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Thursday, February 19, 2009
Bluerock Resources Sells United States Subsidiary
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Vancouver, B.C., February 19, 2009 -- Bluerock Resources Ltd. (TSX-V:BRD) (the "Company") announces the sale of Bluerock Energy Corp. ("BEC") which includes all the Company's United States assets such as mineral claims, mineral claim options, equipment and leases, with the exception of the Toll Milling agreement with Denison Mines (USA) Ltd. and the Skull Creek Project.. The Company has sold all the shares of BEC to Mancos Resources Inc., a Colorado company, for the sum of one dollar and assumption of all assets and liabilities. The Company viewed the sale of BEC as a requirement as BEC had reached a point where it was unable to meet it's on-going obligations to creditors, and the optimum solution is for a local, on-site company to manage the liquidation of BEC assets.
While the Denison Mines (USA) Ltd., Toll Milling agreement remains in good standing, the sale of BEC may preclude the Company's ability to meet the terms of this agreement. The Company has advised Denison Mines (USA) Ltd. of the situation and is currently in discussion with Denison Mines (USA) Ltd. with respect to the status of this agreement.
Bluerock intends to continue operating as an exploration focused company building and acquiring significant mineral resources.
ON BEHALF OF THE BOARD OF DIRECTORS
Michael Collins
President and CEO
For further information, please contact:
Bluerock Resources Ltd.
350-580 Hornby St,
Vancouver BC, V6C 3B6
Telephone: (604) 687-2471
Facsimile: (604) 687-2472
Website: www.bluerockresources.com
Email: info@bluerockresources.com
FORWARD LOOKING INFORMATION DISCLAIMER
Certain of the statements made and information contained herein is "forward-looking information" within the meaning of the Ontario Securities Act and the Alberta Securities Act, including statements concerning our plans at our mineral projects, which involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Forward-looking information is subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking information, including, without limitation, failure to establish mineral resources; delays in obtaining or failure to obtain required governmental, environmental or other project approvals; changes in national and local government legislation or regulations regarding environmental factors, royalties, taxation or foreign investment; political or economic instability; terrorism; inflation; changes in currency exchange rates; fluctuations in commodity prices; delays in the development of projects; shortage of personnel with the requisite knowledge and skills to design and execute exploration programs; difficulties in arranging contracts for drilling and other exploration and development services; dependency on equity market financings to fund programs and maintain and develop mineral properties; risks associated with title to resource properties, and difficulties of determining the validity of certain tenures and other risks and uncertainties, including those described in each management discussion and analysis. In addition, forward-looking information is based on various assumptions including, without limitation, the expectations and beliefs of management; the assumed long-term price of U308; the availability of permits and surface rights; access to financing, equipment and labour and that the political environment within Canada, the United States of America will continue to support the development of environmentally safe uranium mining projects. 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. Accordingly, readers are advised not to place undue reliance on forward-looking information. Except as required under applicable securities legislation, the Company undertakes no obligation to publicly update or revise forward-looking information, whether as a result of new information, future events or otherwise.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release
You can also view this News Release on our website at:
http://www.bluerockresources.com/s/NewsReleases.asp?ReportID=338680 |
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