TORONTO, June 12, 2012 -
Takara Resources Inc. ("Takara" or the "Company") (TSX VENTURE:TKK) announces the mailing of its management information circular in respect of its upcoming shareholders meeting to be held on June 29, 2012 at 9:30 am at the Company's offices in Toronto. A new slate of directors is being proposed, namely, Dr. Suresh Narine, Mr. Stephen McIntyre, and Mr. Chris Irwin, in addition to the re-election of Ms. Jennifer Boyle, and recently appointed Mr. John Cullen, and Mr. James (Jim) Fairbairn.
Originally from Guyana, Professor Suresh Narine was named (in 2011) as one of Canada's Top 40 Under 40 Leaders. Among other accomplishments, Dr. Narine has an expansive academic career that includes numerous awards including the "Growing Alberta Leadership Award for Innovation" (2005), the Guyana/Canada Special Achievement Award (2007), and an award from the Guyana Government for his contributions to Science and Technology in Canada and for his contributions in this field towards the development of Guyana (2011). In 2005, Professor Narine accepted a presidential appointment as the Director of Guyana's Institute of Applied Science and Technology (IAST), a role which he maintains, together with his academic appointment as Senior Professor at Trent University, his alma mater, in the Departments of Physics and Astronomy and Chemistry and as Director of the Trent Centre for Biomaterials Research. Additional, Professor Narine is currently the Ontario Research Chair in Green Chemistry and Engineering and the NSERC/GFO/ERS Senior Research Chair in Lipid Derived Biomaterials.
Mr. Stephen McIntyre is currently the Chairman of the Board of Directors of Trelawney Mining and Exploration Inc., a company that is the subject of a recent offer by IAMGOLD Corporation to purchase its outstanding shares in consideration for $3.30 per share in cash. Mr. McIntyre has more than 30 years of experience in the mining and mineral exploration business, including over 10 years with Noranda Mines Ltd. and 20 years as an officer and director of several junior mineral exploration companies.
Mr. Irwin is a partner with Irwin Lowy LLP, a law firm that provides legal services primarily to natural resource issuers. Mr. Irwin serves as a director and/or officer of several public companies including Trelawney Mining and Exploration Inc., Laramide Resources Ltd., and Roscan Minerals Corporation. He holds a Masters of Laws (Osgoode), a Bachelor of Laws (University of New Brunswick) and a Bachelor of Arts (Bishop's University). He has been a member of the Law Society of Upper Canada since 1996.
Other than the regular items of business, shareholders of Takara will be asked to approve Takara's ten-percent rolling stock option plan, as well as a special resolution to alter Takara's issued share capital by consolidating its issued common shares on the basis of up to five pre-consolidation shares for one post-consolidation share, all as more particularly described in the Company's Information Circular, a copy of which is filed on www.sedar.com. The Company currently has 94,826,470 shares outstanding. Assuming closing of the acquisition of Kutu Gold Inc. (announced June 1, 2012) and the issuance of 60,000,000 shares in connection with that acquisition, Takara would have 30,965,294 shares outstanding, should the maximum consolidation ratio be implemented. Such lesser ratio may be determined, should the directors deem appropriate.
A share consolidation may be considered to provide the Company with increased flexibility in these volatile capital markets and for better negotiating financing or other such transactional opportunities. The share consolidation is subject to the approval of shareholders and of the TSX Venture Exchange.
About Takara
Takara Resources Inc. is a Canadian based gold company focused on exploring and developing its Guyana gold assets in the Guiana Shield that are held within a wholly-owned subsidiary, StrataGold Guyana Inc., namely: (i) the Tassawini Gold Project (100% interest); and (ii) the Arakaka Project (100% interest).
The Tassawini Gold Project hosts a National Instrument ("NI") 43-101 compliant mineral resource estimate (disclosed in a press release dated March 18, 2010) consisting of 437,000 ounces gold in an indicated resource of 10,799,000 tonnes having an average grade of 1.3 g/t, and 62,000 ounces gold in an inferred resource of 1,926,000 tonnes having an average grade of 1.0 g/t, for a total resource of approximately half a million ounces gold.
Statement Regarding Forward Looking Information
Certain information contained in this news release, including any information relating to the proposed transaction and Takara's future financial or operating performance may be deemed "forward-looking". These statements relate to future events or future performance and reflect Takara's expectations regarding the transaction, and the future growth, results of exploration, business prospects and opportunities of Takara. These forward-looking statements are subject to a variety of risks and uncertainties that are identified and disclosed. Although Takara believes that the forward-looking information contained in this news release are based on reasonable assumptions, readers cannot be assured that actual results will be consistent with such statements. Accordingly, readers are cautioned against placing undue reliance on forward-looking information. Takara expressly disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, events or otherwise, except in accordance with applicable securities laws.
The TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.
NOT FOR DISSEMINATION IN THE UNITED STATES
Contact Information
Takara Resources Inc.
Jennifer Boyle, B.A., LL.B., President & Chief Executive Officer
(647) 430.0966 (office) or (416) 904.2714 (cell)
http://www.takararesources.com
