Torch River Resources Ltd.
TSX VENTURE : TCR

Torch River Resources Ltd.

August 03, 2006 09:30 ET

Torch River Resources Ltd.: News Release

CALGARY, ALBERTA--(CCNMatthews - Aug. 3, 2006) - Torch River Resources Ltd. (TSX VENTURE:TCR) ("Torch") is pleased to announce that it has closed a non-brokered private placement announced on May 29, 2006 for flow-through units and non-flow-through units. A total of 1,193,181 flow-through units ("Units") of Torch at $0.22 per Unit were subscribed for and no non-flow-through units were subscribed for. The private placement closed on July 21, 2006 with a total of 1,193,181 Flow-through Common Shares being subscribed for representing $262,499.82 in proceeds. Such Units are comprised of one (1) Flow-through Common Share of Torch and one (1) Common Share Purchase Warrant entitling the holder thereof to one (1) additional Common Share at an exercise price of $0.25 per Common Share. All of the Common Shares have a hold period which shall expire on November 21, 2006 and the Common Share Purchase Warrants are exercisable until July 21, 2007.

The proceeds of the private placement will be used as working capital to fund the continued work program on the mineral properties held by Torch. The private placement is subject to receipt of all necessary regulatory approvals.

Torch further announces that it has commenced its summer drilling program on its Red Bird property on July 18, 2006. Hole RB06-132 has been completed to a depth of 400.8 meters on the Main Zone. It first encountered molybdenum mineralization at a depth of 60 meters with sporadic to significant mineralization occurring to where it ended in mineralization. The Hole was stopped because of a lack of additional drilling rods. Hole RB06-133 is currently being drilled and is located 250 meters west of Hole RB06-132. A map representing the drilling can be found at www.torchriver.ca, as provided by ResourceEye Services Inc. More detailed results will be released as they become available.

The above drilling program is under the direction of Mr. Ron Parent, P.Geo, who has reviewed and takes responsibility for this News Release and is a qualified person under NI 43-101.

Torch 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.
    William E. Pfaffenberger
    President
    (403) 444-6888
    Website: www.torchriver.ca