Muskrat Minerals Incorporated Increases Share Position in Ironsands Investment
/NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION VIA U.S.
HALIFAX, July 20, 2012 /CNW/ – Muskrat Minerals Incorporated (CNSX: YYR)
announced today that it has concluded a share acquisition from two
shareholders in the privately-owned Grand River Ironsands Incorporated
(GRI). The Corporation had stated it would pursue the acquisition of
shares from GRI shareholders. GRI currently controls 83% of North
Atlantic Iron Corporation (NAIC) a joint venture advancing an ironsands
resource in Labrador for producing pig iron for steel mills.
In total, 2,380,017 shares in GRI have been acquired for $1,190,009 by
Muskrat Minerals. This increases Muskrats Minerals position in GRI
from 6,900,000 shares (29.9% of GRI shares issued) to 9,280,017 shares
ABOUT MUSKRAT MINERALS INCORPORATED
MUSKRAT MINERALS wholly-owns VR Interactive International Inc. (“VRI”),
and 3053229 Nova Scotia Inc. (“NSL”) which now owns a 40.22% interest
in Grand River Ironsands Incorporated (“GRI”). GRI currently owns 83%
of North Atlantic Iron Corporation, which is a significant joint
venture iron sands project in Newfoundland and Labrador. The ironsands
project is owned by North Atlantic Iron Corporation (NAIC) and
currently being assessed as a low cost feedstock in making a high
purity pig iron for sale to steel mills and foundries. The Corporation
is a resource based company with a principal focus on industrial
minerals and investment in mineral projects of interest. The
Corporation will maintain its 100% ownership in VRI and NSL and will
continue to seek potential joint ventures and partnerships to enhance
the value of its existing properties. The Corporation has issued and
outstanding 17,251,015 common shares.
Neither CSNX Exchange nor its Regulation Services Provider (as that term
is defined in the policies of the CSNX Exchange) accepts responsibility
for the adequacy or accuracy of this release.
The Corporation seeks Safe Harbour.
SOURCE Muskrat Minerals Incorporated