TORONTO, ONTARIO -- (Marketwire) -- 08/26/09 -- Nevoro Inc. (TSX: NVR) ("Nevoro") announces that it has completed the purchase of the property, plant and equipment ("Stillwater Assets") of Kria Resources Inc. (TSX VENTURE: KIA) ("Kria") in the Stillwater Complex, Montana. Kria obtained its Stillwater Assets as a result of its recent business combination with Beartooth Platinum Corporation ("Beartooth").
As announced on June 15, 2009, Nevoro entered into an agreement with Beartooth (now Kria) to purchase the Stillwater Assets for consideration of $1,500,000 to be satisfied by the issue by Nevoro of 15,000,000 common shares in the capital of Nevoro and warrants to acquire 7,500,000 additional common shares of Nevoro at a price of $0.20 at any time prior to the day that is 18 months from the Closing Date.
This purchase more than quadruples Nevoro's mineral properties in the Stillwater Complex to a total of more than 18,000 acres (greater than 7,300 hectares). This incorporates an unprecedented land package that includes all of the identified historical deposits and nearly all the important exploration targets occurring in the region outside of the JM Reef, which adjoins Nevoro's properties. The JM Reef is host to one of the world's largest and richest platinum group elements (PGE) operations and is currently being mined by Stillwater Mining Company. Nevoro's properties include important Ni-Cu sulfide and chromite occurrences as well as PGE.
Victor Bradley, Executive Deputy Chairman of Nevoro commented, "This transaction successfully consolidates Nevoro's land position in the Stillwater area, covering all known mineral occurrences outside of the Stillwater Mine itself. The enlarged property package will add substantially to the Nevoro assets brought to the merger with Starfield Resources Inc. (TSX: SRU) ("Starfield"). This will benefit all Starfield shareholders in the future."
A detailed review of the history, geology and exploration potential of the Stillwater region is available in a recent NI-43-101 report prepared on Nevoro's behalf prior to purchase of Kria's Stillwater Assets. This report is available for download on Sedar at www.sedar.com.
Nevoro Inc. is a TSX-listed exploration and development company focused on the discovery of precious and base metals primarily in the western USA. Nevoro holds the Stillwater nickel-copper-cobalt-PGE-chromite project in Montana with historic copper, nickel, chromite resources (non 43-101 and not to be relied on), the Moonlight copper project in California, and eight gold exploration projects in Nevada.
This news release may contain certain information that constitutes forward-looking statements. Forward-looking statements are frequently characterized by words such as "plan," "expect," "project," "intend," "believe," "anticipate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. These factors include the inherent risks involved in the exploration and development of mineral properties, the uncertainties involved in interpreting drilling results and other geological data, fluctuating metal prices and other factors described above and in the Company's most recent annual information form under the heading "Risk Factors" which has been filed electronically by means of the Canadian Securities Administrators' website located at www.sedar.com. The Company disclaims any obligation to update or revise any forward-looking statements if circumstances or management's estimates or opinions should change. The reader is cautioned not to place undue reliance on forward-looking statements.
For more information, please visit the Nevoro Inc. website at www.nevoro.com.