Takara Resources Inc.
TSX VENTURE : TKK

Takara Resources Inc.

February 29, 2012 15:29 ET

Takara Wins Injunction Against Greenstone Gold Inc. Regarding Title on B-22 and B-23

TORONTO, ONTARIO--(Marketwire - Feb. 29, 2012) -

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.

Takara Resources Inc. ("Takara" or the "Company") (TSX VENTURE:TKK) announces that Greenstone Gold Inc., a private company, is precluded from entering on and carrying out any work on two of the Arakaka projects, namely, B-22 and B-23, pursuant to an Injunction Order upheld and rendered against Greenstone Gold Inc. (formerly named De Bears Precious Metals Incorporated) in the Guyana High Court of the Supreme Court of Judicature Civil Jurisdiction.

The Company intends to take further legal action against various parties in order to vigorously defend its position and properties.

The Company further announces that it has retained a Community Liason Officer in Guyana, who has played a key role and has been instrumental in the negotiation of a benefit agreement with interested stakeholders as it relates to the Amerindians at the Company's Tassawini Project.

Takara holds 5 Prospecting Licences at the Tassawini Project that are registered in the name of the Company's wholly owned subsidiary, StrataGold Guyana Inc. It further holds rights pursuant to an agreement with an underlying property holder that is the registered holder of 4 Medium Scale Mining Permits, 3 of which have expired and are the subject of StrataGold's application to renew in a form conducive to Takara's ongoing plans for the potential development of the Tassawini deposit. These applications are still pending and awaiting resolution of a benefit agreement with the local Amerindian Community and other stake holders, as described above.

All transactions contemplated herein are subject to securities regulatory approvals. 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.

About Takara

Takara Resources Inc. is a Canadian based gold company focused on exploring and developing its Guyana gold assets in the Guiana Shield that are held within a wholly-owned subsidiary, StrataGold Guyana Inc., namely: (i) the Tassawini Gold Project (100% interest); and (ii) the Arakaka Project (100% interest).

The Tassawini Gold Project hosts a National Instrument ("NI") 43-101 compliant mineral resource estimate (disclosed in a press release dated March 18, 2010) consisting of 437,000 ounces gold in an indicated resource of 10,799,000 tonnes having an average grade of 1.3 g/t, and 62,000 ounces gold in an inferred resource of 1,926,000 tonnes having an average grade of 1.0 g/t, for a total resource of approximately half a million ounces gold.

Statement Regarding Forward Looking Information

This news release of Takara contains statements that constitute "forward-looking statements." Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause Takara's actual results, performance or achievements, or developments in the industry to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects," "plans," "anticipates," "believes," "intends," "estimates," "projects," "potential" and similar expressions, or that events or conditions "will," "would," "may," "could" or "should" occur. Forward-looking statements in this document include statements regarding Takara's expectations regarding ownership, entitlements, drilling and exploration activities on properties in which Takara has, or believes it has an interest. There can be no assurance that such statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements, and readers are cautioned not to place undue reliance on these forward-looking statements. Any factor could cause actual results to differ materially from Takara's expectations. Takara undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.

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 news release.

Contact Information

  • Takara Resources Inc.
    Jennifer Boyle, B.A., LL.B.
    President & Chief Executive Officer
    (647) 430-0966 (office)
    (416) 904-2714 (cell)