Huakan International Mining Inc. Provides Update on the Net Smelter Returns Royalty Buyout on the Greenwood Gold Project
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 18, 2013) - Huakan International Mining Inc. (TSX VENTURE:HK) (the "Company") reports that the Company has not received from Gold Crown LLC and its wholly owned subsidiary, AMT Industries Canada Inc. (collectively, the "Purchasers"), the payment towards replacement of the Company's reclamation bond and the $4,000,000 balance of the purchase price for acquisition of the NSR (see the news release of the Company dated January 9, 2013).
The Company is working closely with the Purchasers to resolve the issue and will update investors accordingly as the matters progress.
CAUTIONARY STATEMENTS REGARDING FORWARD-LOOKING INFORMATION
Certain of the statements made and information contained herein may contain forward-looking statements or forward-looking information within the meaning of applicable securities laws. Such forward-looking statements or forward-looking information include, but are not limited to, statements concerning the sale of the Greenwood Gold Project assets. Forward-looking statements or information include statements regarding the expectations and beliefs of management. Often, but not always, forward-looking statements and forward-looking information can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or the negatives thereof or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements or information include, but are not limited to, statements or information with respect to known or unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information.
Forward-looking statements or information are subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements or information, including, without limitation, risks and uncertainties relating to: completion of announced transactions, history of losses; requirements for additional capital; dilution; loss of its material properties; interest rates increase; global economy; limited history of production; speculative nature of exploration activities; periodic interruptions to exploration, development and mining activities; environmental hazards and liability; industrial accidents; failure of processing and mining equipment; labour disputes; supply problems; commodity price fluctuations; uncertainty of production and cost estimates; the interpretation of drill results and the estimation of mineral resources and reserves; legal and regulatory proceedings and community actions; title matters; regulatory restrictions; permitting and licensing; volatility of the market price of common shares; insurance; competition; hedging activities; currency fluctuations; and loss of key employees. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements or information. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information. The Company disclaims any intent or obligation to update forward-looking statements or information except as required by law, and you are referred to the full discussion of the Company's business contained in the Company's reports filed with the securities regulatory authorities in Canada.
FOR FURTHER INFORMATION PLEASE CONTACT:
Huakan International Mining Inc.
Chief Financial Officer
(416) 815-0700 ext. 243