BE Resources Provides Corporate Update
TORONTO, ONTARIO--(Marketwire - Jan. 26, 2012) -BE Resources Inc. (TSX VENTURE:BER)
("BER" or the "Company") announced that it continues to search for a suitable new project for the Company and to review its options for its New Mexico beryllium project which has been placed on care and maintenance. Due to the current difficult economic environment, BER has determined not to limit its search for a new project to the mining and resource sector and is broadening its search to include oil and gas, technology or other opportunities where it may be possible to create shareholder value.
If a target not in the mining and resource sector is identified through this process, completion of the acquisition would represent a Change of Business under TSX Venture Exchange policies. As a result, any such transaction would be subject to a number of conditions, including TSX Venture Exchange acceptance and required shareholder approval.
BER is pleased to announce that it has successfully negotiated a reduction in the outstanding payables to a major contractor from US$472,000 to US$150,000. The Company continues to maintain an extremely low cash burn rate. In addition, BER has terminated several consulting agreements that were in place in order to further reduce costs and streamline the business. We thank those individuals for the support and expertise they supplied to BER.
BER also announces that it has allowed to lapse the previously signed MOU respecting four mining concessions in Bolivia and that BER will not explore opportunities in Bolivia at this time due to the uncertainty of the political environment.