Toronto, Ontario--(Newsfile Corp. - April 10, 2015) - Zara Resources Inc (CSE: ZRI) ("Zara") announces that it has sold a 25% interest in its Pigeon River mining claim to Hadley Mining Inc ("Hadley") for the sum of $9,000.
The Pigeon River mining claim is located about 80 kilometers to the west of Thunder Bay in the Pigeon River area of Northwest Ontario, and covers an unexplored magnetic target with potential to host nickel, copper and platinum group elements mineralization
Due the deemed common control of Zara and Hadley by Danny Wettreich, director, the sale is considered to be a related party transaction as defined in Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). A special committee consisting of an independent director established by the board of directors determined the related party transaction is fair and reasonable in the circumstances to the Company. The Company has relied on sections 5.5 (a) and (b) of MI 61-101 for an exemption from the formal valuation requirement, and section 5.7 (1) (a) of MI 61-101 for an exemption from the minority shareholder approval requirements.
About Zara Resources
Zara is a Toronto based mineral company exploring its Forge Lake gold project and its Pigeon River nickel-copper project in Ontario, Canada.
For more information please see www.ZaraResourcesInc.com or contact Danny Wettreich at (647) 931 9775 or dw@zararesourcesinc.com
Forward-Looking Information: This press release may include forward-looking information within the meaning of Canadian securities legislation, concerning the business and trading in the common stock of Zara Resources Inc. The forward-looking information is based on certain key expectations and assumptions made by the company's management. Although the company believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because the company can give no assurance that they will prove to be correct. These forward-looking statements are made as of the date of this press release and the company disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.
The CSE has not reviewed, approved or disapproved the content of this press release
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