend any existing contracts or other agreements or obligations, take any action to grant or issue any shares, stock options or other securities, or agree to do any of the foregoing, in each case without prior approval by resolution of the Board of Directors of the Company.

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