Canadian Shells

[Tackler]

ALM Anglo Minerals options Northern Lights to Synenco

2004-06-15 14:41 ET - News Release

Mr. Todd Montgomery reports

ANGLO GRANTS OPTION TO SYNENCO

Anglo Minerals Ltd. has granted an option to Synenco Energy Inc. pursuant to which Synenco is entitled to purchase all of Anglo's rights in and to two oil sands permits and four coal lease applications. Upon exercise of the entire option, Synenco will hold a 100-per-cent interest in the Northern Lights project, an oil sands development project it is undertaking in the Fort McMurray area of Alberta, and Anglo will receive a total of $5-million.

The transaction described herein is conditional upon, among other things, regulatory and shareholder approval. The option is exercisable by Synenco in five separate tranches of payments to be made on or before Nov. 15, 2005, as follows:

$1,000,000 On or before Nov. 15, 2004
$1,000,000 Feb. 15, 2005
$1,000,000 May 15, 2005
$1,000,000 Aug. 15, 2005
$1,000,000 Nov. 15, 2005

5/16.3=0.31