|By Marketwired .||
|April 28, 2014 07:30 AM EDT||
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 04/28/14 -- Reservoir Minerals Inc. ("RMC" or the "Company") (TSX VENTURE: RMC)(PINKSHEETS: RVRLF)(BERLIN: 9RE), is pleased to announce that, further to its April 7, 2014 press release in which the Company announced it had entered into a definitive agreement (the "Option Agreement") with Midlands Minerals Corporation ("Midlands"); (TSX: MEX) that Midlands can earn up to a 75% interest in RMC's Parlozi Zinc-Silver-Lead Project (the "Project") in Serbia (the "Transaction"), Midlands and RMC have now received approval for the filing of this transaction by the TSX Venture Exchange and has therefore met all of the closing conditions.
The joint technical committee is currently finalizing the work program and six month budget which includes the completion of drill planning to meet the 1,500 metre minimum drill commitment, and $500,000 exploration spend under the Option Agreement. Permitting for drilling is already in place.
The Project is a 91 square kilometre exploration permit and is conveniently located 35 kilometres south of Belgrade, the capital of Serbia. The Parlozi permit covers occurrences of historical lead-zinc-silver mining in the Kosmaj-Babe area of the Sumadija mining district in central Serbia. The mineralization in the permit area comprises silver-bearing vein and replacement-type lead-zinc sulphides hosted by carbonate sedimentary rocks associated with intrusive Neogene quartz latite dykes and volcanic breccias. This type of mineralization has long supported lead-zinc-silver mining operations in the region.
Dr. Duncan Large, Chartered Engineer (UK) and Eur. Geol., a Qualified Person under National Instrument 43-101 Standards of Disclosure for Mineral Projects of the Canadian Securities Administrators and a consultant to the Company, approved the technical disclosure in this release and has verified the data disclosed.
About the Company:
Reservoir Minerals Inc. is an international mineral exploration and development company run by an experienced technical and management team, with a portfolio of precious and base metal exploration properties in Europe and Africa. The Company operates an exploration partnership business model to leverage its expertise through to discovery.
Neither TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.