CALGARY, Alberta, Aug. 23 /PRNewswire-FirstCall/ -- FEC RESOURCES INC.
(OTC Bulletin Board: FECOF, Frankfurt/Munich: FE8) ("FECR" or "the company")
reports that the company has entered into an agreement to acquire a stake in
an iron ore mining license located in close proximity to Manila, Philippines.
In order to pursue prospective interests in an iron ore concession
covering 64 hectares with probable reserves of approximately 20 million metric
tons, FECR has acquired a 20% stake in Transpacific Mining Limited (TML), a
BVI company. The acquisition was funded through a US$500,000 non-interest
bearing and unsecured loan from FECR to TML, to be repaid through an
overriding royalty at the rate of 5% of gross FOB export sales.
"We are confident that our move into the resources sector and specifically
to iron ore, will deliver significant value to our shareholders. Our iron ore
operations are situated in a region of the world which we understand very
well, and we look forward issuing further information as it becomes
available," commented Larry W. Youell, President and CEO.
Mr. Youell concluded, "Now that our oil, gas and coal assets are being
successfully managed through Forum Energy Plc we will be solely focused on the
generation of a solid revenue stream through our interest in TML."
Further information will be released when available.
To learn more about FEC Resources, Inc visit http://www.fecresources.com.
FEC Resources Inc. currently holds 36.7% of Forum Energy Plc -- to learn
more about Forum Energy Plc visit http://www.forumenergyplc.com
On behalf of the Board of,
FEC Resources, Inc.
"Larry W. Youell"
President & CEO
This release contains "forward looking statements" as per Section 21E of
the US Securities and Exchange Act of 1934, as amended. Although the Company
believes that the expectations reflected in such forward looking statements
are reasonable, it can give no assurance that such expectations will prove to
have been correct. Management is currently reviewing many options and there is
no assurance that they will not make decisions other than those now
contemplated. The Company is subject to political risks and operational risks
identified in documents filed with the Securities and Exchange Commission,
including changing and depressed oil prices, unsuccessful drilling results,
change of government and political unrest in its main area of operations
For more information please contact Larry Youell at 403-290-1676 e-mail
info@fecresources.com or visit the FEC Resources website at
http://www.fecresources.com
SOURCE FEC Resources, Inc.
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Related links:
http://www.fecresources.com
CONTACT:
Larry Youell of FEC Resources,
+1-403-290-1676, or info@fecresources.com
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