Raytec Focusing on Precious Metals
VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 8, 2009) - Raytec Metals Corp. (the "Company") (TSX VENTURE:RAY) provides update.
2008 in Review:
In early 2008, the market for fertilizer products, including potash, was extremely buoyant, and Raytec's priority was to further the exploration and advancement of the Company's potash properties. Raytec completed a National Instrument 43-101 compliant resource for the Spar Property, which reported an indicated resource of 12.49 million tonnes of K2O and an inferred resource of 12.24 million tonnes of K2O.
Since last summer, the general venture markets and the market appeal of junior potash explorers have fallen dramatically. The Company, with a healthy treasury, has elected to curtail its aggressive potash exploration effort and seek an alternative direction to build value.
2009 Focus to Precious Metals:
While management of the Company remains pleased with the quality of the Company's existing assets, it believes that in today's market, a cash-rich company has increased opportunities to acquire interests in advanced, near-term, or producing precious metal projects. With its strong cash position, the Company is well positioned to take advantage of the current economic environment in the mining industry.
Management continues to evaluate projects of merit, and to work diligently to acquire further assets for the Company. We take this opportunity to thank Raytec shareholders for their continued support.