Telferscot Resources Announces Completion of Share Exchange

TORONTO, Ontario, October 23, 2013 – Telferscot Resources Inc. (CNSX:TFS) (“Telferscot” or the “Company”) announces the completion of the share exchange transaction (“Exchange Transaction”) approved by the Company’s shareholders at its Annual General and Special Meeting held on August 19th, 2013 (See the Company’s Management Information Circular dated July 10, 2013).

As per the terms of the Exchange Transaction, Allied Link Holdings Ltd. (“ALH”) has submitted and the Company has cancelled 12,237,200 of the Company’s common shares.  Prior to the cancellation of these shares, ALH’s holding in Telferscot represented 28.79% of the then outstanding 42,512,200 common shares of the Company.  In exchange for ALH’s shares of the Company, ALH has received its pro rata interest of the Company’s stake in Kolwezi Copper Corp (“KCC”).  Prior to the Exchange Transaction, the Company held 3,896 KCC common shares.  ALH has received 1,121 KCC common shares representing 28.79% of Telferscot’s interest in KCC’s outstanding capital.

 Following the Exchange Transaction, Telferscot has 30,275,000 outstanding common shares. In order to facilitate the transaction the Company sought and obtained shareholder approval to reduce its stated capital by the required amount to meet certain statutory requirements and optimize corporate income tax considerations.