Selwyn Announces Korea Zinc Warrants Exercise
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 07/07/11 -- Selwyn Resources Ltd. ('Selwyn') (TSX VENTURE: SWN) is pleased to announce that one of its major shareholders, Pan-Pacific Metal Mining Corporation ('Pan-Pacific'), a wholly-owned subsidiary of Korea Zinc Company, exercised its warrants and acquired 15,000,000 common shares of Selwyn. The warrants were exercised in two equal tranches on June 03, and July 06, 2011 for proceeds of $2,250,000 to Selwyn. With the exercise of the warrants, Korea Zinc Company, through Pan-Pacific and Colwell Kennedy Australia Pty Ltd, a wholly owned Australian subsidiary of it, now beneficially owns a total of 65,713,000 shares of Selwyn representing 19.52% out of total issued shares of Selwyn.
Korea Zinc is a major zinc smelting company and has been a shareholder since June 2009. Selwyn is pleased with its continued support and interest in Selwyn and its projects.
Selwyn's focus is the exploration and development of its properties that make up the Selwyn Project in the Yukon, which hosts large tonnages of zinc-lead mineralization. The known deposits have the potential for large scale production, and the potential to provide a secure supply of zinc and lead to meet the future needs of the zinc and lead markets in Asia and beyond. The recently announced acquisition of the assets of ScoZinc Limited provides Selwyn with a second opportunity for growth and the potential for production revenues in 2012.
This press release contains forward-looking statements concerning mineralization at the Selwyn Project. These forward- looking statements are based on assumptions and judgments of management regarding future events or results that may prove to be inaccurate as a result of geological variability and other risk factors beyond Selwyn's control. As a result, actual results may differ materially from the expected results. Additional drilling is required to confirm the potential of the new discovery areas and expansions of the current resource areas and the extension of the higher grade deep mineralization to depth. There is no assurance that such additional drilling will expand mineral resources or that the resources being defined can be developed as an economically attractive mine, and there are many uncertainties associated with permitting and other factors that could delay such development.
Neither 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
1 (604) 801-7240 or Toll-Free: 1 (888) 989-9188
Selwyn Resources Ltd.
Catalin Chiloflischi
Manager of Investor Communications
1 (604) 801-7240 or Toll-Free: 1 (888) 989-9188
1 (604) 689-8355 (FAX)
info@selwynresources.com
www.selwynresources.com