Reliance Clarifies Status of Exploration Activities
May 8, 2013. Reliance Resources Ltd. wishes to clarify the status of its exploration activities disclosed in its news release of May 1, 2013 (the "Release") under the heading "Background on Reliance Resources" which followed the main text of the Release. In the Release, the Company announced that it "is active on three of its five Indonesian gold projects". While that disclosure is correct in that it is currently performing work on the results of its surface exploration programs on the Kapa Kapa gold-silver project and the Roko gold project and on drilling results from the Tanoyan gold project, it is not currently drilling on the Tanoyan gold project and does not currently have an active surface exploration program on the other two projects.
The Company is currently operating with limited financial resources and has reduced its exploration expenditures with a view to minimizing its financial outlays. The Board is currently reviewing strategic alternatives for the Company with a view to improving its financial position and developing a strategic plan for the future.
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