STERLING ANNOUNCES CESSATION OF FARM-IN AGREEMENTSTERLING RESOURCES ANNOUNCES CESSATION OF FARM-IN AGREEMENT IN ROMANIA (cnw)
CALGARY, Nov. 1 /CNW/ - Sterling Resources Ltd. (TSX-V:SLG) ("Sterling"or the "Company") announces that following the immediate cessation ofthe Farm-in Agreement with Melrose Resources BV, the Company haswithdrawn the 32.5% assignment request made on May 22, 2009 with theNational Agency for Mineral Resources (NAMR) for Melrose Resources BVon Sterling's Pelican and Midia Blocks, offshore Romania. The effectivedate of this withdrawal request to NAMR, the regulatory agencyresponsible for mineral resource administration on behalf of theGovernment of Romania, is November 1, 2010.
The inability to obtain assignment approval has impeded progress on theAna and Doina discoveries, as well as further exploration and appraisalactivities on the Blocks. Sterling now intends to proactively moveforward with offshore activities in concert with its other intendedassignees, PetroVentures Europe BV and Gas Plus International BV.