VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 24, 2010) - Fortress Minerals Corp. (TSX VENTURE:FST) ("Fortress") announces that further to its new release of June 8, 2010, Fortress has accepted a superior proposal from OJSC Polymetal ("Polymetal") for the sale of 100% of Fortress' interest in the Svetloye Gold Project for US$9,250,000.
The proposal is subject to a number of conditions and pre-conditions, the most principal of which are satisfactory completion of high level due diligence and approval of the transaction by the Board of Directors of Polymetal. In order to satisfy these pre-conditions, Polymetal has been granted a limited time for its due diligence review.
Upon satisfactory conclusion of Polymetal's due diligence investigations and the receipt of the formal approval from the Board of Directors of Polymetal, the parties expect to enter into the definitive sale and purchase agreement.
Completion of the transaction is then expected to be only subject to receipt of requisite TSX Venture Exchange approval and Fortress shareholder approval.
Closing of the transaction is expected before the end of August 2010.
There will be no finder's fees payable on this Transaction.
As a result of the acceptance of the superior proposal, Fortress has terminated the letter of intent ("LOI") with MacRitchie Metals Pte Ltd. ("MacRitchie"). Upon termination of the LOI, due to the acceptance of the superior proposal, Fortress must pay MacRitchie a break fee of CDN$250,000.
The Svetloye project located in the Russian Far East, approximately 750 km southwest of Magadan and 220 km southwest of the Village of Okhotsk and approximately 80 km from the Pacific Ocean.
The Svetloye Licence area consists of an 8,460 hectare Exploration and Mining Licence valid until December 31, 2030.
This news release contains forward-looking statements concerning the Company's plans for its properties. These forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking statements, including, without limitation, risks and uncertainties relating to political risks involving the Company's exploration and development of its properties, the inherent uncertainty of cost estimates and the potential for unexpected costs and expenses, commodity price fluctuations, the inability or failure to obtain adequate financing on a timely basis and other risks and uncertainties, including those described in the Company's periodic filings with the British Columbia Securities Commission. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. The Company does not intend to update this information and disclaims any legal liability to the contrary.
On behalf of the Board of Directors,
Ron Hochstein, Chairman
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 release.