VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 19, 2012) - Selwyn Resources Ltd. (TSX VENTURE:SWN) ("Selwyn") announces that Selwyn Chihong Mining Ltd. ("Selwyn Chihong" or "SCML"), the joint venture company formed by Selwyn and Chihong Canada Mining Ltd. to advance the Selwyn Project, has entered into an Interim Measures Agreement (IMA) with Ross River Dena Council and Liard First Nation on behalf of all Kaska communities including Daylu Dena Council, Kwadacha, and Dease River First Nation.
"Selwyn Chihong is encouraged by this significant step forward in our relationship with the Kaska," said Justin Himmelright, Vice President of Environment and Community Affairs for Selwyn. "The Interim Measures Agreement establishes the framework for SCML and the Kaska to work to advance the Project through final feasibility, permitting, and into construction. We expect to begin negotiations of a Socio-economic Participation Agreement very soon. The Socio-economic Participation Agreement will guide our relationship for the operations phase of the Project."
"This agreement is another significant step in our efforts to participate in the economy of our traditional lands," said Chief Jack Caesar. "By entering this agreement, Selwyn Chihong has demonstrated the level of respect for our people and our lands that we expect from all resource companies operating on our traditional lands. We look forward to working cooperatively with Selwyn Chihong and wish them every success with their continued project activities."
Liard First Nation Chief, Liard McMillan, said of the IMA, "This Interim Measures Agreement is an important first step in terms of the relationship. It governs how the Kaska will be engaged during the exploration and feasibility discovery phase of the Project. We were pleased to be able to work with SCML and all the Kaska to reach this IMA and look forward to completing a Socio Economic Participation Agreement that would define our relationship should SCML decide to advance the project to the next level."
This press release contains forward-looking statements concerning the advancement of the Selwyn Project and the results of the feasibility study that is being carried out on 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 market conditions for commodities, the results of exploration activities and engineering studies, the availability of capital on terms acceptable to Selwyn and other risk factors beyond Selwyn's control As a result, there is no assurance that the Selwyn Project will be advanced to production or that timelines for development of the Selwyn Project will be achieved.
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.