Confederation Minerals Ltd.
TSX VENTURE : CFM

Confederation Minerals Ltd.

May 04, 2009 15:53 ET

Confederation Minerals Ltd. Announces Amendment to Shoreham Option, Amendment to Mitchell Belanger Option and Abandonment of Gerry Lake Property

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 4, 2009) - Lawrence Dick, the President of Confederation Minerals Ltd. (the "Company") (TSX VENTURE:CFM), is pleased to report that the Company has agreed with Shoreham Resources Ltd. ("Shoreham") to an amendment of the option previously granted by the Company to Shoreham whereby Shoreham could acquire a 70% interest in the Company's Matless Lake property. The amendment requires Shoreham to issue an additional 200,000 shares to the Company but reduces the property work expenditures required for Shoreham to earn its interest from $700,000 to $600,000 and allows Shoreham to determine the work schedule provided it keeps the property in good standing.

The Company has also reached an agreement with the Optionor of the Matless Lake property to accept 30,000 shares of Shoreham in lieu of the 30,000 shares of the Company which were otherwise required to be issued to keep the option in good standing.

The Company has also reached an agreement with the Optionor of its Mitchell Belanger property for an extension of time until August 31, 2009 for payment of $12,500, which was previously due on February 2, 2009.

The Company has notified the Optionor of its Gerry Lake property that it has abandoned the property and will not be exercising the option it has on the property.

CONFEDERATION MINERALS LTD.

Lawrence Dick, President

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.

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