Takara Resources Inc.
TSX VENTURE : TKK

Takara Resources Inc.

March 03, 2008 07:38 ET

Takara Resources Inc.: South African Coal-Strategic Alliance Update

TORONTO, ONTARIO--(Marketwire - March 3, 2008) -

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Takara Resources Inc. (TSX VENTURE:TKK) ("Takara") announces that since executing a memorandum of understanding ("MOU") with South African based Aphrodeities Mining (Pty) Limited in November, 2007, the parties have now met certain milestones set out in the MOU, in that certain coal projects have now been identified and are currently being evaluated by Takara's South African based coal advisors, CCIC Africa, an affiliate of CCIC Canada.

The primary purpose under the MOU is the formation of the Venus Energy Strategic Alliance, wherein each of Takara, a Toronto based mineral exploration company, and Aphrodeities, a South African based mineral exploration company (having particular experience with coal), are mandated to jointly identify, explore, and/or develop South African mineral projects, primarily in the energy-related sector (coal/uranium).

For Takara, it represents a timely opportunity to access coal projects, particularly given the escalating global demand for coal. By combining the respective resources of Takara and Aphrodeities, the Venus Energy Strategic Alliance is strengthened in terms of access to local South African projects, corporate capability, understanding of the South African Department of Minerals and Energy permitting system, and geological expertise.

There is no guarantee that a transaction will be completed in respect of the coal projects that are currently being evaluated, however, Takara's participation in the Venus Energy Strategic Alliance shall remain aggressive in further identifying and evaluating opportunities in accordance with the MOU. Each new opportunity identified by the Venus Energy Strategic Alliance shall be evaluated and negotiated on a project-by-project basis.

Aphrodeities qualifies as a Black Economic Empowerment company pursuant to the laws of South Africa.

The securities of Takara Resources Inc. have not been registered under the United States Securities Act of 1933, as amended, or the securities laws of any U.S. State, and may not be offered or sold in the United States or to any "US Person" (as defined in Regulation S under the Securities Act of 1933) absent registration or an exemption from registration.

Certain information contained in this press release, including information and statements which may contain words such as "could", "plans", "should", "anticipates", "expect", "believe", "will", and similar expressions and statements relating to matters that are not historical facts are forward-looking information. All of the forward-looking information contained in this press release is qualified by this cautionary statement. There can be no assurance that the actual results or developments anticipated by Takara, as expressed or implied by the forward-looking information, will be realized or, even if substantially realized, that they will have the expected consequences to or effects on Takara or its business operations. Takara disclaims any intention or obligation to update or revise any forward-looking information as a result of new information or future events. Readers should not place undue reliance on forward-looking information.

THIS PRESS RELEASE, REQUIRED BY APPLICABLE CANADIAN LAWS, IS NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES, AND DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED HEREIN. THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO U.S. PERSONS UNLESS REGISTERED OR EXEMPT THEREFROM.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Takara Resources Inc.
    Jennifer L. Boyle
    President
    (647) 430-0966 (work)
    or
    Takara Resources Inc.
    Pamela Strand
    Chairperson of the board
    (780) 435-0045 (work)