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or Name
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Walker River Resources Corp
Symbol WRR
Shares Issued 30,192,914
Close 2014-08-25 C$ 0.03
Market Cap C$ 905,787
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Walker River clarifies that Fondaway is a no go

2014-08-25 18:42 ET - News Release

Mr. Michel David reports

WALKER CLARIFIES THAT IT CANNOT PURSUE FONDAWAY CANYON PROJECT

Walker River Resources Corp., as a result of a further review by the British Columbia Securities Commission (BCSC), is issuing this news release to provide additional clarification regarding the company's previous disclosures on the Fondaway Canyon and Dixie-Comstock gold properties.

The company signed a binding letter agreement with Hale Capital Partners of New York (as announced in the company's news release dated April 8, 2013) for the rights to acquire 100 per cent of the Fondaway Canyon and Dixie-Comstock gold properties (together, the Fondaway project) in Churchill county, Nevada. The company also mentioned the Fondaway project in its management's discussion and analysis for the interim period ended May 31, 2013 (filed on July 29, 2013).

During the company's initial due diligence on the Fondaway project, property ownership and title discrepancies were discovered. The company informed Hale of the ownership issues and was advised by Hale that the title of the claims were in the process of being approved for transfer to Hale, by the Supreme Court of the State of New York, as a settlement agreement, in legal actions commenced against the previous owners of the properties by Hale. The company subsequently ceased any further due diligence and did not direct further resources toward the Fondaway project, until Hale could provide clear title to the properties. Hale had always maintained to the company, up until March, 2014, that it could deliver clear title to the properties.

During the BCSC's recent review, it was brought to the company's attention that the Fondaway Canyon and Dixie-Comstock gold properties were sold on Aug. 15, 2013, as disclosed by news release by the previous owners, to a new purchaser, with Hale signing a release and settlement approving the sale to the new purchaser. The company maintains it was not aware, nor was it ever informed by Hale, of the property sales to the new purchaser. Therefore, in light of these matters, the company cannot pursue the Fondaway project because the purported vendor (Hale) no longer had rights to the project from August, 2013, onward.

Company management along with its legal counsel will review its position on these matters in order to determine legal rights that may be available to it.

The company is focusing its current energies on its Lapon Canyon gold project, located approximately 60 kilometres south of Yerington, Nev.

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