Rio Cristal Resources and MMRE End Negotiations
VANCOUVER, BRITISH COLUMBIA and LIMA, PERU--(Marketwire - Oct. 26, 2012) - Rio Cristal Resources Corporation (TSX VENTURE:RCZ)(BVL:RCZ) ("Rio Cristal" or the "Company") announces that MMR Exploration Ltd ("MMRE") has withdrawn from negotiations to form a joint venture on the Company's Bongara zinc project. The Company and MMRE had entered into a non-binding agreement dated August 9, 2012 (see news release dated August 9, 2012) to pursue a joint venture, which agreement has now been terminated.
Thomas Findley, the Company's President and CEO, said, "It is unfortunate that mutually agreeable commercial terms could not be reached but we remain confident that a suitable partner will be brought in to advance this under-explored, exciting zinc project located within a developing MVT type zinc district."
About Rio Cristal Resources Corporation
Rio Cristal Resources is a Canadian corporation focused on development of the 18,000 hectare Bongara zinc property in northern Peru, which includes four separate exploration projects. The Company is also actively reviewing other zinc, gold and copper prospects in Peru. The Company's shares are listed on the TSX Venture Exchange and the Bolsa de Valores de Lima (Lima Stock Exchange) under the symbol RCZ.
This news release includes certain "forward-looking information" under applicable Canadian securities legislation, being the statements as to the Company's exploration of other opportunities to develop the Bongara property and its review of other project. There can be no assurance such exploration and review will lead to a transaction, and actual results and future results, events and objectives could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from Rio Cristal's expectations include the failure to complete a definitive agreement to develop the Bongara property.
This news release does not constitute an offer to sell or solicitation of an offer to sell any securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
FOR FURTHER INFORMATION PLEASE CONTACT:
Rio Cristal Resources Corporation
511 628-5124 ext. 102