VANCOUVER, BRITISH COLUMBIA--(Investorideas.com mining stocks newswire - May 11, 2011) - Venerable Ventures Ltd. ("Venerable" or the "Company") (TSX VENTURE:VLV.P) is pleased to provide this update regarding its proposed qualifying transaction (the "Qualifying Transaction"). Robert Carmichael, Landmark Geological Inc. (collectively, the "Optionors") and the Company have entered into a definitive agreement dated April 26, 2011 (the "Option Agreement"), pursuant to which the Optionors have agreed to grant the Company an option to acquire 100% of their right, title and interest in and to certain mining claims located in the Nechako Plateau Area, Omineca Mining Division, near Vanderhoof, British Columbia known as the Trout claims (the "Property"), subject to satisfaction of certain conditions as set out in the Option Agreement, including receipt of the final approval of the TSX Venture Exchange (the "Exchange"). The terms of the Option Agreement were previously disclosed in a press release of the Company dated December 14, 2010.
Venerable has now received conditional acceptance for the Qualifying Transaction from the Exchange and a filing statement (the "Filing Statement") dated May 5, 2011 regarding the Qualifying Transaction has been filed on SEDAR at www.sedar.com. Venerable has also filed on SEDAR a National Instrument 43-101 ("NI 43-101") compliant technical report with respect to the Property entitled, "Technical Report, Trout Property, Nechako Plateau Area, Omineca Mining Division, Central British Columbia, Canada" written by Erik A. Ostensoe, P.Geo., and dated March 23, 2011 (the "Technical Report"). Mr. Ostensoe is a "qualified person" as defined in NI 43-101 and is independent of Venerable and the Optionors. Excerpts from the Technical Report are included in the Filing Statement.
Closing of the Qualifying Transaction is subject to certain conditions, including the final acceptance of the Exchange. The closing is expected to take place on or about May 18, 2011 or such other date as may be determined by the Company. Trading in the shares of the Resulting Issuer (as defined in Exchange Policy 1.1) is expected to commence two business days after the closing under the name "Venerable Ventures Inc.". The trading symbol of the Company will be "VLV".
Completion of the Qualifying Transaction is subject to a number of conditions, including but not limited to, Exchange acceptance. There can be no assurance that the Qualifying Transaction will be completed as proposed or at all.
The TSX Venture Exchange has in no way passed upon the merits of the proposed Qualifying Transaction and has neither approved nor disapproved the contents of this news release.
ON BEHALF OF THE BOARD
VENERABLE VENTURES INC.
Ryan Sharp, President, Chief Executive Officer and Director
Disclaimer for Forward-Looking Information
Statements in this press release regarding the Company which are not historical facts are "forward-looking statements" that involve risks and uncertainties, such as the statement that the closing of the Qualifying Transaction is expected to take place on or about May 18, 2011. Such information can generally be identified by the use of forwarding-looking wording such as "may", "will", "expect", "estimate", "anticipate", "intend", "believe" and "continue" or the negative thereof or similar variations. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties, such as the risk that the closing of the Qualifying Transaction may not occur for any reason. Actual results could differ materially from those currently anticipated in such statements due to factors including, but not limited to, the Exchange failing to grant final acceptance for the Qualifying Transaction for unforeseen reasons. Except as required by law, the Company does not intend to update any changes to such statements.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Published at Investorideas.com
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