Trulan Resources Inc. (OTC Pink: TRLR) (PINKSHEETS: TRLR) (the "Company" or "Trulan") reports that the Company's IGP Project in central Chile has experienced numerous and ongoing delays in any further development as a result of the systemic failure of the project's outside investors to complete on its financing obligations.
In March of 2013, Trulan negotiated a loan agreement with a private investment group for US$1,000,000 that was to be provided in stages as necessary to advance various work initiatives on the IGP mineral properties. After an initial draw of US$150,000 against the loan facility, further funds were not advanced as requested by the Company. This situation left many obligations that the company agreed to, in various stages of progress and, ultimately, incomplete.
Management has endeavoured to resolve the loan issue over several months in order to continue with the project to no avail. The Company learned recently that the investment group lost its ability to fund the project but neglected to formally inform Trulan of this circumstance in a timely manner. This has resulted in the Company being unable to further the planned exploration and work programs or complete certain feasibility and metallurgical studies begun in conjunction with the initial financing. Additionally, Trulan has had to close its office in Santiago and abandon its wholly owned Chilean subsidiary.
The failure to fulfill on the financing commitment has affected the Company's ability to maintain the property claims, remit tax payments and annual fees, and has put the entire Definitive Agreement with the Vendor of the property in jeopardy. The situation has also been a significant hindrance in attracting other potential investors to the project until certain legal matters attendant to the loan facility, and the failure to complete the financing, have been fully considered and resolved.
Trulan management has continued to pursue possible solutions to resolve matters and get the project back on track in order to fully advance its business plan but is also pursuing new potential opportunities in the interest of enhancing shareholder value.
This news release was prepared on behalf of the Board of Directors, which accepts full responsibility for its contents. For more information please contact Corporate Relations at 702-430-9189 or firstname.lastname@example.org
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Trulan Resources Inc.
SOURCE: Trulan Resources Inc.