Prelim Capital Inc.

December 07, 2009 10:27 ET

Prelim Capital Extends Qualifying Transaction With Hudson River

TORONTO, ONTARIO--(Marketwire - Dec. 7, 2009) - Prelim Capital Inc. ("Prelim" or the "Company")(TSX VENTURE:PLM.P), a capital pool company, is pleased to announce it has extended the arm's length letter of intent (the "LOI") dated September 28, 2009, with Hudson River Minerals Ltd. ("HRM" or the "Corporation"), relating to the Company's proposed qualifying transaction (the "Qualifying Transaction") under the policies of the TSX Venture Exchange (the "Exchange") announced on October 6, 2009. The parties had until December 4, 2009 to execute a definitive agreement and this deadline has been extended to December 18, 2009 pending finalization of the Definitive Agreement. HRM has satisfied the minimum $600,000 financing condition. Further particulars on the proposed Qualifying Transaction will be provided shortly.

Completion of the transaction is subject to a number of conditions, including but not limited to, Exchange acceptance. Where applicable, the transaction cannot close until the required shareholder approval is obtained. There can be no assurance that the transaction will be completed as proposed or at all.

Investors are cautioned that, except as disclosed in the filing statement to be prepared in connection with the transaction, any information released or received with respect to the transaction may not be accurate or complete and should not be relied upon. Trading in the securities of a capital pool company should be considered highly speculative.

The TSX Venture Exchange Inc. has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.

Forward Looking Statements

Some of the statements contained herein may be forward-looking statements which involve known and unknown risks and uncertainties. Without limitation, statements regarding potential mineralization and resources, exploration results, and future plans and objectives of the Company are forward looking statements that involve various risks. The following are important factors that could cause the Company's actual results to differ materially from those expressed or implied by such forward looking statements: changes in the world wide price of mineral commodities, general market conditions, risks inherent in mineral exploration, risks associated with development, construction and mining operations, the uncertainty of future profitability and the uncertainty of access to additional capital. There can be no assurance that forward-looking statements will prove to be accurate as actual results and future events may differ materially from those anticipated in such statements. Prelim undertakes no obligation to update such forward-looking statements if circumstances or management's estimates or opinions should change, except as required by law. The reader is cautioned not to place undue reliance on such forward-looking statements.

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

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