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Huakan International Mining Inc. Sells
Myrtle-Proserpine and Promise Properties
May 13, 2011 � Vancouver, British
Columbia.� Huakan
International Mining Inc. (TSX-V: HK) (the �Company�) announces that it has entered into a
letter agreement dated May 5, 2011 (the �Agreement�) with Barkerville
Gold Mines Ltd. (�Barkerville�) whereby Barkerville may acquire 100% interest in certain mineral
claims groups in the Cariboo District of British
Columbia, namely the Myrtle-Proserpine Property and the Promise
Property.� Pursuant to the Agreement,
the Barkerville will pay the Company $500,000 and
will issue to the Company 412,500 shares at a $1.60 per share.� The Company and Barkerville
also signed a mutual release in full and final settlement of certain disputes
between them relating to the Myrtle-Proserpine Property and the Promise
Property.� Following completion of the
acquisition, the Myrtle-Proserpine Property will remain subject t! o a 3% net smelter return royalty held in favour of Newmont Exploration of Canada Limited.
The acquisition will be subject to
certain conditions including TSX Venture Exchange approval.
For further information please contact:
Jeffrey Ren, Chief Financial Officer at (604) 694-2344
Neither the
TSX Venture Exchange nor its Regulations Services Provider (as that term is
defined in the policies of the TSX Venture Exchange) accept
responsibility for the adequacy or accuracy of this release.
CAUTIONARY
STATEMENTS REGARDING FORWARD LOOKING INFORMATION
Certain of the statements made and information
contained herein may contain forward-looking statements or forward-looking
information within the meaning of applicable securities laws.� Such forward-looking statements or
forward-looking information include, but are not limited to, statements
concerning: the results of the Company�s projects.��� Forward-looking statements or information
include statements regarding the expectations and beliefs of management.
Often, but not always, forward-looking statements and forward-looking
information can be identified by the use of words such as �plans�, �expects�,
�is expected�, �budget�, �scheduled�, �estimates�, �forecasts�, �intends�,
�anticipates�, or �believes� or the n! egatives
thereof or variations of such words and phrases or statements that certain
actions, events or results �may�, �could�, �would�, �might� or �will� be
taken, occur or be achieved.�
Forward-looking statements or information include, but are not limited
to, statements or information with respect to known or unknown risks,
uncertainties and other factors which may cause the actual results,
performance or achievements of the Company, or industry results, to be
materially different from any future results, performance or achievements
expressed or implied by such forward-looking statements or information.�
Forward-looking statements or information are
subject to a variety of risks and uncertainties which could cause actual
events or results to differ from those reflected in the forward-looking
statements or information, including, without limitation, risks and
uncertainties relating to: completion of announced transactions, history of
losses; requirements for additional capital; dilution; loss of its material
properties; interest rates increase; global economy; limited history of
production; speculative nature of exploration activities; periodic
interruptions to exploration, development and mining activities;
environmental hazards and liability; industrial accidents; failure of
processing and mining equipment; labour disputes;
supply problems; commodity price fluctuations; uncertainty of production and
cost estimates; the interpretation of drill results and the estimation of
mineral resources and reserves; legal and regulatory proc! eedings and community actions; title matters; regulatory
restrictions; permitting and licensing; volatility of the market price of
common shares; insurance; competition; hedging activities; currency
fluctuations; and loss of key employees.�
Should one or more of these risks and uncertainties materialize, or
should underlying assumptions prove incorrect, actual results may vary
materially from those described in forward-looking statements or information.
Accordingly, readers are advised not to place undue reliance on
forward-looking statements or information. The Company disclaims any intent
or obligation to update forward-looking statements or information except as
required by law, and you are referred to the full discussion of the Company�s
business contained in the Company�s reports filed with the securities
regulatory authorities in Canada.
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