Emperor Announces Amendment to Farm-In Agreement
Vancouver, B.C., July 10, 2012 - Emperor Minerals Ltd. (TSXV: EM) (“Emperor” or the “Company”) announces it has entered into an amendment agreement (the “Amendment Agreement”) with respect to the farm-in agreement (the “Farm-In Agreement”) dated October 6, 2011 among Cheetah-Yemen Holdings Ltd. (“Cheetah”), the Company’s wholly-owned subsidiary, Azure Resources Corporation (TSX-V: TMI) (“Azure”), Arctic Petroleum Ltd., a wholly-owned subsidiary of Azure, and Arctic Oil and Gas Ltd., a wholly-owned subsidiary of Arctic Petroleum Ltd.
Under the terms of the Farm-In Agreement, Cheetah was obligated to pay US$1,300,000 on or before May 21, 2012 and make an additional payment of US$2,000,000 on or before June 15, 2012. Under the terms of the Amendment Agreement Cheetah is now required to pay US$850,000 upon signing the Amendment Agreement (which has been paid), an additional US$150,000 on or before August 15, 2012, an additional US$1,500,000 on or before October 31, 2012, and an additional US$800,000 on or before December 15, 2012. If the Company fails to make the US$150,000 payment on or before August 15, 2012, the Company’s interest in the Catalca Licence will be reduced from 22.5% to 22% or pro rata. In addition, if the Company fails to make the US$1,500,000 payment on or before October 31, 2012, the Company’s interest in the Catalca Licence will be reduced from 22% to 14.5% or pro rata. In addition, if the Company fails to make the US$800,000 payment on or before December 15, 2012, the Company’s interest in the Catalca Licence will be reduced from 14.5% to 10.5% or pro rata.
President & CEO Andrew McCarthy stated:
“We are especially proud of our accomplishments and the commitment we have made to Azure Resources and the opportunities they continue to develop in the region. Azure and their management team are critical partners in our long term development plans and we appreciate their expertise and continued support.”
About Emperor Minerals Ltd.
Emperor is an international oil and gas company with a late stage exploration and near term production project in Turkey. The Company is directed by an experienced group of business professionals who have leveraged their contacts within the global community to identify significant land parcels and strategic partnerships within regions of influence. The Company’s management team boasts a keen understanding of oil and gas exploration, production procedures and market strategies. Management is focused on growing the Company through near term production and an acquisition strategy in Turkey and North Africa.
For further information please contact Wanda Cutler, investor relations for the Company, at (416) 303-6460 or wanda@cutlermccarthy.com.
ON BEHALF OF THE BOARD
“Andrew McCarthy”
Andrew McCarthy
President and Chief Executive Officer
www.emperorminerals.com
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Cautionary Statement Regarding “Forward-Looking” Information
Some of the statements contained in this press release are forward-looking statements and information within the meaning of applicable securities laws. Forward-looking statements and information can be identified by the use of words such as “expects”, “intends”, “is expected”, “potential”, “suggests” or variations of such words or phrases, or statements that certain actions, events or results “may”, “could”, “should”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking statements and information are not historical facts and are subject to a number of risks and uncertainties beyond Emperor’s control. Actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking statements contained in this news release. Accordingly, readers should not place undue reliance on forward-looking statements. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements, except as may be required by law.