EastSiberian Farm-in Agreements Expire with East Siberian Resources

EastSiberian Plc, a junior explorer, has announced that two farm-in agreements have expired in Russia.  One on a licence located on the eastern onshore portion of Sakhalin Island and one on a license in eastern Siberia.

The agreement, which was entered in June of last that would have provided EastSiberian the opportunity to earn up to a 51 percent equity stake in two wholly-owned Cyprus subsidiaries of East Siberian Resources Ltd.  It expired on March 31, 2013, due to unsuccessful fund raising initiatives. 

EastSiberian was pursuing fund raising initiatives for approximately USD$50 million to fully fund the work program contemplated by the farm-in agreement and for general corporate purposes. "Given the difficult financial investment conditions, the Corporation was unsuccessful in obtaining the investment funds specific to this farm-in agreement by March 31, 2013, and the farm-in agreement expired," according to East Siberian in a statement.