Declan Resources Inc.

TSX VENTURE : LAN


October 11, 2012 08:00 ET

Declan Settles Dispute With Tanzanian Exploration Consultant

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 11, 2012) - Declan Resources Inc. ("Declan") (TSX VENTURE:LAN) announces that it has settled a dispute with its Tanzanian exploration consultant, Mr. Laurence Stephenson ("Stephenson") and his companies, AFGF (Tanzania) Ltd. ("AFGF"), AFGF Holdings (Tanzania) Limited ("AFGF Holdings") and Kokanee Placer Ltd. ("Placer") (Stephenson, AFGF, AFGF Holdings, and Placer collectively the "Stephenson Group"). Details of the dispute were the subject of a news release issued by Declan on March 7, 2012. Under the settlement, Declan will withdraw its arbitration action BCICAC File No. DCA-1380 against the Stephenson Group. AFGF will grant concessions to Declan under an amending agreement to the Morogoro Property option agreement. Declan will receive a 12 month extension for the next cash option payment on the Morogoro Property of $500,000. The new payment date will be October 7, 2013. Additionally, Declan's initial minimum work commitment on the Morogoro Property will be reduced to $100,000 and will also be extended to October 7, 2013 from October 7, 2012. The Stephenson Group will waive entitlement to repayment of $120,263.07 which has been recorded by Declan as cash advances by the Stephenson Group. Stephenson has agreed to cancel 537,786 escrowed common shares of Declan and Placer has agreed to cancel 37,500 escrowed common shares of Declan. Declan will pay $1,534.40 in outstanding Tanzanian government license fees owing on the Morogoro Property.

About Declan Resources Inc.

Declan Resources Inc. is an independent mineral exploration company based in Vancouver, B.C.

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Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Declan Resources Inc.
    Wayne Tisdale
    President and CEO
    (604) 639-4455