Kria Resources Update on Business Combination with Beartooth Platinumadmin
Kria Resources announces that it continues to work together with Beartooth Platinum to finish preparations of the management information circular relating to the proposed business combination of Beartooth and Kria. Beartooth expects to hold a shareholders’ meeting in or about the middle of March. The exact date will be announced once it has been established.
As per Beartooth’s press release dated January 22, 2009, “the cash position of Beartooth is a significant concern of the company. Given the global financial and economic turmoil, it has been increasingly difficult for early-stage exploration companies to raise required financing. In this context, management of Beartooth believes that a business combination with Kria offers the best opportunity for the company to continue as a going concern.”
Kria Resources is expected to announce a NI 43-101 compliant mineral resource estimate for the Halfmile Lake and Stratmat properties in New Brunswick, Canada. Kria has initiated a preliminary economic evaluation (scoping study) on the Halfmile Lake property.
Kria Resources is a private base metal exploration and development company focused on high-quality base metal assets including lead, zinc, copper and nickel. Kria’s primary assets include the Ruttan copper-zinc sulphide project near Leaf Rapids, Manitoba and the Halfmile Lake and Stratmat properties near Bathurst, New Brunswick. A NI 43-101 compliant mineral resource estimate for the Ruttan Mine Project estimates inferred resources of 19.75 million tonnes grading 1.17% copper and 1.47% zinc using a 1.0% capped copper equivalent cut-off grade. Kria’s Halfmile Lake and Stratmat Properties are considered two of the largest and highest grade undeveloped stratabound massive sulphide deposits in New Brunswick.