VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 27, 2012) - Valterra Resource Corporation (TSX VENTURE:VQA)(FRANKFURT:3VA) ("Valterra" or the "Company") reports the results of its 2012 Annual General Meeting held today. All ordinary resolutions placed before the meeting were passed. Shareholders re-elected Lawrence Page, Q.C., Edward Odishaw, Barry Schindel, Derek Page, Brian McGrath and Jean-Pierre Colin as directors of the Company for the ensuing year. Smythe Ratcliffe LLP, Chartered Accountants were reappointed as auditors of Valterra and the Company's rolling stock option plan was approved. The directors subsequently reappointed Frederick Sveinson as President, Courtney Shearer as Vice President, Lawrence Page as Chairman, Mahesh Liyanage as Chief Financial Officer and Arie Page as Corporate Secretary.
An ordinary resolution authorizing the approval of a proposed consolidation of the issued common shares of Valterra was also passed. At a subsequent meeting of the Company's board of directors, approval was given for consolidation of the issued common shares of the Company on a 1 new share for 10 old shares basis. As at the date hereof, there are an aggregate of 93,590,322 common shares issued and outstanding. It is expected that upon completion of the share consolidation there will be an aggregate of approximately 9,359,032 common shares issued and outstanding. Valterra's management believes that the share consolidation will result in greater investor interest and improved trading liquidity and that it will facilitate future financing of the Company. The share consolidation is subject to TSX Venture Exchange acceptance. Once such acceptance is obtained, Valterra will issue a further news release and will send shareholders a letter of transmittal advising that the share consolidation has taken effect and instructing shareholders to surrender the certificates evidencing their pre‐consolidation common shares for replacement certificates representing post‐consolidation common shares. The Company's name will remain the same.
Bobcaygeon Graphite Property Exploration Update
Valterra received analyses from three grab and select chip samples from the Bobcaygeon Graphite Property located in Southern Ontario which continue to return high-grade graphitic carbon assay results.
Assay highlights include:
||Float Grab Sample
||Float Grab Sample
||0.5m Select Trench Chip Sample
Samples were analyzed by LECO for graphitic carbon (Cg) by SGS Labs in Lakefield, Ontario. Samples were roasted at 550C degrees, then mixed with nitric acid and de-ionized water, digested and filtered. The filtered residue is mixed with metal accelerators and placed in the LECO IR combustion system. The residual carbon is taken as graphitic carbon. Cautionary Note to Investors: The grab samples are selective by nature and are unlikely to represent average grades on the deposit.
The new sampling included two float samples and one select chip sample collected from a near surface trench in May 2012 by Valterra personnel. The results are consistent with earlier reported grab assays from the property that were provided by the vendor (see NR-04-12). Valterra's exploration was conducted in the vicinity of Bass Lake near the City of Peterborough which is approximately 1.5 hours' drive north of Toronto and is close to transport, power, and numerous services.
Based on the favourable results returned to date, Valterra has also staked over 2,000 additional hectares and now controls more than 75 square kilometres. The property package is well located on the border of the Precambrian Grenville Province and the Paleozoic Lowlands forming a prospective locale for potential graphitic deposits. The graphite vein occurrences are within calcitic marbles sitting west of a syenitic amphibolite unit and the contact is traceable for up to 10-12 kilometres.
2012 Graphite Exploration Proposal
In 2012, Valterra is planning to conduct a ground-based gridding and geophysical survey over the primary trench region in order to detect conductive zones and bodies which may be associated with graphite. Contingent on results, trenching, sampling, and 500-1,000 metres of diamond drilling is proposed.
About Valterra Resource Corporation
Valterra is a Manex Resource Group company. The group provides expertise in exploration, administration, and corporate development services for Valterra's mineral properties located in British Columbia and Ontario. Valterra is focussed on early stage properties with the potential to host large deposits, in regions with excellent infrastructure. Over the last several years, Valterra has acquired and been exploring several key projects including "Star-Toughnut", "Swift Katie" and "Bobcaygeon" which are located near roads, rail, power, and resource communities in Canada.
Brian McGrath, P.Geo., is the Qualified Person responsible for reviewing the technical information presented in this release.
On behalf of the Board of Directors,
Lawrence Page, Q.C., Chairman and Director, Valterra Resource Corporation
For further information, please visit Valterra's website at www.valterraresource.com.
This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. These statements are based on a number of assumptions, including, but not limited to, assumptions regarding general economic conditions, interest rates, commodity markets, regulatory and governmental approvals for Valterra Resource Corporation's projects, and the availability of financing for Valterra Resource Corporation's development projects on reasonable terms. Factors that could cause actual results to differ materially from those in forward looking statements include market prices, exploitation and exploration successes, the timing and receipt of government and regulatory approvals, and continued availability of capital and financing and general economic, market or business conditions. Valterra Resource Corporation does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent required by applicable law.
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.