Selwyn Resources Ltd.

Selwyn Resources Ltd.

December 23, 2010 08:58 ET

Selwyn Announces Change of Auditors

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 23, 2010) - Selwyn Resources Ltd. (TSX VENTURE:SWN) ("Selwyn") announces a change of auditors to KPMG LLP from De Visser Gray LLP effective December 15, 2010. The decision to change auditors arose from a recent strategic initiative whereby Selwyn entered into a joint venture with a wholly owned subsidiary of Chihong Zinc and Germanium Co. Ltd., a Chinese company (see news release dated August 18, 2010). As a result of this transaction, Selwyn's Board of Directors considered it desirable to engage an international firm of auditors.

The decision to change auditors was therefore not the result of any disagreement between Selwyn and De Visser Gray LLP on any accounting principles or practices, financial statements disclosure or any other auditing matter. Selwyn also confirms that there have been no reportable events as defined in National Instrument 51-102 Continuous Disclosure Obligations and in its opinion there are no reportable events pending. Selwyn has filed the required Notice of Change of Auditor reporting package in accordance with National Instrument 51-102.

The Board of Directors expresses its gratitude to De Visser Gray LLP for the professional services provided during their term as auditors of Selwyn.

Selwyn's focus is the exploration and development of the Selwyn Project in the eastern Yukon and Northwest Territories with its joint venture partner Chihong Canada Mining Ltd. The Selwyn Project represents one of the largest undeveloped resources of zinc and lead in the world and is unique in that it is mostly located in the politically attractive and stable jurisdiction of the Yukon Territory. 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 Selwyn Project. These statements are based on assumptions and judgments of management regarding future events or results that may prove to be inaccurate as a result of failure to obtain necessary regulatory or shareholder approvals, exploration results 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 the 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.
    Catalin Chiloflischi
    Manager of Investor Communications
    (604) 801-7240 or Toll-free: 1-888-989-9188
    (604) 689-8355 (FAX)