Bryn Resources enters into a confidentiality agreement with Trueclaim Exploration Inc

TORONTO, Dec. 10  /PRNewswire-FirstCall/ -- Bryn Resources Inc (PINKSHEETS: BRYN) (PINKSHEETS: BRYN.PK) is pleased to announce that it has entered into a confidentiality agreement with Trueclaim Exploration Inc., a publicly listed TSX company, which carries on business as a mineral exploration and mining company (http://www.trueclaim.ca/ ).

This is the first step leading to what the parties expect to be the execution of an LOI in respect to a Joint Venture Agreement in regards to the Montauban Property in Quebec. Bryn Resources recently entered into an LOI with Dominic Gingras to purchase of a majority interest in this property.

Bryn Resources will utilize the expertise that Trueclaim possesses in respect to the location, proving up and extraction of mineralization in properties that it examines. Bryn Resources expects that once the mineralization is proven; Trueclaim will utilize their vast experience in the mine project management to extract the largest amount of ore at the most economic price leading to a substantial profit for both itself, Bryn Resources and the Montauban property owner. Discussions have already taken place between the representatives of Mr. Gingras and Bryn Resources and the property owners are pleased that Bryn Resources has been able to start the process to bring Trueclaim on board for this project. The initial investigations undertaken have revealed a total of 38,832 ounces of gold and 356,886 ounces of silver at Montauban so this relationship with Trueclaim is a priority for Bryn Resources.

Bryn Resources will provide updates in respect of its continuing negotiations with Trueclaim as well as information on other Bryn Resources projects as they become available. Bryn Resources is in discussions with other TSXv companies who want to JV with Bryn Resources on some sizeable properties in North and South America. We expect to be in a position to make further announcements early next week.

Bryn Resources is also moving ahead on other capital restructuring initiatives which will cause the float to shrink and maximize shareholder value. Bryn Resources should be able to deliver an update on this strategy late next week. The company is consulting with legal counsel and investment bankers in order to fast track these efforts,

Forward-looking statements in this release are made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties, including without limitation, continued acceptance of the Company's products, increased levels of competition for the Company, products and technological changes, the Company's dependence on third-party suppliers, and other risks detailed from to time in the Company's periodic reports filed with the Securities and Exchange Commission. 

DATASOURCE: Bryn Resources



CONTACT:  Bryn Resources, [phone]

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