Hunter Bay Minerals Earns 51% Interest in Sela Creek Project
LONDON, UNITED KINGDOM--(Marketwire - Oct. 30, 2012) - Hunter Bay Minerals plc ("Hunter Bay") (TSX VENTURE:HBY)(OTCQX:HTBNF) is pleased to announce that it has earned a 51% interest in the Sela Creek Project in accordance with the terms and conditions of the option agreement dated December 21, 2010 among Hunter Bay, Kudray S.A. (the "Optionee"), a wholly owned subsidiary of Hunter Bay, and Selakriki Okanisi Resources N.V. (the "Owner"). To increase its interest to 51%, the Optionee paid the Owner USD $250,000, Hunter Bay issued the Owner 250,000 ordinary shares and the Optionee incurred USD $2,508,603 in exploration expenditures, of which USD $508,603 in exploration expenditures will be carried over to the next option period to acquire an additional 19% interest in the Sela Creek Project.
About Hunter Bay
Hunter Bay is engaged in the acquisition, exploration and development of mineral resource properties located in South America and Canada. Hunter Bay's lead project is the Sela Creek Project, located in Suriname, which Hunter Bay has an option to acquire up to an eight percent (80%) interest. Hunter Bay also owns a one-hundred percent (100%) interest in the Great Bear Lake Properties located in the eastern side of Great Bear Lake NWT.
Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management's current estimates, beliefs, intentions and expectations. They are not guarantees of future performance. Hunter Bay cautions that all forward looking statements are inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond Hunter Bay's control. Such factors include, among other things: risks and uncertainties relating to Hunter Bay's ability to carry out its proposed exploration program on the Sela Creek Project. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward looking information. Except as required under applicable securities legislation, Hunter Bay undertakes no obligation to publicly update or revise forward-looking information.
FOR FURTHER INFORMATION PLEASE CONTACT:
Hunter Bay Minerals plc
CEO and President