FORT LAUDERDALE, Fla., July 28, 2003 (PRIMEZONE) -- Tekron, Inc. (OTCBB:TKRN) announced that pending shareholder approval at the Company's annual meeting August 11, 2003, it has agreed to purchase with Tekron, Inc. shares, an interest in three exploration properties located in Northern Ontario, Canada. Under the agreement, Tekron, Inc. has agreed to keep the three properties held within a Canadian subsidiary in order to capture the beneficial tax treatment via "flow-through" funding. The first property, named the Delhi Project in which Tekron, Inc. will have a 50% interest, is located approximately 35 miles from Sudbury, Canada.
On June 24, 2003, Peter Caldbrick of Caldbrick Geological Services extracted surface samples from an existing adit and surface trench and forwarded the samples to a leading independent Canadian laboratory for analysis. The results came back showing the following values:
Gold Silver Copper Lead
3.052g/t 143g/t 2.65% 5.03%
.111g/t 297g/t 13.02%
.68g/t 48g/t 9.36%
3.99g/t 108g/t 2.83% 10.31%
The initial results at the surface are extremely encouraging, and will require drilling in the fall of 2003 to further substantiate the findings of July 7, 2003.
The second property, known as the Halfmoon Project, is located in the Timmins area and Tekron, Inc. will have a 25% interest in an area which shows high grades of Copper, Zinc and Lead, alongside the mining interests of FALCONBRIDGE, a major multi-national mining company. The third project, of which Tekron will hold a 50% interest, known as the Montclerg Property, is located within the historic gold-bearing region of Timmins, Ontario, Canada.
Under the proposed all-stock deal, the Canadian subsidiary of Tekron, Inc. will raise the necessary flow-through funding to complete the drilling programs, with the aid of The Wall Street Organization in return for hard dollars to flow from the American parent.
Mr. Luigi Brun, Chairman and CEO of Tekron, Inc. stated "with the acquisition of the three mining interests via a Canadian subsidiary, it shows that Tekron, Inc. is truly becoming an international holding company and we look forward to working with our American and Canadian partners. Through this acquisition, we look forward to creating additional shareholder value as the drilling program results are announced".
This information contains certain forward-looking statements and information relating to the Company that are based on the beliefs of the Company or management as well as assumptions made by and information currently available to the Company or management. When used in this document, the words "anticipate," "believe," "estimate," "expect" and "intend" and similar expressions, as they relate to the Company or its management, are intended to identify forward-looking statements. Such statements reflect the current view of the Company regarding future events and are subject to certain risks, uncertainties and assumptions, including the risks and uncertainties noted. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described herein as anticipated, believed, estimated, expected or intended. In each instance, forward-looking information should be considered in light of the accompanying meaningful cautionary statements herein.