VANCOUVER,
Jan. 28, 2013 /CNW/ - Altan Rio
Minerals Limited, TSX.V: AMO ("Altan
Rio" or the "Company") announces that, subject to
acceptance by the TSX Venture Exchange, it proposes settling a debt
for drilling services of $245,860 to
Erdenyn Erel LLC ("EEL" or "Erdenyn Erel"), a private
Mongolian company, by issuance of an aggregate of 1,606,928 common
shares in the Company. As per the agreement dated June 19th, 2012, with EEL, shares will
be issued at a 15% discount to market price. The Company's shares
closed on January 25th,
2013, the last closing price prior to this release, at $0.18; therefore a 15% discount from this price
yields a settlement price of $0.153.
The proposed shares to be issued in this settlement of debt will be
subject to a hold period of four months and one day from the date
of issuance.
Erdenyn Erel drilled 3,030.35 m at the Company's
Chandman-Yol copper-gold porphyry project in western Mongolia in 2012. For more information on the
recently released drill results please see the Company's news
release from January 18th,
2013.
About Altan
Rio
Altan Rio, founded in 2007, is based
in Vancouver BC, Canada. Using innovative exploration targeting
techniques and leveraging long-term in-country experience, the
company explores large-scale gold and copper projects in
Mongolia, one of the world's most
prospective mineral regions. The Company's license holdings in
Mongolia, which total more than
153,310 hectares (378,873 acres), contain significant zones of
newly identified primary gold and copper mineralization across a
very large area of unexplored ground.
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.
SOURCE Altan Rio Minerals Limited