TORONTO, July 13, 2011 /PRNewswire/ -- Sillenger
Exploration Corp. ("Sillenger") (OTCQB:SLGX), is pleased to
announce that it has completed an agreement (the "Brilliant/Ivory
Agreement") with Brilliant Mining Corp. ("Brilliant") (TSXV:BLT)
and its subsidiary, Ivory Resources Inc. ("Ivory"), pursuant to
which Sillenger received CDN$2
million worth of securities of Brilliant in exchange for the
release of Sillenger's rights in a contract with the government of
the Republic of Equatorial Guinea
(the "EG Agreement").
Sillenger originally received an assignment of the EG Agreement
from FCMI Global Inc. ("FCMI") in June
2010. The EG Agreement provides that FCMI will fly an
aerial survey over certain parts of Equatorial Guinea in exchange for certain
concessions to exploit the natural resources discovered as a result
of such aerial survey. Pursuant to the Brilliant/Ivory
Agreement, Ivory, or its designee, acquired all of the outstanding
shares of FCMI and a release from Sillenger of its rights in the EG
Agreement in exchange for the issuance to Sillenger of 7,407,407
units of Brilliant (the "Units") at a deemed issue price of
$0.27 CDN per Unit for an aggregate
value of $2,000,000 CDN. Each Unit
consists of one Common Share of Brilliant and one Common Share
purchase warrant, which entitles the holder to acquire one (1)
Common Share of Brilliant at an exercise price of $0.45 CDN for a period of two (2) years from the
date of issuance. The Units are subject to a standard four (4)
month hold period. On May 11,
2011, Brilliant also announced the completion of a private
placement at $0.27 per Unit for gross
proceeds of $23,000,000.
"This transaction is an endorsement of our business model as a
catalyst for governments to attract foreign investment to help
unlock their natural resource wealth, promote private sector
growth, and establish the foundations for sustainable economic
prosperity," stated Mr. John
Gillespie, President of Sillenger. "The Brilliant Units
represent Sillenger's ongoing carried interest in the Equatorial Guinea project, and are a tangible
asset that could potentially add significant future value for
Sillenger shareholders"
About Sillenger Exploration Corp.
Sillenger is a natural resource development company dedicated to
bringing a progressive, creative and proprietary approach to
natural resource exploration.
The Sillenger CLP Claims Licensing Program®
is a turnkey process used in partnership with Governments to
improve the way their natural resources are managed. Sillenger's
Government partners provide a "fast-track" to expediting all
necessary permits, licenses, legal, and other bureaucratic
documentation and procedures that exploration and extraction
companies would require in order to begin their work programs in
these countries.
Forward-Looking Statements
Information in this press release may contain 'forward-looking
statements.' Statements describing objectives or goals or Sillenger
future plans are also forward-looking statements and are subject to
risks and uncertainties, including the financial performance of
Sillenger and market valuations of its stock, which could cause
actual results to differ materially from those anticipated.
Forward-looking statements in this news release are made pursuant
to the 'Safe Harbor' provisions of the United States Private
Securities Litigation Reform Act of 1995.
Contact:
Sillenger Exploration Corp
Email: info@sillenger.com
Website: http://www.sillenger.com
SOURCE Sillenger Exploration Corp.