IGC Resources Inc.: Termination and Surrender of Blackburn Project Sub-Leases
June 23 2010 - 12:13PM
Marketwired
In a resolution dated 21 June 2010, the Directors of IGC Resources
Inc. (the "Company") (TSX VENTURE: IGC)(PINK SHEETS:
IGCGF)(FRANKFURT: I6G) has terminated the Blackburn Project and
surrendered all its interests in the project, including all
sub-leases effective immediately such that the Company will have no
further interests in the subject property.
Due to overall changes in the financial markets since 2007,
which severely impacted the Company's ability to raise additional
development capital, and due to the lower than expected exploration
results, the Company has not undertaken exploration work for some
time and has not met minimum work commitments.
Mr Clive Hartz, (Chairman), is a related party to the current
leaseholder, Great Southern Resources Pty Ltd. and disclosed his
interest in the subject matter of this resolution.
DATED at Kelowna BC, this 23rd June, 2010.
About IGC Resources Inc.: IGC's principal business activities
are the exploration and development of its gold, copper, uranium
and coal projects while continuing to investigate other mineral
resource prospects for potential acquisition globally.
www.igcresources.com
Statements in this release may constitute forward-looking
statements which involve known and unknown inherent risks and
uncertainties that are detailed in IGC's periodic filings with
Canadian securities regulators. Given these risks and
uncertainties, investors should not place undue reliance on
forward-looking statements as a prediction of actual results.
Actual events or results could differ materially from IGC's
expectations and projections.
The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of this release.
Contacts: IGC Resources Inc. John McColl Director/Compliance
Manager +1 (250) 868-0868 igcresources@gmail.com
www.igcresources.com