Bryn Resources Inc. Announces Non-Dilutive Credit Facility Agreement
TORONTO, Aug. 11, 2011 /PRNewswire/ - Bryn Resources Inc. (PINK: BRYN) (PINKSHEETS:BRYN.PK.pk - News) is pleased to announce that it has finalized a Non-Dilutive Credit Facility Agreement with a Switzerland Financing Company which will provide Bryn Resources Inc. access to a minimum of $20 Million and a maximum of $100 Million in funding per exploration property that is 43-101 or near 43-101 compliant.
"We are extremely pleased to have this facility in place. As we begin preparations to commence work on our two properties, Wine Harbour and Renfrew, with a view to making them 43-101 compliant we now have secured a facility to finance the process that will allow us to proceed to the next step being the extraction and production phase. We have also opened the doors to seek out other properties that may be funded under the terms of our Credit Facility Agreement up to $100M per property that is 43-101 or near 43-101 compliant. This additional revenue stream can add significant revenue to the company", commented by Paul Diana, CEO.
Bryn Resources Inc. is in final discussion to begin the first phase of consulting and ground assessment which will include an evaluation of the resource potential of these mineral claims towards a 43-101.
About Bryn Resources Inc.
Bryn Resources is a precious metals exploration company currently concentrating its efforts in Eastern Canada region holding 100% interest in Renfrew Nova Scotia that comprises of 62 Claims covering 2,480 acres, and 100% interest in Wine Harbour, Nova Scotia with rights to 53 mineral claims for a total of 2,100 acres. These claims have historically demonstrated their mineralization and in the period between 1862 and 1939 yielded 42,726 ounces of gold from 83,000 tons of ore, for an average content of 0.52 ounces per ton. Bryn Resources Inc. continues to seek partnerships in proven mineralization which are close to the production phase.
