ST. CATHARINES, ONTARIO--(Marketwired - April 29, 2013) - Currie Rose Resources Inc. ('the Company') (TSX VENTURE:CUI)(CUIRF)(CDVN.F) is pleased to advise that it has reached agreement to sell the remaining 34% interest in the Jubilee Reef Gold Project in Tanzania, East Africa from joint venture partner, Liontown Resources Limited, giving it 100 per cent ownership of the emerging project.
In consideration for increasing its interest in the Jubilee Reef Project to 100%, Liontown will issue 12 million shares to Currie Rose and make a payment of up to US$120,000 for any transaction costs.
Under the terms of the existing Jubilee Reef Joint Venture Agreement, Currie Rose had a right to receive a 3% net smelter royalty upon its interest being diluted to 5%.
As part of the agreement to acquire the remaining interest, Currie Rose will now receive a 2% net smelter royalty on future gold production from the Jubilee Reef Project.
Liontown will have the option to purchase the 2% net smelter royalty in the event that a Preliminary Economic Assessment is completed for a resource in excess of 250,000oz of gold (or gold equivalent).
BY ORDER OF THE BOARD OF DIRECTORS OF CURRIE ROSE RESOURCES INC.
Harold Smith, Chief Executive Officer
"This news release includes certain forward-looking statements or information. All statements other than statements of historical fact included in this release, including, without limitation, statements relating to the potential mineralization and geological merits of the and properties and other future plans, objectives or expectations of the Company are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events 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 risks relating to the actual results of current exploration activities, fluctuating gold prices, possibility of equipment breakdowns and delays, exploration cost overruns, availability of capital and financing, general economic, market or business conditions, regulatory changes, timeliness of government or regulatory approvals and other risks detailed herein and from time to time in the filings made by the Company with securities regulators. 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 otherwise required by applicable securities legislation."