VANCOUVER, July 17 /CNW/ - Ross River Minerals Inc. (TSX-V: RRM) (the
"Company") is pleased to announce that it has arranged a non-brokered private
placement of 4,000,000 units at a price of $0.15 per Unit for total gross
proceeds of $600,000. Each Unit consists of one common share and one share
purchase warrant; each share purchase warrant entitles the holder to acquire a
common share for a period of one year at a price of $0.20 per share.
The net proceeds from this private placement will be used for general
working capital and expenditures on the Papaya gold/silver vein system located
on the Company's El Pulpo property. The Papaya target contains six major vein
clusters extending over a length of about 4,500 metres, is open to the north
and south, and up to 1,500 metres in width. Sampling has returned values of up
to 144.4 g/t gold and 4,737.3 g/t silver (see press releases dated January 8,
February 19 and May 11, 2004).
This private placement is subject to TSX Venture Exchange approval.
To find out more about Ross River Minerals (TSX-V: RRM) visit our website
at www.rossriverminerals.com.
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ROSS RIVER MINERALS INC.
Per: "Marcus N. Foster"
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Marcus N. Foster, President
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The TSX Venture Exchange has not reviewed and does not accept
responsibility for the accuracy or the adequacy of this release.
This news release contains certain statements that may be deemed
"forward-looking statements". All statements in this release, other than
statements of historical fact, that address events or developments that the
Company expects to occur, are forward looking statements. Forward looking
statements are statements that are not historical facts and are generally, but
not always, identified by the words "expects", "plans", "anticipates",
"believes", "intends", "estimates", "projects", "potential" and similar
expressions, or that events or conditions "will", "would", "may", "could",
"should" or are "subject to" occur. Although the Company believes the
expectations expressed in such forward-looking statements are based on
reasonable assumptions, such statements are not guarantees of future
performance and actual results may differ materially from those in the
forward-looking statements. Factors that could cause the actual results to
differ materially from those in forward-looking statements include market
prices, exploitation and exploration successes, and continued availability of
capital and financing, and general economic, market or business conditions.
Investors are cautioned that any such statements are not guarantees of future
performance and actual results or developments may differ materially from
those projected in the forward-looking statements. Forward looking statements
are based on the beliefs, estimates and opinions of the Company's management
on the date the statements are made. The Company undertakes no obligation to
update these forward-looking statements in the event that management's
beliefs, estimates or opinions, or other factors, should change.
