St.Jude gets Crew Gold's Hwini-Butre interest
St. Jude Acquires Crew Gold Interest in Hwini Butre For
$5 million USD
Vancouver, August 23, 2005 -
St. Jude Resources Ltd. (SJD-TSX.V) is pleased to announce that it has served notice to Crew Gold Corporation, indicating its desire to increase its interest in Hwini Butre to 65%, pursuant to the call option stipulated in the original agreement between the parties dated February 1995. As a result of a new agreement, Crew has offered and St Jude has agreed to acquire Crew’s remaining 25% interest in the concession effective immediately. The total consideration to be paid for these transactions is USD $5 Million which shall be paid in equivalent number of St. Jude shares. As a result St. Jude will issue 2,995,000 common shares to Crew. These shares will be subject to a four month statutory hold period, after which time one third of these shares will be subject to a hold period spanning an additional 12 months.
As a consequence of the above transaction St Jude will now hold an 80% interest in the Hwini Butre project. The original Ghanaian vendor holds a 10% interest and the Government of Ghana holds their standard 10% carried interest. St. Jude is in the process of completing a feasibility study on both the Hwini Butre and adjoining Benso concession where the company now controls a N.I. 43-101 compliant, measured and indicated resource of 1,316,000 ounces.
ST. JUDE RESOURCES LTD.
PER:
MICHAEL A. TERRELL,
President
No Stock Exchange has reviewed or accepts the responsibility for the adequacy or accuracy of this release.
For further information, please contact:
Todd McMurray
Vice President, Corporate Development
St. Jude Resources Ltd.
Suite #200, 5405 - 48th Avenue
Delta, British Columbia
Canada, V4K 1W6
Tel: +1 - 604 - 940 - 6565
Fax: +1 - 604 - 940 – 6566
Toll Free 866- 281- 2193
Or visit the company’s website at:
www.stjudegold.com
AI
