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TORONTO, ONTARIO--(Marketwire - Aug.
26, 2009) - Nevoro Inc. (TSX:NVR) ("Nevoro") announces that
it has completed the purchase of the property, plant and equipment
("Stillwater Assets") of Kria Resources Inc. (TSX
VENTURE:KIA) ("Kria") in the Stillwater Complex, Montana.
Kria obtained its Stillwater Assets as a result of its recent business
combination with Beartooth Platinum Corporation
("Beartooth").
As announced on June 15, 2009, Nevoro entered into an agreement with
Beartooth (now Kria) to purchase the Stillwater Assets for
consideration of $1,500,000 to be satisfied by the issue by Nevoro of
15,000,000 common shares in the capital of Nevoro and warrants to
acquire 7,500,000 additional common shares of Nevoro at a price of
$0.20 at any time prior to the day that is 18 months from the Closing
Date.
This purchase more than quadruples Nevoro's mineral properties in the
Stillwater Complex to a total of more than 18,000 acres (greater than
7,300 hectares). This incorporates an unprecedented land package that
includes all of the identified historical deposits and nearly all the
important exploration targets occurring in the region outside of the JM
Reef, which adjoins Nevoro's properties. The JM Reef is host to one of
the world's largest and richest platinum group elements (PGE)
operations and is currently being mined by Stillwater Mining Company. Nevoro's
properties include important Ni-Cu sulfide and chromite occurrences as
well as PGE.
Victor Bradley, Executive Deputy Chairman of Nevoro commented,
"This transaction successfully consolidates Nevoro's land position
in the Stillwater area, covering all known mineral occurrences outside
of the Stillwater Mine itself. The enlarged property package will add
substantially to the Nevoro assets brought to the merger with Starfield
Resources Inc. (TSX:SRU)
("Starfield"). This will benefit all Starfield shareholders
in the future."
A detailed review of the history, geology and exploration potential of
the Stillwater region is available in a recent NI-43-101 report prepared
on Nevoro's behalf prior to purchase of Kria's Stillwater Assets. This
report is available for download on Sedar at www.sedar.com.
About Nevoro
Nevoro Inc. is a TSX-listed exploration and development company focused
on the discovery of precious and base metals primarily in the western
USA. Nevoro holds the Stillwater nickel-copper-cobalt-PGE-chromite
project in Montana with historic copper, nickel, chromite resources
(non 43-101 and not to be relied on), the Moonlight copper project in
California, and eight gold exploration projects in Nevada.
Forward-Looking Statements
This news release may contain certain information that constitutes
forward-looking statements. Forward-looking statements are frequently
characterized by words such as "plan," "expect,"
"project," "intend," "believe,"
"anticipate" and other similar words, or statements that
certain events or conditions "may" or "will" occur.
Forward-looking statements are based on the opinions and estimates of
management at the date the statements are made, and are subject to a
variety of risks and uncertainties and other factors that could cause
actual events or results to differ materially from those projected in
the forward-looking statements. These factors include the inherent
risks involved in the exploration and development of mineral
properties, the uncertainties involved in interpreting drilling results
and other geological data, fluctuating metal prices and other factors
described above and in the Company's most recent annual information
form under the heading "Risk Factors" which has been filed
electronically by means of the Canadian Securities Administrators'
website located at www.sedar.com.
The Company disclaims any obligation to update or revise any
forward-looking statements if circumstances or management's estimates
or opinions should change. The reader is cautioned not to place undue
reliance on forward-looking statements.
For more information, please visit the Nevoro Inc. website at www.nevoro.com.
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