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Tuesday, July 21, 2009
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TSX:
VTR
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Bui
Dam Update - Ghana
Toronto,
ON - July 21, 2009 - Volta Resources Inc.
("Volta" or the "Company") (TSX:VTR) has
received a copy of a letter from the Environmental Protection Agency
("EPA") to the Ghana Minister of Science, Environment and
Technology relating to the Company's properties on the Bui Belt in Ghana.
The EPA has indicated that they do not approve of mineral exploration
activity within the proximity of the Bui Dam Project because they consider
that potential exploitation of a mineral resource may impact on the
structural integrity of the dam. Consequently, the EPA has decided not to
renew the Company's Environmental Permits for Mineral Exploration
("EPA Permits"). The Company has not been provided with a
technical explanation or at what distance the EPA considers exploration or
potential mining activities may have an effect on the integrity of the dam
infrastructure. The Company has seven prospecting license on the Bui Belt,
none of which is closer than 20 kilometres from the dam infrastructure and
all licenses are downstream of the dam wall and therefore outside the
drainage system within the catchment area of the dam. The Company has met
all of the requirements and conditions pertaining to the renewal of these
EPA Permits and therefore believes it is in full compliance. All other
statutory conditions required to maintain the prospecting licenses in good
standing have also been met.
The Company has not received direct and formal notification from the Ghana
Minerals Commission of how the current situation impacts on the Company's
valid licenses. Consequently, the Company has requested a meeting with the
Ghana Minister of Mines and Energy in order to clarify the situation and
facilitate resolving the issues relating to the renewal of the permits.
Work programs on these permits will continue to be suspended until this
issue is resolved.
Given the uncertainty of the current situation, as discussed above, the
Company will continue to evaluate further action and determine, if any, the
impact on the carrying value of these mineral interests in the Company's
financial statements.
Volta is a mineral exploration company primarily focused on becoming a
leader in the identification, acquisition and exploration of gold
properties in West Africa. The Company is committed to West African
exploration and is Canadian-based with its head office in Toronto, Ontario
and operations offices in Accra, Ghana and Ouagadougou, Burkina Faso.
For further information, please refer to our website www.Voltaresources.com
or contact:
Vic King, COO
Tel: +44 788 400 3007
Email: vking@voltaresources.com
Forward Looking Information Caution:
This press release presents
"forward-looking statements" within the meaning of Canadian
securities legislation that involve inherent risks and uncertainties.
Forward-looking statements include, but are not limited to, statements with
respect to the renewal of the Bui Dam prospecting permits and government
regulation of mining operations. Generally, these forward-looking
statements can be identified by the use of forward looking terminology such
as "plans", "expects" or "does not expect",
"is expected", "budget", "scheduled",
"estimates", "forecasts", "intends",
"anticipates" or "does not anticipate", or
"believes", or variations of such words and phrases or state that
certain actions, events or results "may", "could",
"would", "might" or "will be taken",
"occur" or "be achieved". Forward-looking statements
are subject to known and unknown risks, uncertainties and other factors
that may cause the actual results, level of activity, performance or
achievements of Volta to be materially different from those expressed or
implied by such forward looking statements, including but not limited to:
risks related to international operations and delays in obtaining
governmental approvals. Although the management and officers of Volta
believe that the expectations reflected in such forward-looking statements
are based upon reasonable assumptions and have attempted to identify
important factors that could cause actual results to differ materially from
those contained in forward-looking statements, there may be other factors
that cause results not to be as anticipated, estimated or intended. There
can be no assurance that such statements will prove to be accurate, as
actual results and future events could differ materially from those anticipated
in such statements. Accordingly, readers should not place undue reliance on
forward-looking statements. Volta Resources does not undertake to update
any forward-looking statements that are incorporated by reference herein,
except in accordance with applicable securities laws.
�
2009, Volta Resources Inc., All Rights Reserved.
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