Torch River Resources Ltd.
TSX VENTURE : TCR

Torch River Resources Ltd.

June 21, 2005 17:08 ET

Torch River Resources Ltd.: News Release

CALGARY, ALBERTA--(CCNMatthews - June 21, 2005) - The Board of Directors of Torch River Resources (TSX VENTURE:TCR) are please to announce that at the Annual General Meeting held on June 15,th 2005 ,the shareholders of Torch River have unanimously approved a property option to acquire up to and including one hundred percent (100%) interest in an advanced molybdenum/copper property located in the Skeena Mining division of the central coast region of British Columbia known as the ( Red Bird Property) Molybdenum better known as moly is primarily used in manufacturing of stainless steel and other uses in the pipeline industry.

Details of the option agreement will be posted soon on the Company web site (www.torchriver.com) and at (www.sedar.com)

Location of the Red Bird Property: The property is located in the central coast region of British Columbia 100KM north of the Town of Bellaa Coola - 140 KM south southwest of Houston B.C.

History of the Red Bird Property

In 1959 Phelps Dodge Mining began conducting an exploration program Property which lasted nine years. Phelps Dodge's program was comprised of extensive diamond drill testing where a significant resource of molybdenum ore was identified. The Property remained in inventory of Phelps Dodge with limited work over the years subsequent to 1968. In 1981 Craigmont Mining, a subsidiary of Placer Dome Mining, optioned the Red Bird/Torch River Property from Phelps Dodge and over the next year performed follow-up drill testing which confirmed Phelps Dodge's original results. A combined total of 133 diamond drill test holes were completed by both companies on the Red Bird Property.

Historical Mineral Estimate

Molybdenum ore has been identified on the Red Bird Property, and management is planning an aggressive campaign of development work to produce N.I. 43-101 compliant resource estimates based on expanding historic mineral estimates. At the time of Craigmont Mining's resource calculation of this project, Molybdenum was trading for approximately $8 US / pound. The price of Molybdenum is now trading in the range of $35 to $40 US / pound. The current Red Bird Property estimates of 66 million tons with a grade of 0.17% MoS2 equates to over 220+ million pounds of molybdenum disulphide. This Property's potential is only in the preliminary stages of development and strong geological evidence suggests that this resource will increase substantially as further exploration is conducted on the property because mineralization on the Red Bird Property is open on surface and open to depth.

The company has recently completed a series of Private Placements and is currently funded to commence this year's work program starting later this month. The work program will consist of further sampling and further analysis of the primary core located on the property and a continuation of updating the pre feasibility report. The company will report further results of the work program over the summer months.

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

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

Contact Information

  • Torch River Resources Ltd.
    Mr. Ronald M. Burko
    President
    (306) 978-4444
    Website: www.torchriver.ca