|December 01, 2011|
Oroandes Purchases 100% of Kilometre 26 Project and Changes Name to Fort St. James Nickel Corp.
THIS PRESS RELEASE IS NOT FOR DISTRIBUTION IN THE UNITED STATES OR TO U.S. NEWS AGENCIES
Vancouver, British Columbia -- December 1, 2011 -- OroAndes Resource Corp. (the "Company") is pleased to announce that, further to its news release of September 12, 2011, upon receiving shareholder approval and acceptance by the TSX Venture Exchange, it has completed the acquisition (the "Acquisition") from Eastfield Resources Ltd. (TSX-V:ETF) ("Eastfield") of a 100% interest in the Kilometre 26 Property (the "Property"). Pursuant to the terms of the purchase agreement between the Company and Eastfield, the Company has issued to Eastfield 20,000,000 common shares in the capital of the Company (the "Payment Shares") and Eastfield has agreed that it will, forthwith upon expiration of the four month and one day hold period (being April 2, 2012), distribute the Payment Shares to Eastfield's shareholders pro-rata in accordance with the number of common shares of Eastfield held by each such shareholder.
As accepted by the TSX Venture Exchange and approved by shareholders at the shareholder meeting held October 28, 2011, the Company has changed its name. At open of trading on Friday, December 2, 2011, the Company's common shares will commence trading on the TSX Venture Exchange in the name Fort St. James Nickel Corp. under the trading symbol "FTJ".
The Property is comprised of 22 map staked mineral claims covering 9,819 hectares located in the Omineca Mining Division of British Columbia, in which the Company has had an option to acquire from Eastfield a 60% interest since September 2009, when it commenced exploration of the Property. As provided for in the purchase agreement between the Company and Eastfield, the option agreement between the Company and Eastfield related to the Property and all of the obligations on the part of both the Company and Eastfield under the option have terminated upon closing of the Acquisition.
Further detail with respect to recent exploration work conducted on the Property is available in the Company's news releases, which have been electronically filed with regulators and are available for viewing on SEDAR under the Company's Issuer Profile.
For further information, please contact:
President and Chief Executive Officer
This news release contains certain statements that may be deemed "forward-looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although OroAndes believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements. Forward looking statements are based on the beliefs, estimates and opinions of OroAndes' management on the date the statements are made. OroAndes Resource Corp. undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change, except as required by law.
Neither the 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 news release.
THIS PRESS RELEASE, REQUIRED BY APPLICABLE CANADIAN LAWS, IS NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES, AND DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED HEREIN. THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO U.S. PERSONS UNLESS REGISTERED OR EXEMPT THEREFROM.
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