Rio Cristal Announces Termination Of Option Agreement
May 17th, 2013
Vancouver, Canada and Lima, Peru - (17 May 2013) Rio Cristal Resources Corporation (TSXV:RCZ) ("RCZ", "Rio Cristal" or the "Company") announces that it has terminated its option agreement to acquire the Bongará zinc property in Northern Peru effective May 16, 2013.
Thomas Findley, President and CEO of the Company said "we are disappointed to drop the option to acquire the Bongará property but the lack of financing over an extended period of time in the Canadian and Peruvian equity markets leaves us no choice. The current option agreement includes significant payments which, with the carrying cost of the property, the Company is unable to support. During the past twelve months we discussed the possibility of establishing a joint venture for the project with over a dozen companies but we were not successful in the current environment."
"Going forward" Findley said, "we will seek strategic partners and investors so that we may continue to explore for mineral projects in Peru, a country with significant potential for mineral discoveries. The Company has identified six projects which it would pursue as exploration projects if funding was available."
About Rio Cristal Resources Corporation
Rio Cristal Resources is a Canadian corporation focused on exploration projects in Peru.
The Company's shares are listed on the TSX Venture Exchange and the Bolsa de Valores de Lima (Lima Stock Exchange) under the symbol RCZ.
For further information for investors, please contact the Company via email at email@example.com.
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. This news release includes certain "forward-looking information" under applicable Canadian securities law, being the statements as to the Company's plans to seek partners and investors. Although management considers such statements to be reasonable, actual results could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's plans or expectations include commodity prices, availability of capital and financing, general economic, market or business conditions, and regulatory changes. Accordingly, you should not place undue reliance on forward-looking information. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise except as required by applicable securities legislation.