Selwyn Resources Ltd.

Selwyn Resources Ltd.

July 07, 2009 09:28 ET

Selwyn Announces Appointment of Korea Zinc Representative to Board

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 7, 2009) - Selwyn Resources Ltd. (TSX VENTURE:SWN) ("Selwyn" or the "Company") announces that Mr. Yun Birm Choi, has been appointed to the Board of Directors of Selwyn. Mr. Choi is Vice-President and Secretary of Pan-Pacific Metal Mining Corporation ("Pan-Pacific"), a wholly-owned subsidiary of Korea Zinc Company. Korea Zinc is one of the largest zinc metal smelters in the world and Mr. Choi brings a wealth of information on zinc markets to the Board.

Wade Nesmith, Selwyn Board Chairman, commented: "The Board of Selwyn welcomes Mr. Choi as the representative of Korea Zinc and looks forward to working with him on the Board in advancing the Selwyn Project."

Pan-Pacific, as a result of the closing of the second tranche of a $3 million Unit financing, now holds 30 million common shares and 15 million common share purchase warrants (see July 6, 2009 News Release). In connection with this transaction, effective June 3, 2009, Selwyn Resources Ltd., Korea Zinc Co., Ltd., and Pan-Pacific entered into a shareholder agreement (the "Shareholder Agreement"). The Shareholder Agreement contains, among other things, certain restrictions on the sale of shares by Pan-Pacific and the voting of shares, in each case, for a period of 1 year from June 3, 2009. The Shareholder Agreement also provides that so long as Pan-Pacific continues to hold 10% or more of the issued shares of Selwyn on an undiluted basis, the Board of Selwyn will support a Pan-Pacific nominee for election to the Board and will include the Pan-Pacific nominee on the slate of directors put forward by management to the shareholders of Selwyn for approval.

Selwyn's focus is the exploration and development of its Selwyn Project in eastern Yukon and Northwest Territories. The Selwyn Project represents one of the largest undeveloped resources of zinc and lead in the world and is unique in its location in the politically-attractive and stable jurisdiction of the Yukon. It is therefore both a unique opportunity and a strategic asset providing a long term secure supply of zinc and lead to the Pacific Margin.

This news release contains forward-looking statements concerning the development of the Selwyn Project. These statements are based on assumptions and judgments of management regarding future events or results that may prove to be inaccurate, failure to obtain necessary regulatory or shareholder approvals, exploration and other risk factors beyond Selwyn's control. There can be no assurance that such forward-looking statements 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 statements contained in this news release.

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.

Contact Information

  • Selwyn Resources Ltd.
    Dr. Harlan Meade
    President and CEO
    (604) 801-7240 or Toll-free: 1-888-989-9188
    Selwyn Resources Ltd.
    Jasmin TamDoo
    Manager of Investor Communications
    (604) 801-7240 or Toll-free: 1-888-989-9188
    (604) 689-8355 (FAX)