Torch River Resources Ltd.
TSX VENTURE : TCR
FRANKFURT : WNF
PINK SHEETS : TORVF

Torch River Resources Ltd.

March 05, 2009 14:44 ET

Torch River Announces Closing of Private Placement

CALGARY, ALBERTA--(Marketwire - March 5, 2009) - Torch River Resources Ltd. ("Torch" or the "Corporation") (TSX VENTURE:TCR) (PINK SHEETS:TORVF) (FRANKFURT:WNF) is pleased to announce that it has closed the non-brokered private placement financing previously announced on February 16, 2009. The financing placed 1,000,000 Units at a price of $0.05 per Unit for gross proceeds of $50,000 (the "Offering"). Certain directors and officers of Torch have subscribed for 400,000 of the Units.

Each Unit consists of one (1) common share in the capital of the Corporation issued on a flow through basis (a "Flow Through Share") and one-half of one common share purchase warrant (each whole common share purchase warrant a "Warrant"). Each whole Warrant will entitle the holder to purchase one common share in the capital of the Corporation (a "Common Share") at an exercise price of $0.15 for a period of twelve (12) months from the closing of the Offering

The Flow Through Shares issued as a part of the Units have a four month hold period which shall expire on July 5, 2009 and the Warrants issued as a part of the Units are exercisable until March 5, 2010.

The proceeds of the private placement will be used to fund the continued work programs on the mineral properties held by Torch.

TORCH RIVER ANNOUNCES UPDATE ON THE NAHMINT PROPERTY

Torch is pleased to announce that an exploration program including sampling and geophysics will commence immediately on its newly optioned Nahmint Property on Vancouver Island, British Columbia. This program will concentrate on the area of the Three Jays and Monitor past producing high grade copper mines. The Three Jays produced 1,981 tonnes @ 7.52% copper, 38.0 g/t silver and 0.97 g/t gold from 1898 to 1902. The Monitor produced 1,288 tonnes @ 9.08% copper, 28.8 g/t silver and 0.05 g/t gold from 1900 to 1918.

A recently released NI 43-101 Technical Report on the Nahmint property is available on Torch's website at www.torchriver.ca and SEDAR at www.sedar.com .

Andris A. Kikauka, P. Geo, is a Qualified Person under NI 43-101 and has reviewed and approved the technical data in this press release.

Torch is a company listed and trading on the TSX Venture Exchange, symbol: TCR.

For all Torch River investor relations needs, investors are asked to visit the Torch River IR Hub at http://www.agoracom.com/IR/Torchriver where they can post questions and receive answers within the same day, or simply review questions and answers posted by other investors. Alternatively, investors are able to e-mail all questions and correspondence to tcr@agoracom.com where they can also request addition to the investor e-mail list to receive all future press releases and updates in real time.

Forward Looking Information

This press release may contain forward-looking statements which may include estimates, plans, expectations, opinions, forecasts, projections, guidance or other statements that are not statements of fact, including without limiting the generality of the foregoing, statements made regarding the Mount Copeland Property. Although Torch believes that the expectations reflected in such forward-looking statements are reasonable, it cannot give any assurance that such expectations will prove to be correct. Results of Torch including its ability to mobilize and drill on schedule may be affected by a variety of variables and risks associated with the mining industry such as availability of human and capital resources, competition, exploration and development plans and results, anticipated capital expenditures and financing thereof, timing of applications and approvals. As such the future plans and objectives of Torch are forward-looking statements that involve risks and uncertainties and may be based on assumptions that could cause actual results to differ materially from those anticipated or implied in such statements. Torch's forward-looking statements are expressly qualified in their entirety by this cautionary statement. Unless otherwise required by applicable securities laws, Torch does not intend nor does it undertake any obligation to update or review any forward-looking statements to reflect subsequent information , events, results or circumstances or otherwise.

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

Contact Information

  • Torch River Resources Ltd.
    William E. Pfaffenberger
    President
    (403) 444-6888
    Website: www.torchriver.ca
    or
    ProActive Communications Co.
    Local Vancouver: (604) 541-1995 or Toll Free: 1-800-540-1995