Reliance Resources Ltd Appoints Experienced North American Resources Executive as Non-Executive Director

• George Young joins Reliance Board as Non-Executive Director
• Appointment strengthens skills and Board presence in North America
• RI actively assessing project and growth opportunities in North America

VANCOUVER, Oct. 23, 2013 /CNW/ - Reliance Resources Limited (TSX: RI) ("Reliance") or ("the Company") is pleased to announce the appointment of a seasoned mining executive to the Board of Directors with Mr George Young joining Reliance as non-executive director.

With a Bachelor of Science in Metallurgical Engineering from the University of Utah, and a J.D. from the University of Utah College of Law, Mr Young has over 35 years' experience in the mining industry starting his career as a metallurgist at Kennecott Copper Corp. in Utah in 1975. He is a former Chair of the Utah Section of the Society of Mining Engineers and a member (inactive) of the State Bar Associations of Colorado, Utah, and Texas.

Mr Young is currently a Director of Lion One Metals Ltd. Prior positions include Vice President and Director of International Royalty Corp. (2003-2008); President of MAG Silver Corp. (2002-2005). Mr Young also previously served as General Counsel and Acting General Manager of the Intermountain Power Agency (1984-1988); General Counsel of Bond International Gold Inc. (1988-1990); Director of Operations of American Resource Corporation, (1990-1993); Vice President of Canyon Resource Corporation (1993-1996); and President and CEO of Oro Belle Resources Ltd (1996-1998).

Mr Young has undertaken to assist the company in its commercial negotiations as the company assesses a number of growth opportunities in North America. He will work closely with Reliance's President Nicholas Clark in strengthening the company's project portfolio and driving a growth strategy that delivers improved outcomes for shareholders.

Reliance's Non-Executive Chairman Mr Gary Lewis commented: "We are delighted to have attracted George Young to the Board of Reliance. He brings unrivalled resource sector expertise to the company and a strong network in North America which will be invaluable as we take the next step in the company's growth.

"We are working hard for all shareholders to rebuild value in Reliance, and this involves assessing options for our Indonesian assets, as well as reviewing suitable corporate and project acquisition opportunities in North America. In the current market there are a number of undervalued projects and we intend to capitalise on weak markets and sentiment.

George Young added: "Reliance has a strong foundation to build a valuable resources business, and the company's TSX status underpins this foundation. I am looking forward to working with the Board and management team to create real value for shareholders."

SOURCE: Reliance Resources Ltd.

Nicholas Clark
Email: [email protected] 
Ph: [phone]