VANCOUVER, BRITISH COLUMBIA and LIMA, PERU -- (Marketwire) -- 07/13/11 -- Rio Cristal Resources Corporation (TSX VENTURE: RCZ)(BVL: RCZ) ("Rio Cristal" or the "Company") announced that Mr. Erik Bethel has been appointed a Director of the Company.
Thomas Findley, President and CEO of Rio Cristal, said, "I am very pleased to announce that Erik Bethel, Managing Partner of SinoLatin Capital, has agreed to join us as a Director of the Company. Rio Cristal's association with SinoLatin Capital is a key part of our strategy of seeking a strong partner to work with us to develop mining projects in Peru. Mr. Bethel's experience with, and knowledge of, leading Chinese companies is very important to us and I know that he will bring great value to our Board."
Mr. Bethel has 17 years experience in the investment banking and private equity industries in Latin America and China. He currently serves as Managing Partner for SinoLatin Capital, a merchant bank based in Shanghai that focuses on natural resource transactions between China and Latin America. Before SinoLatin Capital, Mr. Bethel worked for ChinaVest, the oldest private equity fund in Mainland China. He also worked in the Latin American private equity, mergers and acquisitions, and corporate finance groups at Morgan Stanley, J.P. Morgan Partners, Emerging Markets Partnership, and Compass Point Capital Partners.
Mr. Bethel graduated with distinction from the United States Naval Academy, Annapolis with a B.S. in Economics and a B.S. in Political Science. He also received an MBA from The Wharton School of Business. He speaks Spanish, Portuguese, English and Mandarin and resides in Shanghai with his wife and two children.
The Company also announced that it has granted a total of 300,000 options to Mr. Bethel and two Company employees. The options vest over two years, have a term of five years and were priced at C$.17, the closing price on July 12, 2011 the day the options were granted.
About Rio Cristal Resources Corporation
Rio Cristal Resources is a Canadian corporation focused on the discovery and further development of zinc, copper and gold deposits in Peru. The Company's most advanced exploration project is the 18,000 hectare Bongara zinc claim block located in northern Peru. An initial 4,200 meter drilling program confirmed that the project is within an important emerging Mississippi Valley-type zinc district. In 2011, Rio Cristal is undertaking a 6,000 meter drill campaign in with the objectives of confirming a zinc oxide resource and discovering deeper sulfide zinc ores.
The Company is also conducting surface exploration at its La Cumbre copper oxide project near Chala, Peru. The process of obtaining drilling permits is underway and drilling is expected to begin in August, 2011 with an objective of completing 2,000 meters. Rio Cristal's preliminary review of La Cumbre indicates potential for bulk-mineable copper oxide mineralization grading in excess of 2% copper. Additionally, there is potential for copper sulfide mineralization as the project is located within a very prospective belt hosting significant iron oxide copper deposits. Extensive recent underground workings indicate a possible resource located at surface which could be rapidly quantified with potential for extending mineralization laterally and at depth.
The Company's shares are listed on the Toronto Stock Exchange, Venture Segment and the Bolsa de Valores de Lima (Lima Stock Exchange).
Information about SinoLatin Capital Inc. can also be found on the following website: www.sinolatincapital.com : .
This news release includes certain "forward-looking statements" under applicable Canadian securities legislation. All statements other than statements of historical fact included in this release, including, without limitation, statements regarding potential exploration results, future plans and objectives of the Company are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future results, events and objectives could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from Rio Cristal's expectations include exploration and other risks detailed from time to time in the filings made by the Company with securities regulators.
This news release does not constitute an offer to sell or solicitation of an offer to sell any securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Rio Cristal Resources Corporation
North American investors
Rio Cristal Resources Corporation
Peruvian and Latin American investors
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