TORONTO, ONTARIO -- (Marketwired) -- 04/15/13 -- Rae-Wallace Mining Company ("Rae-Wallace" or the "Corporation") (PINKSHEETS: RAEW) announces that it has completed the sale of its wholly owned subsidiary, Rae Wallace Peru S.A.C. (the "Rae Peru"). The subsidiary was sold to a private company for the purchase price of USD$700,000. The proceeds from the sale of Rae Peru will be used to settle outstanding debts of the Company with the balance retained for future opportunities.
The sale of Rae Peru was approved by the board of directors of the Company on March 2, 2013.
About Rae-Wallace
Rae-Wallace is a mineral exploration company, existing under the laws of the Cayman Islands, that plans to explore and develop properties to the mineral production stage. Rae-Wallace stock currently trades on the OTC market under the symbol "RAEW".
Statements in this press release regarding the Corporation's business which are not historical facts are "forward-looking statements" that involve risks and uncertainties, such as estimates and statements that describe the Corporation's future plans, objectives or goals, including words to the effect that the Corporation or management expects a stated condition or result to occur. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. Actual results in each case could differ materially from those currently anticipated in such statements.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
Rae-Wallace Mining Company
George Cole
President and CEO
(775) 315-0728
geocole00@gmail.com
