Dec. 11 - STT.VSE - Litigation Settlement
from: Subject 17869
Sutton Resources Ltd. is pleased to announce
that it has reached a settlement with James Sinclair and Barbara Sinclair on
all outstanding litigation. All of the court cases will be dismissed by
consent without costs as if tried on the merits. The Sinclairs have granted a
voting trust over their Sutton shares to the President of Sutton and have
agreed to terms which regulate their sales of Sutton shares.
Roman Shklanka, Chairman of Sutton, said, ''The Sinclairs were
instrumental in many of Sutton's early financing efforts and assisted Sutton
in establishing itself as a very significant participant in the Tanzania
minerals sector. It is good to put an end to the controversies between them
and the Company. I am grateful to both Mr. and Mrs. Sinclair for their good
will and effort in working to achieve the settlement. I am also pleased to
acknowledge and thank the Sinclairs for their gracious gift of 150,000 Sutton
shares which will help Sutton's subsidiary Kahama Mining Corporation Ltd. to
develop and operate medical facilities for the Bulyanhulu area.''
Sutton Resources Ltd. is a developing mining company which holds the
Bulyanhulu property in Tanzania, (over 5.6 million ounces of gold), and which
has interests in the Kabanga nickel-cobalt property (over 1 billion pounds of
nickel along with some cobalt and copper), held under agreement with Anglo
American Corporation of South Africa Limited, as well as in the adjacent
Kagera reconnaissance area, and in the Marudi property in Guyana, (500,000
ounces of gold), held under agreement with Brazilian Goldfields Limited.
For further information: Patrick Soares, Investor Relations or Michael Kenyon, President, Box 40, Suite 900, 999 West Hastings Street, Vancouver, British Columbia, V6C 2W2 Canada, Telephone: (604) 669-9446 |
