2013-01-23 14:31:32 -
This news release is not for distribution or dissemination in the United States of America
Toronto, Ontario CANADA, January 23, 2013 /FSC/ - Zara Resources Inc. (ZRI - CNSX)
Further to its press release of December 17, 2012, Zara Resources Inc. ("Zara") is pleased to announce that it has completed its acquisition of the Riverbank claims ("Riverbank") from Melkior Resources Inc. The consideration for 100% of Riverbank was $68,000 payable by the issuance of 225,000 common shares of Zara at a deemed price of $0.10 per share, and 455,000 non-voting convertible 5% preference shares of Zara at a deemed price of $0.10 per share. The preference shares annual yield will be payable in common shares of Zara at the prevailing
market price, and are convertible at the discretion of Zara into common shares of Zara at the market price at the time of conversion. Riverbank is also subject to a pre-existing 2% NSR.
Riverbank is located in the Kasabonika-McFauld's Greenstone Belt about 540 km to the north east of Thunder Bay and 350 km north of Geraldton, Ontario. It consists of 8 unpatented mining claims comprising 87 claim units covering an area of approximately 1392 ha. The property is believed to be underlain in part by mafic to ultramafic rocks that potentially could host nickel-copper mineralization.
This press release has been reviewed and approved by Alan Aubut, P.Geo, an independent geological consultant and a Qualified Person under National Instrument 43-101.
About Zara Resources
Zara is a Toronto based mineral company developing its Pigeon River and Riverbank nickel-copper projects, in Ontario, Canada, as well as the acquisition and development of other Canadian natural resource properties.
For more information please see www.ZaraResourcesInc.com or contact Danny Wettreich at (647) 931 9775 or email@example.com
Forward-Looking Information: This press release may include forward-looking information within the meaning of Canadian securities legislation, concerning the business and trading in the common stock of Zara Resources Inc. The forward-looking information is based on certain key expectations and assumptions made by the company's management. Although the company believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because the company can give no assurance that they will prove to be correct. These forward-looking statements are made as of the date of this press release and the company disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.
The CNSX has not reviewed, approved or disapproved the content of this press release
Zara Resources Inc.
208 Queens Quay West,
Suite 2506, Toronto, Ontario,
M5J 2Y5 Phone: (647) 931 9775
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