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Re: News Releases - Wednesday, July 11, 2007
Primary Metals Receives US$653,000 for Past Debt Settlement
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Primary Metals Inc. ("Primary" or the "Company") (PMI TSXV) is pleased
to announce the receipt of a further net sum of US$653,000 from S.A.
Minera Regina en Liquidaci�n ("Minera Regina") in settlement of certain
past debts. Minera Regina was previously a subsidiary of the Company
with tungsten properties in Peru and funds had been loaned to Minera
Regina before it declared bankruptcy several years ago. Rights to any
benefits arising were transferred to the Company. The loans had been
fully written down at that time and the current payment has been
received as a result of the acquisition of Minera Regina from
liquidation by an unrelated third party.
Primary owns a 100 percent interest in the Panasqueira tungsten mine in
Portugal and is currently producing wolframite concentrates containing
some 100,000 MTUs of tungsten trioxide per annum. The Panasqueira mine
has a long history of production of high-quality wolframite
concentrates and is the dominant producer of high-grade tungsten
concentrates outside China. Further information is available at
www.sedar.com and on the Company's website at www.primarymetals.ca
On Behalf of the Board of Directors,
"James Robertson"
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James Robertson, P. Eng., Director
For further information contact:
Vancouver Office:
James Robertson
Phone: 604.669.8988
Email: info@primarymetals.ca
Website: www.primarymetals.ca
Investor Relations:
Jamie Mathers, Ascenta Capital Partners Inc.
Phone: 604.628.5800 extension 236
Toll free: 1.866.684.4209
Email: jamie@ascentacapital.com
The TSX Venture Exchange does not accept responsibility for the
adequacy or the accuracy of this release.
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Copyright (c) 2007 PRIMARY METALS INC. (PMI) All rights reserved. For
more information visit our website at http://www.primarymetalsinc.ca/
or send mailto:info@primarymetalsinc.ca
Message sent on Tue Jul 10, 2007 at 2:58:49 PM Pacific Time
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