Nov 05, 2008
Manitoba Coal Permits Withdrawn, C$663,000 Refunded
Bitterroot Resources Ltd. (BTT, TSX-V) has withdrawn applications for Quarry (Coal) Exploration Permits covering approximately 26,000 hectares (64,000 acres) in the Province of Manitoba. Today the Mines Branch of Manitoba's Department of Science, Technology, Energy and Mines refunded Bitterroot's deposits totalling $663,000. The Quarry (Coal) Exploration Permit applications were withdrawn to eliminate the associated near-term exploration funding obligations and conserve the Company's cash reserves during this period of unprecedented declines in resource equity markets.
Bitterroot will retain its recently issued Coal Prospecting Permits covering 1,248 hectares (3,084 acres) in eastern Saskatchewan. These permits are located approximately 25 kilometres east of Hudson Bay, Saskatchewan and cover road-accessible occurrences of coal-bearing strata of the Lower Cretaceous Mannville Group.
Bitterroot's management intends to continue funding the Company's share of bulk sampling and exploration expenditures on the Mineral Creek, BC high-grade gold project. Drilling is also continuing on the lands subject to the Cameco uranium joint venture in Michigan.
ON BEHALF OF THE BOARD OF DIRECTORS
Michael S. Carr
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents of this news release.
FORWARD LOOKING STATEMENTS: This document contains statements about expected or anticipated future events and/or financial results that are forward-looking in nature and as a result, are subject to certain risks and uncertainties, such as general economic, market and business conditions, regulatory processes and actions, technical issues, new legislation, competitive conditions, the uncertainties resulting from potential delays or changes in plans, the occurrence of unexpected events and the company's ability to execute and implement its future plans. Actual results may differ materially from those projected by management. For such statements, we claim the safe harbour for forward-looking statements within the meaning of the Private Securities Legislation Reform Act of 1995.