PERTH, Western Australia, Jan. 22 /CNW/ - Fusion Resources Limited
(Fusion or Company) (ASX: FSN, TSX: FNS) is pleased to advise that the Company
has entered into a deed of release and discharge (Deed) with Cazaly Resources
Limited (Cazaly) whereby Cazaly has agreed to release Fusion from any and all
claims and liabilities to Cazaly in relation to the decision by the Minister
for State Development to terminate Cazaly's application with respect to the
Shovelanna Iron Ore Project.
As announced on 2 December 2008, Paladin has made an off-market scrip
takeover offer (Offer) for the Company. It is a condition of this Offer that
Fusion enters into a settlement and release deed with Cazaly settling all
outstanding claims and liabilities due by Fusion to Cazaly in relation to the
Shovelanna Iron Ore Project and releasing Fusion from any and all claims and
liabilities to Cazaly, as set out in section 12.8(r) of Paladin's bidder's
statement dated 17 December 2008 (as supplemented by a supplementary bidder's
statement dated 19 December 2008).
The Company has agreed to pay a settlement sum of A$201,948 to Cazaly in
consideration for the release and discharge provided by Cazaly to Fusion.
For further information:
For further information: David Berrie, Managing Director, Telephone: +61
8 9322 6322, Facsimile: +61 8 9322 6558