VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 6, 2012) - Taipan Resources Inc. ("Taipan" or the "Company") (TSX VENTURE:TPN) announces that, in connection with the previously announced (July 3, 2012) agreement in principle (the "Agreement") with NewAge (African Global Energy) Limited ("NewAge") for a farm-in on Block 2B onshore Kenya, Mr. Steve Lowden, Chief Executive Officer of NewAge, has resigned his position as a Taipan Board member to avoid any potential conflicts of interest and to focus on NewAge's interests in the potential Taipan-NewAge joint ventures in Kenya.
About Taipan Resources Inc.
Taipan Resources is actively pursuing the acquisition of international oil and gas exploration and development assets. The company is focused on acquisitions in its core geographic regions: Africa, the Middle East and South America, where opportunities remain for junior oil and gas companies to access large-scale oil and gas resources with significant exploration and development upside. Taipan is traded on the TSX Venture Exchange under the symbol TPN.
The statements contained in this release that are not historical facts are forward-looking statements, which involve risks and uncertainties that could cause actual results to differ materially from the targeted results. The Company relies upon litigation protection for forward looking statements.
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.