Cameo Industries Corp - Ordinary Shares V.CRU

CAMEO ANNOUNCES EXTENSION OF MOROGORO OPTION AGREE

[celesm2]

 

2013-05-15 13:49 ET - News Release

Mr. Souhail Farrage reports

Cameo Resources Corp. (formerly Sidon International Resources Corp.) has negotiated an extension of its obligations relating to its MEG gold property located in the Morogoro rural district of Tanzania. The company's obligation to pay and issue to the optionor $350,000 and 33,333 common shares has been extended until Aug. 10, 2013. The company reports that it has met all of the other requirements with respect to the MEG gold property and once these final payments and issuances have been made and notice is given of its intent to exercise its option, it will have successfully earned an 80-per-cent interest in the property subject to a 5-per-cent net smelter returns royalty in favour of the Morogoro Regional Mining Group Ltd., which the company can reduce to a 3-per-cent NSR royalty by paying the Morogoro Regional Mining Group Ltd. $1.5-million (U.S.).

The company's common shares remain cease traded as a result of its failure to file certain financial statements and related management's discussion and analysis pursuant to National Instrument 51-102 continuous disclosure obligations (NI 51-102). The company has since filed the requisite financial statements and has applied to each of the British Columbia Securities Commission and the Alberta Securities Commission to have the cease trade orders lifted.