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HALIFAX, July 20, 2012 /CNW/ - Muskrat Minerals Incorporated (CNSX: YYR) announced today that it has concluded a share acquisition from two shareholders in the privately-owned Grand River Ironsands Incorporated (GRI). The Corporation had stated it would pursue the acquisition of shares from GRI shareholders. GRI currently controls 83% of North Atlantic Iron Corporation (NAIC) a joint venture advancing an ironsands resource in Labrador for producing pig iron for steel mills.
In total, 2,380,017 shares in GRI have been acquired for $1,190,009 by Muskrat Minerals. This increases Muskrats Minerals position in GRI from 6,900,000 shares (29.9% of GRI shares issued) to 9,280,017 shares (40.22%).
ABOUT MUSKRAT MINERALS INCORPORATED
MUSKRAT MINERALS wholly-owns VR Interactive International Inc. ("VRI"), and 3053229 Nova Scotia Inc. ("NSL") which now owns a 40.22% interest in Grand River Ironsands Incorporated ("GRI"). GRI currently owns 83% of North Atlantic Iron Corporation, which is a significant joint venture iron sands project in Newfoundland and Labrador. The ironsands project is owned by North Atlantic Iron Corporation (NAIC) and currently being assessed as a low cost feedstock in making a high purity pig iron for sale to steel mills and foundries. The Corporation is a resource based company with a principal focus on industrial minerals and investment in mineral projects of interest. The Corporation will maintain its 100% ownership in VRI and NSL and will continue to seek potential joint ventures and partnerships to enhance the value of its existing properties. The Corporation has issued and outstanding 17,251,015 common shares.
Neither CSNX Exchange nor its Regulation Services Provider (as that term is defined in the policies of the CSNX Exchange) accepts responsibility for the adequacy or accuracy of this release.
The Corporation seeks Safe Harbour.
SOURCE Muskrat Minerals Incorporated