Raytec Metals Corp.

Raytec Metals Corp.

April 16, 2009 08:30 ET

Raytec Agrees to Sell Uranium Asset

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 16, 2009) - Raytec Metals Corp. (the "Company" or "Raytec") (TSX VENTURE:RAY) announces that it has entered into an agreement to sell a 100 percent interest in the "C and D Block" uranium properties to Solitaire Minerals Corp. (TSX VENTURE:SLT). The transaction is subject to TSX-Venture Exchange approval.

Under the agreement, Solitaire will issue 500,000 common shares upon closing of the transaction, with an additional 500,000 common shares to be issued to Raytec on or before 6 months from the date of closing. These share payments represent approximately 4 percent of the current issued and outstanding shares of Solitaire.

Raytec's President, Mr. Brian Thurston, states, "Divesting of these non-core assets is part of the Company's overall strategy to focus on new mining opportunities that can provide near-term precious metals production. The Company plans to use its treasury of approximately $21 million to fund strategic acquisitions."

Triex Minerals Corporation (TSX VENTURE:TXM) has also advised that it will continue with the current joint venture agreement on the Athabasca Basin, Highrock-Riverlake uranium project. Triex has already earned a 51% interest and plans to increase its ownership to 70% by incurring an additional $2,400,000 in staged exploration expenditures on or before November 24, 2011.

About Raytec:

Raytec Metals Corp. is a well-financed Canadian exploration company focused on the acquisition of near-term precious metals assets. The Company holds over 180,000 acres of potash permits in Saskatchewan, Canada - the largest producing region for potash in the world. The Company also holds a 15% interest in Sulphur Solutions Inc., an emerging fertilizer company developing state-of-the-art patented technology for the production of micronized sulphur fertilizer. The Company is further diversified with iron ore projects in Ontario, and uranium joint venture projects in the Athabasca Basin of Saskatchewan.

On behalf of the Board,


Brian Thurston, President and CEO

This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address exploration drilling, exploration activities and events or developments that the Company expects to occur, are forward-looking statements. Forward-looking statements in this news release include statements regarding the Offering (including the anticipated closing date) and future exploration plans and expenditures. Although, the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploration and exploration successes, and continued availability of capital and financing and general economic, market or business conditions. These statements are based on a number of assumptions, including among others, assumptions regarding general business and economic conditions, the timing and receipt of regulatory and governmental approvals for the transactions described herein, the ability of the Company and other parties to satisfy stock exchange and other regulatory requirements in a timely manner, the availability of financing for the Company's proposed transactions and programs on reasonable terms, and the ability of third-party service providers to deliver services in a timely manner. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected on the forward-looking statements. The Company does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise.

Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this news release.

Contact Information

  • Raytec Metals Corp.
    Brian Thurston
    President and CEO
    604 688 6410
    604 688 6402 (FAX)