Selwyn Resources Ltd.
TSX VENTURE : SWN

Selwyn Resources Ltd.

November 12, 2010 08:58 ET

Selwyn Announces Reimbursement of CAD$7.44M from Selwyn Chihong

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 12, 2010) - Selwyn Resources Ltd. (TSX VENTURE:SWN) ("Selwyn") is pleased to announce that Selwyn Chihong Mining Ltd. ("SCML") has reimbursed Selwyn CAD$7.44 million for the second tranche of Selwyn Project pre-development program expenditures incurred between May 1 and August 18, 2010. Selwyn has received an aggregate CAD$12.52 million for its project expenditures after July 1, 2009. With receipt of these funds, Selwyn has CAD$9.8 million in working capital to fund its ongoing corporate and administrative expenses and no debt.

The ongoing exploration and development of the Selwyn Project will be funded by the joint venture. The newly formed Selwyn Chihong Mining Ltd. joint venture company is carrying out the approximated CAD$89 million exploration and development program that commenced in June 2010 in support of the completion of a feasibility study and permitting activities (see news release of August 18, 2010).

Selwyn's focus is the exploration and development of the Selwyn Project in eastern Yukon and Northwest Territories with its joint venture partner Yunnan Chihong Zinc and Germanium Co., Ltd. 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 as a result of 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 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
    (604) 689-8355 (FAX)
    or
    Selwyn Resources Ltd.
    Catalin Chiloflischi
    Manager of Investor Communications
    (604) 801-7240 or Toll-free: 1-888-989-9188
    (604) 689-8355 (FAX)
    info@selwynresources.com
    www.selwynresources.com