Formula Resources Inc.
FORMULA RESOURCES TO ESTABLISH COPPER SUBSIDIARY
Formula Resources Inc. / Key word(s): Miscellaneous/Research Update 01.12.2011 / 18:33 --------------------------------------------------------------------- CALGARY, AB, --(IMMEDIATE RELEASE)--Thursday NOVEMBER 29th, 2011: FORMULA RESOURCES INC., 'FORMULA' (FRANKFURT: 3FR.F) is pleased to announce that FORMULA'S management has begun negotiations to purchase a copper project located in central Ecuador. This is a significant project and the company looks forward to completing this transaction soon. In order to facilitate this proposed project, FORMULA RESOURCES will be establishing a subsidiary for the purpose of operating this new copper project. This subsidiary will also be publically traded on the Frankfurt Stock Exchange. About Formula Resources: Formula Resources is a mineral exploration company with assets and operations in Ecuador. Formula was founded in 2010 and is publicly traded on the Frankfurt Stock Exchange under the symbol 3FR. The company also has plans to construct a mill in Central Ecuador, capable of processing 200 tons of material daily. The mill project will create a strong and consistent cash flow over the long term, supporting the company's bottom line and future expansion plans. As part of the company's development program, management has assembled a procurement team to evaluate all potential projects and targets. The goal of the team and management is to identify value-oriented production opportunities. The company is registered and headquartered in Alberta, Canada, with operations offices in Ecuador. Disclaimer; Some of the statements contained in this press release are forward-looking statements and information within the meaning of applicable securities laws. Forward-looking statements and information can be identified by the use of words such as 'expects', 'intends', 'is expected', 'potential', 'suggests' or variations of such words or phrases, or statements that certain actions, events or results 'may', 'could', 'should', 'would', 'might' or 'will' be taken, occur or be achieved. Forward-looking statements and information are not historical facts and are subject to a number of risks and uncertainties beyond Formula Resources's control. Actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking statements contained in this news release. Accordingly, readers should not place undue reliance on forward-looking statements. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements, except as may be required by law. Contacts: Formula Resources Ecuador Operations Office: Avenue Orellana, N6 Y Calle Re, Quito, Ecuador Formula Resources North American Operations Office: Delta, British Columbia Canada Telephone: 604-668-5851 Email: info@formularesources.net End of Corporate News --------------------------------------------------------------------- 01.12.2011 Dissemination of a Corporate News, transmitted by DGAP - a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. DGAP's Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------- 148400 01.12.2011
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