Can-Cal Resources Ltd. Decides not to Proceed with the Joint Venture on the Pinos Project in Mexico.LAS VEGAS -- Can-Cal Resources Ltd. ("the Company") (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :CCRE CCRE Conseil des Communes et Régions d'Europe CCRE Computer Coalition for Responsible Exports CCRE Cross Cumulative Residual Entropy CCRE Constrained Chain Rule Expansion ) and its wholly owned Mexican subsidiary, Sierra Madre Resources S.A. de C.V. ("SMR (Specialized Mobile Radio) The communications services used by police, ambulances, taxicabs, trucks and other delivery vehicles. Throughout the U.S., approximately 3,000 independent operators are licensed by the FCC to offer this service, which provides always-on "), announce that following extensive consultation, and based on the Company's due diligence review, that it will not proceed on its proposed joint venture with Minera Apolo S.A. de C.V. ("Minera") otherwise known as the "Pinos Project". The Pinos project consisted of 29 gold and silver concessions located in Pinos, Zacatecas State, Mexico. The Company's decision is consistent with its joint venture agreement and letter of intent with Minera. Both the Agreement and the LOI LOI Letter of Indemnity (international trade and carriage business) LOI Letter Of Intent LOI Loss On Ignition LOI Letter of Inquiry LOI Lack Of Information LOI Lack of Interest LOI Letter of Invitation LOI List Of Items contained an option whereby the Company had a 90-day period to conduct due diligence it deemed appropriate before electing to proceed with the exploration and exploitation of the concessions. Minera was paid an initial 107,143 shares of the Company's restricted common stock, equivalent to $24,000 in equity. Based on the Company's decision not to proceed with the Pinos Project, Minera was paid an additional 111,607 shares of the Company's restricted common stock, equivalent to $25,000 in equity. The Company is currently focusing its research and development efforts on the Can-Cal Resources Ltd. U.S. properties. On behalf of the Board of Directors Ronald D. Sloan, Chairman/President, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Can-Cal Resources Ltd. Management believes certain statements in this press release may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. These statements are made on the basis of management's views and assumptions regarding future events and business performance as of the time the statements are made. Actual results may differ from those expressed or implied. Such differences may result from actions taken by the company prior to its current fiscal year end, as well as from developments beyond the company's control. In addition, changes in domestic competitive and economic conditions may also affect performance of all significant company businesses. Can-Cal Resources Ltd. (OTC Bulletin Board OTC Bulletin Board An electronic quotation listing of the bid and asked prices of OTC stocks that do not meet the requirements to be listed on the NASDAQ stock-listing system. :CCRE) |
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