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Message: NEWS: New Island sells marble deposit for $10, royalty...

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NEWS: New Island sells marble deposit for $10, royalty...

posted on Jun 26, 09 02:54PM

New Island sells marble deposit for $10, royalty

2009-06-26 13:48 ET - News Release

Mr. Harold Wareham reports

NEW ISLAND ANNOUNCES SALE OF CLAIMS RIGHTS TO MARBLE DEPOSIT

New Island Resources Inc. has sold the claims rights to its marble deposit near Deer Lake in Newfoundland to Island Industrial Ltd. for $10, and other good and valued consideration. Under the terms of the sale agreement, New Island will receive a royalty of 10 per cent of the gross profits from the sale value of products generated from the deposit. Additionally, New Island retains a right of first refusal should Island Industrial decide to dispose of the property in the future.

Harold Wareham, president, states that while disappointed New Island was unable to bring the marble deposit into commercial production, it is pleased to be able to reach an agreement with Island Industrial, a company which is and has been actively involved in the dimension stone industry in the province.

We seek Safe Harbor.

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