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From: Er-News (er_news@dehai.org)
Date: Tue Aug 30 2011 - 22:14:54 EDT
Aug. 30, 2011, 5:34 p.m. EDT
Tigray Resources Inc. to Commence Trading on the TSX Venture Exchange
VANCOUVER, BRITISH COLUMBIA, Aug 30, 2011 (MARKETWIRE via COMTEX) --
Tigray Resources Inc. ("Tigray" or the "Company") is pleased to
announce it will begin trading on the TSX Venture Exchange on August
31, 2011 under the symbol TIG.
Tigray was created as a spin-out from Canaco Resources Inc. (tsx
venture:CAN) and owns 70% of the Harvest project in Ethiopia, a
polymetallic VMS property covering 362 square kilometres in the
Neoproterozoic Asmara volcanogenic belt that stretches southward from
Eritrea. Prior to the spin-out of Tigray, Canaco drilled 12 holes at
Harvest as part of its due diligence process in acquiring the
project, 10 of which contained significant mineralization along a
strike length of 850 metres and identified a favourable volcanogenic
massive sulfide (VMS) mineralized horizon capped by an oxide gold
zone. The Company recently launched an 11,000-metre first phase drill
program, with one rig currently drilling and up to two more planned
in the coming weeks.
Tigray President and CEO Andrew Lee Smith said: "We are excited to
see Tigray come to trade and we believe it represents a unique
opportunity for investors to gain exposure to the emerging mineral
exploration sector in Ethiopia. Our first phase drill program at
Harvest is now under way at Terakimti, one of six concessions on the
Harvest property, where our due diligence drilling last year led to
the discovery of significant oxide gold and primary VMS
mineralization and identified potential for supergene mineralization."
About Tigray
Tigray is a Canadian mineral exploration company focused on advancing
early stage mineral projects in the Tigray region of Ethiopia.
Tigray's key property is the 70%-owned Harvest VMS project, located
600 kilometres north-northwest of the capital city of Addis Ababa.
Tigray trades on the TSX Venture Exchange under the symbol TIG.
On behalf of the Board of Directors:
Andrew Lee Smith, P.Geo., President, CEO and Director
Cautionary Statement Regarding Forward-Looking Information
This news release contains "forward-looking information" within the
meaning of applicable Canadian securities legislation. Generally,
forward-looking information can be identified by the use of forward-
looking terminology such as "anticipate", "believe", "plan",
"expect", "intend", "estimate", "forecast", "project", "budget",
"schedule", "may", "will", "could", "might", "should" or variations
of such words or similar words or expressions. Forward-looking
information is based on reasonable assumptions that have been made by
the Company as at the date of such information and is subject to
known and unknown risks, uncertainties and other factors that may
cause the actual results, level of activity, performance or
achievements of the Company to be materially different from those
expressed or implied by such forward-looking information, including
but not limited to: risks associated with mineral exploration and
development; metal and mineral prices; availability of capital;
accuracy of the Company's projections and estimates; interest and
exchange rates; competition; stock price fluctuations; availability
of drilling equipment and access; actual results of current
exploration activities; government regulation; political or economic
developments; environmental risks; insurance risks; capital
expenditures; operating or technical difficulties in connection with
development activities; personnel relations; the speculative nature
of strategic metal exploration and development including the risks of
diminishing quantities of grades of reserves; contests over title to
properties; and changes in project parameters as plans continue to be
refined, as well as those risk factors set out in the Company's
listing application dated August 18, 2011. Forward-looking statements
are based on assumptions management believes to be reasonable,
including but not limited to the price of gold; the demand for gold;
the ability to carry on exploration and development activities; the
timely receipt of any required approvals; the ability to obtain
qualified personnel, equipment and services in a timely and cost-
efficient manner; the ability to operate in a safe, efficient and
effective manner; and the regulatory framework regarding
environmental matters, and such other assumptions and factors as set
out herein.
Although the Company has attempted to identify important factors that
could cause actual results to differ materially from those contained
in forward-looking information, there may be other factors that cause
results not to be as anticipated, estimated or intended. There can be
no assurance that such information will prove to be accurate, as
actual results and future events could differ materially from those
anticipated in such information. Accordingly, readers should not
place undue reliance on forward-looking information. The Company does
not undertake to update any forward-looking information that is
included herein, except in accordance with applicable securities laws.
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.
Contacts:
Tigray Resources Inc.
Meghan Brown
Director Investor Relations
604-488-2557
investors@tigray.ca
www.tigray.ca
SOURCE: Tigray Resources Inc.
mailto:investors@tigray.ca
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