Selwyn Provides Update on Liard First Nation's Legal Action
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 11/25/10 -- Selwyn Resources Ltd. (TSX VENTURE: SWN) (Company) informs investors that Selwyn Chihong, the Company's 50% joint venture company, formed to advance the Selwyn Project to feasibility study and production, has, together with the Yukon Government and certain government officials and departments, been named as respondents in a court action taken by Liard First Nation (LFN). LFN is seeking cancellation of an amendment to the Mining Land Use Permit that was issued to Selwyn by the Yukon Government's Energy Mines and Resources. The permit amendment provides Selwyn Chihong certain of the approvals necessary to undertake a proposed underground exploration and development project.
On November 16, 2010, Liard First Nation petitioned the Supreme Court of the Yukon to withdraw the Decision Document that was issued in respect of the project proposal submitted to Yukon Enivronment and Socioeconomic Assessment Board (YESAB) on the grounds that its concerns outlined in a technical report that it had submitted to YESAB were not adequately considered. Liard First Nation engaged independent advisors to review Selwyn's project proposal and submitted comments in the form of two Technical Reports to YESAB and Energy Mines and Resources. The amendment to Selwyn Chihong's Mining Land Use Permit was released after the submission of the second technical report.
Selwyn Chihong is named as a respondent in the court petition along with the Minister of Energy Mines and Resources, Yukon Government and Robert Holmes the Director of Mineral Resources. Selwyn Chihong has no reason to believe that any of the respondents have failed to follow due process in this matter and Selwyn Chihong plans to file its response to the action in a timely matter. At the time of this release, Selwyn Chihong has not been served with documents relating to the action.
Selwyn Chihong has not undertaken any site work for the proposed work related to the Amended Mining Land Use Permit and is awaiting its Type B Water Licence from the Yukon Water Board before commencing such work. Current site work, consisting primarily of diamond drilling related to the upgrading of mineral resources, is not affected by this action.
This news release contains forward-looking statements concerning the development of the Selwyn Project. These statements are based on assumptions and judgments of management regarding future events or results that may prove to be inaccurate as a result of failure to obtain necessary regulatory or shareholder approvals, exploration and other risk factors beyond Selwyn's control. There can be no assurance that such forward-looking statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements contained in this news release.
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 release.
Contacts:
Selwyn Resources Ltd.
Dr. Harlan Meade
President and CEO
(604) 801-7240 or Toll-free: 1-888-989-9188
Selwyn Resources Ltd.
Catalin Chiloflischi
Manager of Investor Communications
(604) 801-7240 or Toll-free: 1-888-989-9188
(604) 689-8355 (FAX)
info@selwynresources.com
www.selwynresources.com