Altan Rio Completes Onon Project Earn-In
July 24 2012 - 3:10PM
PR Newswire (Canada)
TSX.V: AMO VANCOUVER, July 24, 2012 /CNW/ - Altan Rio
Minerals Limited, TSX.V: AMO ("Altan Rio" or the "Company")
announces today that the earn-in for 90% ownership in one of the
Onon epithermal gold project ("Onon") tenements in northeastern
Mongolia, as referred to in the Company's July 10(th), 2012
announcement, is now complete. Altan Rio completed the earn-in with
Erdenyn Erel LLC, a private Mongolian company, for 90% interest in
one of the three Onon tenements with a final payment of 240,000
common shares in the capital of Altan Rio. The shares are subject
to a four-month escrow expiring on November 13(th), 2012, in
accordance with TSX Venture Exchange policy. The Company owns 100%
of the remaining two tenements. The earn-in dated August 2008, as
amended May 2010, October 2010, May 2011, and May 2012, gives Altan
Rio Mongolia LLC, a wholly owned subsidiary of the Company, the
option to acquire an undivided 90% interest in one of the Onon
tenements. With this final share payment of 240,000 shares
(substituted for the final cash payment of USD $60,000, as per the
May 2012 amendment), the Company has satisfied all requirements of
the earn-in including exploration expenditures of USD $900,000,
cash payments totaling USD $100,000 and a share payment of 240,000
shares made to Erdenyn Erel LLC. For more information please visit
Altan Rio's website at www.altanrio.com. On behalf of Altan Rio
Minerals Limited, "Evan Jones" Evan Jones, President & CEO This
press release may contain forward looking statements including
those describing Altan Rio's future plans and the expectations of
management that a stated result or condition will occur. Any
statement addressing future events or conditions necessarily
involves inherent risk and uncertainty. Actual results can differ
materially from those anticipated by management at the time of
writing due to many factors, the majority of which are beyond the
control of Altan Rio and its management. 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. Altan
Rio Minerals Limited CONTACT: Please contact:Kelly Earle, Corporate
Communications ManagerAltan Rio Minerals LimitedTel: +1 604 639
5899 ext. 220Email: info@altanrio.comWeb: www.altanrio.com
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