Southwestern Resources Corp.

Southwestern Resources Corp.

March 06, 2009 13:21 ET

Southwestern Resources Corp.: Final Dismissal of Class Actions

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 6, 2009) - Southwestern Resources Corp. (TSX:SWG) ("Southwestern" or the "Company") is pleased to announce that the Class Actions (the "Class Actions") commenced against the Company and others in British Columbia, Ontario and Quebec have been dismissed pursuant to the Class Settlement Agreement announced by the Company in its press release dated September 10, 2008 (the "Settlement").

All court approvals required under the Settlement have now been obtained and the Settlement is now final and binding upon the parties thereto.

With respect to the dismissal of the Class Actions, Timo Jauristo, Southwestern's Interim President and CEO, commented: "The Board of Directors and management of the Company express their gratitude to all those that have continued to support the Company throughout this process. The dismissal of the Class Actions and finalization of the Settlement mark the end of a difficult period in Southwestern's history. Management can now focus its attention on pursuing opportunities to further increase shareholder value."

About Southwestern

Southwestern is a Vancouver-based mineral exploration company engaged in the identification, acquisition, evaluation and exploration of gold, silver and base metals mineral properties. The Company has a number of significant projects, including the Liam gold-silver project in Peru. Southwestern is a reporting issuer in British Columbia, Alberta, Manitoba, and Ontario and trades on the Toronto Stock Exchange under the symbol SWG.

Forward-looking Statements

Statements in this news release that are forward-looking statements are based on the current expectations, beliefs, assumptions, estimates and forecasts about the Company's business and the industry and markets in which it operates. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions which are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or implied by these forward-looking statements due to a number of factors, including but not limited to, the Company's access to additional capital to fund future activities, the loss of mineral properties or the inability to obtain mining licenses, the inherently risky nature of the Company's activities and its lack of experience in bringing an exploration property into production, its ability to repatriate any earnings, foreign exchange fluctuations, the political stability and economic uncertainty of those areas in which the Company carries on operations and the lack of infrastructure in those areas, title risks, the risks and uncertainties associated with joint ventures and the Company's reliance on third parties, statutory and regulatory compliance, the adequacy and availability of insurance coverage, the Company's dependence upon employees and consultants and fluctuations in mineral prices and other risks detailed in the Company's filings with the Canadian Securities Authorities.

These risks, as well as others, could cause actual results and events to vary significantly. The Company expressly disclaims any intent or obligation to update these forward-looking statements, unless the Company specifically states otherwise.

Contact Information

  • Southwestern Resources Corp.
    Timo Jauristo
    Interim President & CEO
    (604) 669-2525
    Southwestern Resources Corp.
    David Black
    Chair of the Board
    (604) 669-2525