Tierra Grande Resources Inc. Suspends Negotiations to Acquire the Buldibuyo Gold Project

July 14, 2014 12:10 PM EDT | Source: Tierra Grande Resources Inc.

Perth, Australia--(Newsfile Corp. - July 14, 2014) - Tierra Grande Resources Inc. (OTCQB: TGRI) (the "Company") regrets to announce that it has suspended negotiations to acquire the Buldibuyo Gold Project (the "Project") in Peru after failing to reach a final binding agreement with the vendors.

Despite the execution of a Letter of Intent in May 2014 and numerous attempts to accommodate the vendors, the vendors have failed to deliver to the Company essential information required to conduct a thorough technical and legal due diligence on the project and associated holding companies.

Andrew Gasmier, President & CEO of the Company, stated "The board is naturally disappointed that after such a long period of negotiation, the signing of a Letter of Intent has not translated into the execution of binding formal agreements. However, the failure of the vendors to provide required documentation creates an unacceptable level of risk involved with the purchase of the three holding companies. The Company is not prepared to pay any money to the vendors unless acceptable and binding formal agreements have been executed by them."

Mr. Gasmier further stated "Throughout this process the board has demonstrated that it has acted at all times in an ethical, responsible manner and has committed to following accepted business principles. The board's focus will now be directed towards seeking new opportunities that fit the company's investment criteria, being high grade, near term producing assets with low up front capital requirements."

About Tierra Grande Resources Inc.

Tierra Grande Resources is an exploration stage company whose principal business is the acquisition and exploration of mineral resources. Information about the business of the company can be found in its filings with securities regulatory authorities.

Forward-looking Statements:

This press release may contain forward-looking statements that involve risks and uncertainties. These statements relate to future events or our future financial performance. In some cases, you can identify forward-looking statements by terminology including "could", "may", "will", "should", "expect", "plan", "anticipate", "believe", "estimate", "predict", "potential" and the negative of these terms or other comparable terminology. While these forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect our current judgment regarding the direction of our business, actual results will almost always vary, sometimes materially, from any estimates, predictions, projections, assumptions or other future performance suggested in this report. Except as required by applicable law, we do not intend to update any of the forward-looking statements so as to conform these statements to actual results. Investors should refer to the risks disclosed in the Company's reports filed from time to time with the Securities and Exchange Commission and available at www.sec.gov.

For further information, please contact Mr. Andrew Gasmier, President & CEO, at +61 409 102 356.

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