Strachan Resources Ltd.
TSX VENTURE : SCN.P

September 01, 2011 11:35 ET

Strachan Not Proceeding With Proposed Qualifying Transaction

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 1, 2011) - Strachan Resources Ltd. (TSX VENTURE:SCN.P) ("Strachan") had entered into an agreement dated June 10th, 2011, with Silver Sun Resource Corporation ("Silver Sun") and Minera Plata del Sol, S.A. de C.V. ("Minera"), the wholly owned subsidiary of Silver Sun, in respect of a proposed "qualifying transaction" to be conducted in accordance with TSX Venture Exchange Policy 2.4. The transaction was subject to a number of conditions, including subject to a satisfactory due diligence review.

Strachan has now conducted its due diligence review of the proposed transaction and has elected not to proceed. Accordingly, Strachan has terminated the agreement with Silver Sun and Minera, and is now actively seeking a new proposed qualifying transaction.

ON BEHALF OF THE BOARD

STRACHAN RESOURCES LTD.

Gary Mathiesen, President

The TSX Venture Exchange Inc. has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.

Contact Information

  • Strachan Resources Inc.
    Gary Mathiesen
    President
    (604) 685-2391