Far Resources Provides End of Year Recap
December 8, 2016 – Vancouver, BC: Far Resources Ltd (CSE:FAT) (FSE:F0R) www.farresources.com (“Far Resources” or the “Company”) is pleased to provide this end-of-year update on its corporate activities as 2016 draws to a close.
Results of Annual General Meeting
At the Company’s annual general meeting (the “Meeting”) shareholders re-elected Keith Anderson, Cyrus Driver, Lindsay Bottomer and Frank Anderson. Shareholders elected Jeremy Ross, who was appointed in 2016 to fill the vacancy left by Derek Huston’s resignation and also elected an additional director, Shastri Ramnath, increasing the number of directors to six. Ms. Ramnath is a Professional Geoscientist with over 17 years of global experience within the exploration and mining industry. Ms. Ramnath holds a B.Sc. in Geology from the University of Manitoba, a M.Sc. in Exploration Geology from Rhodes University (South Africa), and an Executive MBA from Athabasca University.
In addition, shareholders reappointed the Company’s auditor and authorized the directors to fix the auditor’s remuneration. For more information on these matters, please refer to Far Resources’ information circular, available on SEDAR (www.sedar.com). Following the AGM, the Board of Directors (the “Board”) re-appointed Mr. Keith Anderson as President and CEO and Mr. Cyrus Driver as CFO of the Company.
The Company completed a private placement financing in November 2016. Funds raised from private placement financings over the course of 2016 have been used to advance the Company’s Zoro Lithium Property drill program and to maintain its properties in Canada and the US.
The Company acquired the Zoro Lithium Property in 2016 and completed a drill program on the property in late October. The Company is awaiting the drill results at this time and will release the results as soon as they are available, which should be sometime between late December and mid-January depending on when the laboratory completes its analyses.
In June 2016, the Company amended its option agreement to acquire up to an 80% interest in and to 20 unpatented and 2 patented mineral claims located in Sierra County, New Mexico, U.S.A. known as the Winston Property and initiated permitting for an exploration program to verify the results from work carried out in the 1980s. The Company continues to work with local authorities with regard to obtaining approval of its permitting application.
Now that the drill program on the Zoro Lithium Property has been completed, Far Resources plans to pursue further exploration at its Winston Property.as weather permits in the spring of 2017. See news release dated February 1 and June 27, 2016 for further details.
The Company optioned its Tchentlo Property to Alchemist Mining Inc. (CSE: AMS) (“Alchemist’) in 2015, and in 2016, the Company and Alchemist amended the terms of the option agreement. Details of the option agreement and the Tchentlo Property are in the Company’s news releases dated June 24, 2014, August 6, 2015 and September 7, 2016.
Keith Anderson, President and CEO of Far Resources commented, “We have had a busy and eventful year, and are very pleased with the progress we are making in advancing both the Zoro Lithium Property and Winston Property projects. We are pleased to welcome Shastri to the Board of Directors and look forward to working with her. Her experience and expertise in exploration, particularly in Manitoba, where our Zoro Lithium Property is located, will be invaluable to us as we move this project forward. In 2016, we settled up a number of obligations with service providers through the issuance of shares. We believe this will allow the Company to move forward into 2017 with an improved balance sheet and a group of dedicated consultants ready to take on new tasks in the New Year. We are looking forward to a successful 2017 and wish to thank all our stakeholders for their ongoing support.”
About the Company
Far Resources Ltd. is an exploration company, publicly traded on the Canadian Securities Exchange under the symbol FAT, focused on the identification and development of high potential mineral opportunities in stable jurisdictions. Please visit our newly updated website at www.farresources.com for full details. Far Resources may acquire or option properties of merit to meet its ongoing goal to locate, advance and unlock the potential of these mineral opportunities. Far Resources has option agreements in place on the Zoro Lithium Property in Manitoba, Canada and the Winston Property in New Mexico, USA. Far Resources has optioned its wholly owned Tchentlo Lake Property in British Columbia, Canada to Alchemist Mining Inc.
ON BEHALF OF THE BOARD OF DIRECTORS OF
FAR RESOURCES LTD.
Keith C. Anderson, President
The Canadian Securities Exchange has neither approved nor disapproved the contents of this news release and accepts no responsibility for the adequacy or accuracy hereof.
This news release contains forward-looking statements, which relate to future events or future performance and reflect management’s current expectations and assumptions. Such forward-looking statements reflect management’s current beliefs and are based on assumptions made by and information currently available to the Company. Readers are cautioned that these forward looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected. All of the forward-looking statements made in this news release are qualified by these cautionary statements and those in our continuous disclosure filings available on SEDAR at www.sedar.com. These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances save as required under applicable securities legislation. This news release does not constitute an offer to sell securities and the Company is not soliciting an offer to buy securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.
This news release does not constitute an offer of securities for sale in the United States. These securities have not and will not be registered under United States Securities Act of 1933, as amended, or any state securities laws and may not be offered or sold in the United States or to a U.S. Person unless so registered, or an exemption from registration is relied upon.