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Press release from CNW Group

Reliance announces management changes to enhance North American presence

Tuesday, February 05, 2013

Reliance announces management changes to enhance North American presence09:30 EST Tuesday, February 05, 2013Mr. Nicholas Clark appointed as President to drive Reliance's corporate and capital market engagement functions Mr. Clark brings extensive corporate, financial and capital markets experience in North America and other markets Mr. Clark to be based in North America with the role to commence immediately Mr. Gary Lewis to step down as Chief Executive Officer and remain as Non-Executive Chairman Immediate focus is to strengthen Reliance's presence among brokers and investors in the North American market VANCOUVER, Feb. 5, 2013 /CNW/ - Reliance Resources Ltd. ("the Company") (TSX:RI) is pleased to announce that Mr. Nicholas Clark has been appointed to the role of President of the Company based in North America, effective immediately. Mr. Clark, who is currently Reliance's Chief Financial Officer and Head of Corporate Affairs, will officially relocate to North America in late March.Mr. Clark is a qualified lawyer with significant experience operating in Indonesia as well as North America, gained from working and living in both the countries, specifically within the investment banking fields particularly in mergers and acquisitions. Mr. Clark also possesses extensive experience in financial and capital markets across North America and other jurisdictions.Mr. Clark's immediate focus will be to strengthen the Company's engagement with investors in North America as part of the Company's ongoing investor relations program. Mr. Clark will continue to be supported by the Company's Indonesian technical team, and will be integral in re-enforcing Reliance's planned operational milestones amongst key players in the North American capital markets.The Board of Reliance also confirms that Mr. Gary Lewis will step down as Chief Executive Officer of the Company and remain in the role of Non-Executive Chairman.Mr. Clark commented: "This is a great opportunity to lead Reliance and unlock the value in the Company's Indonesian assets through supporting the Company's corporate growth strategy.We also want to capitalise on our status as a Main Board TSX-listed company, which presents us with a number of opportunities."Our Tanoyan Project in particular is delivering encouraging exploration results, and we are focused on continuing to develop this asset.  Our projects are located near a number of world-class resources and we remain confident that we can realise significant value from these assets."My first priority as President is to strengthen our presence among North American investors and secure solid relationships among stock broking firms that can support the Company. I am looking forward to the challenge of growing Reliance's profile amongst the investment community."Mr. Gary Lewis added: "Nick has extensive experience in financial and capital markets in North America. Appointing a President based in that region is an essential requirement for Reliance, especially as we move our flagship project from an exploration to an exploitation phase."We have every confidence in the assets and the team, and Reliance is well placed moving forward. The Board and management team, under Nick's leadership, are working hard to build shareholder value."SOURCE: Reliance Resources Ltd.For further information: Nicholas Clark nc@relianceresources.com.au +1 864 991 6687