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| | Tue Aug 23, 2005
SETTLEMENT OF ELECTRUM RESOURCE CORP LAWSUIT
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| | A law suit by Electrum Resource Corp , a private British Columbia company, and former joint venture partner of the Company, filed in the Supreme Court of British Columbia on June 22nd, 2005 has been settled to the mutual satisfaction of both parties.
Under the terms of the settlement:
- Stealth can further reduce the net smelter royalty held by Electrum on the applicable claims from 2% to 1.5% on precious metals and to 1.0% on base metals by payment of a further $1.5 million to Electrum;
- Electrum will exchange 3 million shares of Stealth Minerals presently held by Electrum for 2 million shares of Cascadero Copper Corp ( CCD-TSX.V). Stealth's share position in Cascadero is reduced to 22 million shares or 67.8% as there is no issuance of shares from Cascadero's treasury;
- Electrum has agreed not to litigate against Stealth or Cascadero in the future.
Bill McWilliam
Chief Executive Officer
604 999 0391
Bill@stealthminerals.ca
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE |
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