DENVER, Nov. 22, 2010 /PRNewswire-FirstCall/ -- Supatcha
Resources Inc. (OTC Bulletin Board: SAEI) ("Supatcha" or the
"Company") is pleased to announced today that its Board of
Directors has authorized a share repurchase program of up to
$3 million of the Company's
outstanding common shares. The repurchase program will be funded by
the Company's available cash. The Board of Directors believes that
a share repurchase program would be in the best interests of the
Company and its shareholders, and that it will not impact the
Company's ability to execute its growth plans.
Commenting, Nikolae Yagodka, CEO and Director of Supatcha said,
"We are very pleased to announce this repurchase program to benefit
shareholders at a time when we believe our stock is undervalued.
This initiative will improve future earnings per share by
reducing the number of shares outstanding. The repurchase program
reflects the Board of Directors' continued confidence in the
Company and the commitment to enhance shareholder value. Our
shareholders have been and continue to be our most important asset,
so rewarding them is a high priority. We have been astounded
by the sharp decline in our share price over the past year.
Nevertheless, we believe Supatcha's share price has become
significantly undervalued based on the strength of the Gold
market's current level and future outlook."
Acquisitions of stock under the repurchase plan will be made
from time to time as permitted by securities laws and other legal
requirements, and subject to market conditions and other factors.
The repurchase program will be funded by the Company's available
cash. The plan will continue as long as periodic management
reviews determine it to be fiscally feasible and may be
discontinued at any time.
In addition, the Company expects the NI 43-101 technical report
for the Barlevskoye and Vynohradiv gold projects to be completed
and filed by December 05, 2010. The
report will provide measured, indicated and inferred resources that
will be the basis for the Preliminary Economic Assessment and final
feasibility studies that will convert those resources into
reserves.
About Supatcha Resources Inc. (OTCBB: SAEI)
Supatcha Resources Inc. is a gold exploration company focused on
acquiring and developing mineral properties in Ukraine. Supatcha is in the final stages of
acquiring two additional gold mining projects, with world-class
potential, in southwestern Ukraine.
Notice Regarding Forward Looking Statements
This news release contains "forward-looking statements", as that
term is defined in Section 27A of the United States Securities Act
of 1933 and Section 21E of the Securities Exchange Act of 1934.
Statements in this press release which are not purely historical
are forward-looking statements and include any statements regarding
beliefs, plans, expectations or intentions regarding the future.
Actual results could differ from those projected in any
forward-looking statements due to numerous factors. Such factors
include, among others, the inherent uncertainties associated with
mineral exploration. We are not in control of metals prices and
these could vary to make development uneconomic. These
forward-looking statements are made as of the date of this news
release, and we assume no obligation to update the forward-looking
statements, or to update the reasons why actual results could
differ from those projected in the forward-looking statements.
Although we believe that the beliefs, plans, expectations and
intentions contained in this press release are reasonable, there
can be no assurance that such beliefs, plans, expectations or
intentions will prove to be accurate. Investors should consult all
of the information set forth herein and should also refer to the
risk factors disclosure outlined in our annual report on Form
10-KSB for the last reported fiscal year, our quarterly reports on
Form 10-QSB and other periodic reports filed from time-to-time with
the Securities and Exchange Commission.
SOURCE Supatcha Resources Inc.