Waymar Resources Ltd.
TSX VENTURE : WYM.V

Waymar Resources Ltd.

March 29, 2007 14:05 ET

Waymar Announces Intention to Review Termination Letter Received From Tarim Resources Company Limited

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 29, 2007) -

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

Waymar Resources Ltd. (TSX VENTURE:WYM.V) ("Waymar") announced that it has received a letter of termination (the "Termination Letter") from Tarim Resources Company Limited ("Tarim") purporting to terminate the letter of intent and term sheet entered into by Waymar and Tarim dated January 18, 2007, as amended (the "Term Sheet"). As announced on January 19, 2007, pursuant to the Term Sheet, Waymar and Tarim had agreed, among other things, to enter into a definitive agreement whereby Waymar would acquire all of the issued and outstanding shares of Tarim (the "Proposed Acquisition").

Waymar agreed to numerous extensions to the time frames in the Term Sheet in order to allow Tarim to deliver basic industry standard due diligence materials. In the Termination Letter, Tarim claims that all reasonable commercial efforts were exerted to satisfy the necessary closing conditions and that the Proposed Acquisition can not be completed because certain of the closing conditions have not been satisfied or waived. Waymar does not agree and is reviewing the Termination Letter with its legal counsel and will respond appropriately. In Waymar's view, the Termination Letter does not constitute a legal termination of the Term Sheet, the Proposed Acquisition or Tarim's obligations relating thereto.

Dated at Vancouver, British Columbia this 29th day of March, 2007.

ON BEHALF OF THE BOARD OF WAYMAR RESOURCES LTD.

Stephen Barley, President

This news release may contain forward-looking statements based on assumptions and judgments of management of the Company regarding future events or results. Such statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking statements. The Company disclaims any intention or obligation to revise or update such statements except as may be required by law.

This news release shall not constitute an offer to sell or the solicitation of an offer to buy the securities in any jurisdiction. The securities offered have not and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and many not be offered or sold in the United States except in certain transactions exempt from the registration requirements of the U.S. Securities Act and applicable states securities laws.

Shares Outstanding: 16,796,410

The TSX Venture Exchange (TSX) has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Waymar Resources Ltd.
    Stephen Barley
    Director
    (604) 926-4300
    Email: sbarley@shaw.ca