VANCOUVER, BRITISH COLUMBIA, Aug 23, 2010 — Selwyn Resources Ltd. (“Selwyn”) announces that its 50% owned joint venture, the Selwyn Project, has received an amended Mining Land Use Permit. This permit provides authorization for much of the work required for new project infrastructure for the planned advanced exploration underground program at Selwyn. This permit does not include authorization for use or discharge of water related to the planned underground program – these will be covered under a “Type B” Water Licence to be obtained from the Yukon Water Board.
Receipt of this amended permit from Yukon Government Energy, Mines & Resources ministry, allows immediate commencement of work on new infrastructure such as upgrades to drill and access roads, expansion of camp up to 160 persons, additional fuel storage, and use of explosives. This work is necessary to support the underground development and drilling programs associated with the advancement of the Bankable Feasibility Study. This study is under the overall direction of Wardrop Engineering Inc., a TetraTech company, and is scheduled for completion by mid-2011. The CDN$100 million investment into Selwyn Chihong Mining Ltd. (see August 18, 2010 news release) will support advanced engineering and permitting activities on the Project.
Selwyn’s focus is the exploration and development of its 50%-owned Selwyn Project in eastern Yukon and Northwest Territories. The Selwyn Project represents one of the largest undeveloped resources of zinc and lead in the world and is unique in its location in the politically-attractive and stable jurisdiction of the Yukon. It is therefore both a unique opportunity and a strategic asset providing a long term secure supply of zinc and lead to the Pacific Margin.
This news release contains forward-looking statements concerning the development of the Selwyn Project. These statements are based on assumptions and judgments of management regarding future events or results that may prove to be inaccurate as a result of failure to obtain necessary regulatory, and exploration and other risk factors beyond Selwyn’s control. There can be no assurance that such forward-looking statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements contained in this news release.
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.