Cross Lake Minerals Ltd.

Cross Lake Minerals Ltd.

October 17, 2005 19:26 ET

Cross Lake Minerals Ltd.: Corporate Update

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Oct. 17, 2005) - Cross Lake Minerals Ltd. (TSX:CRN) (the "Company") wishes to announce that it has made an application to the Toronto Stock Exchange (the "Exchange") to extend the expiry date and amend the exercise price of an aggregate of 850,000 outstanding common share purchase warrants (the "Warrants") which were originally issued on October 26, 2004, are exercisable at a price of $0.22 and expire on October 26, 2005. The Company is seeking Exchange approval to extend the expiry date of the Warrants to October 26, 2006 and to amend the exercise price to $0.10 per common share. The Warrants are held by arm's length parties. The extension of the expiry date and the amendment of the exercise price of the Warrants are subject to Exchange approval.

Certain statements contained in this document, including statements regarding events and financial trends that may affect our future operating results, financial position and cash flows, may constitute forward-looking statements within the meaning of the federal securities laws. These statements are based on our assumptions and estimates and are subject to risk and uncertainties. You can identify these forward-looking statements by the use of words like "strategy", "expects", "plans", "believes", "will", "estimates", "intends", "projects", "goals", "targets", and other words of similar meaning. You can also identify them by the fact that they do not relate strictly to historical or current facts. We wish to caution you that such statements contained are just predictions or opinions and that actual events or results may differ materially. The forward-looking statements contained in this business plan are made as of the date hereof and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ materially from those projected in the forward-looking statements. Where applicable, we claim the protection of the safe harbor for forward-looking statements provided by the (United States) Private Securities Litigation Reform Act of 1995.

12(g) No. 82-2636

Contact Information

  • Cross Lake Minerals Ltd.
    Gordon A. Keevil
    (604) 687-2038
    (604) 687-3141 (FAX)
    Tangent Management Corp.
    Investor Relations
    (604) 642-0115