Tribute to Restructure and Focus on Gold
TORONTO, ONTARIO, Oct 20, 2010 (MARKETWIRE via COMTEX News Network) --
Tribute Minerals Inc. (the "Company" or "Tribute") (TSX VENTURE: TBM) wishes to announce that its Annual and Special Meeting of Shareholders ("ASM") scheduled for Thursday, November 18, 2010 has been rescheduled to Tuesday, November 23, 2010. At the ASM, the Company will be seeking shareholder approval to, among other things, consolidate the outstanding capital of the Company on the basis of one (1) post-consolidation common share for up to every five (5) outstanding common shares (the "Consolidation"). There are currently 130,844,137 common shares outstanding. Following the Consolidation as proposed (5:1), there will be 26,168,827 post- consolidation common shares outstanding. The Company wishes to undertake the Consolidation to provide additional flexibility in seeking financing given the pricing rules on the TSX Venture Exchange ("TSXV") and the current trading price of the Company. As part of the Consolidation, the Company will be seeking shareholder approval to change the name of the Company to "AurCrest Gold Inc." or to such other name as may be acceptable. The Consolidation and the change of name are subject to approval by the shareholders of the Company representing at least two-thirds of the shares voted at the ASM and acceptance by the TSXV. The Company will also be seeking disinterested shareholder approval to settle certain insider debts, the particulars of which will be provided shortly.
Following the ASM, the Company intends to focus on its Richardson Lake gold property. The Company has held the Richardson Lake property since it originally went public and had optioned the property to another resource company that returned the property back to the Company. With the current price of gold and the prospects for Richardson Lake, it is the view of Management of the Company that focusing on this significant gold asset is in the best interest of all shareholders. The Company has a 35% joint venture interest in the Bridget Lake property with Halo Resources. The Company intends to roll its base metal assets, including the Confederation Lake properties and its properties in the James Bay Lowlands, McFaulds Lake area "Ring of Fire", into its subsidiary company, McFaulds Resources Inc. ("MFR"), with a view to seeking financing and/or joint venture opportunities separately through MFR in respect of its base metal assets. If the Company is able to properly fund MFR, it may file a prospectus to take MFR public and distribute the share interest held by the Company in MFR to the shareholders of the Company pro rata as a dividend in specie.
The Information Circular disclosing the matters to be approved at the upcoming ASM will be mailed to shareholders shortly and filed on SEDAR.
Cautionary Note Regarding Forward-Looking Statements: This Press Release contains forward-looking statements that involve risks and uncertainties, which may cause actual results to differ materially from the statements made. When used in this document, the words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions are intended to identify forward-looking statements. Such statements reflect our current views with respect to future events and are subject to such risks and uncertainties. Many factors could cause our actual results to differ materially from the statements made, including those factors discussed in filings made by us with the Canadian securities regulatory authorities. Should one or more of these risks and uncertainties, such actual results of current exploration programs, the general risks associated with the mining industry, the price of gold and other metals, currency and interest rate fluctuations, increased competition and general economic and market factors, occur or should assumptions underlying the forward looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, or expected. We do not intend and do not assume any obligation to update these forward-looking statements, except as required by law. Shareholders are cautioned not to put undue reliance on such forward-looking statements.
Neither 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 release.
Contacts: Tribute Minerals Inc. Ian Brodie-Brown President and C.E.O. (416) 368-2929 (416) 601-1450 (FAX) info@tributeminerals.com www.tributeminerals.com
SOURCE: Tribute Minerals Inc.
mailto:info@tributeminerals.com http://www.tributeminerals.com
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