/NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S.
NEWSWIRE SERVICES/
VAL-D'OR, QC, Feb. 3 /CNW Telbec/ - Further to its press release of
January 20, 2009, X-Ore Resources Inc. (TSXV : XOR) ("X-Ore") announces that
the reverse take-over with Shamika Resources Inc. has been terminated.
The proposed transaction, initially announced in October 2008, was
subject to a number of conditions being satisfied by January 31, 2009,
including the signing of formal agreements and completion of all legal,
accounting and financial due diligence, in addition to the closing of a
private placement to fund exploration programs and working capital. Due to the
upheaval of the world financial markets, these requisites could not be
fulfilled.
X-Ore intends to focus on realizing value for its shareholders from its
core precious metals projects including the Croinor gold project near
Val-d'Or, Quebec which is proceeding with a scoping study and a new 43-101
resource estimate.
The Company's shares are expected to recommence trading on the Venture
Exchange within the week. The Company's Officers and Board of Directors remain
unchanged being comprised of Leon Methot, Chairman and CEO, Jean-Yves
Laliberte, Audit Committee Chairman, Alain Bellerive, Rene Lampron, Terry
Ortslan and Claude Britt, Directors.
About X-Ore Resources Inc.
X-Ore Resources is a mineral exploration company with 18 properties
located in known gold regions of Mexico and Canada, including the prolific
Sierra Madre Gold Belt and the Val-d'Or region of Quebec.
The TSX Venture Exchange does not accept responsibility for the accuracy
of this press release. This press release contains "forward-looking
statements" not based on historical facts. Forward-looking statements express,
as of the date of this press release, our estimates, forecast, projections,
expectations and opinions as to future events or results. Forward-looking
statements herein expressed are reasonable, but involve a number of risks and
uncertainties, and there can be no assurance that such statements will prove
to be accurate. Therefore, actual results and future events could differ
materially from those anticipated in such statements. Factors that could cause
results or events to differ materially from current expectations expressed or
implied by the forward-looking statements include, but are not limited to,
fluctuations in the market price of precious metals, mining industry risks,
uncertainty as to calculation of mineral resources and requirements of
additional financing and the capacity of the Company to obtain financing.
