TORONTO, ONTARIO - December 16, 2013 - Takara Resources Inc. ("Takara" or the "Company") (TSXV:TKK) announces that it has entered into an agreement with a private company in respect of the acquisition of a 100% interest in mineral claims prospective for uranium exploration in the north west region of the Athabasca Basin, Saskatchewan. The claims comprise 19,180 hectares located in the uranium-prolific Beaverlodge District, near Uranium City, Saskatchewan, where the former Eldorado Mining and Refining Limited, predecessor company to Cameco, operated its uranium mines.
Takara shall issue 47,400,000 common shares and pay $74,000 in cash to the vendor and its shareholders (together the "Vendor"), in consideration for the acquisition of all of the issued and outstanding common shares of the Vendor, Duckhorn Capital Inc., a private company holding rights to the uranium project. Further, Takara has agreed to advance $10,000 for a 43-101 compliant geological report.
The project is subject to a 2 percent (2%) net smelter return royalty in favour of parties that are arms-length to the Vendor, one half (1%) of which can be purchased by Takara at any time by paying CDN$1,000,000 cash. Other than the purchase price set out above, no further commitments are required from Takara, other than those that are due to the ministry to maintain the claims comprising the uranium project in good standing.
The acquisition is subject to the approval of the TSX Venture Exchange, and to other standard conditions customary in the industry.
FOR FURTHER INFORMATION PLEASE CONTACT:
Jennifer L. Boyle, B.A., LL.B
Director
Takara Resources Inc.
(647) 430.0966 (office)
(416) 904.2714 (cell)
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