TORONTO, June 21 /CNW/ - Goldcrest Resources Ltd. (the "Company"),
(GCL-TSX.V) yesterday received shareholder approval at its annual and special
meeting for the sale of the Youanmi Project to Apex Minerals NL ("Apex").
Pursuant to the sale agreement, the Company will receive A$10 million,
A$5 million payable in cash and the balance payable by the issue of
14,285,714 shares of Apex, based on a deemed price of A$0.35 per share. Apex's
closing share price on the Australian Stock Exchange (ASX) on June 20, 2007
was A$0.91 per share. In connection with the transaction, Goldcrest Mines Pty
Limited, a subsidiary of Goldcrest to be acquired by Apex, will repay to
Goldcrest approximately A$750,000 for the amount of existing environmental
performance bonds lodged over the Youanmi Project.
The transaction is still subject to customary closing conditions and
receipt of all required approvals and consents, including approval by the
shareholders of Apex. Apex is expected to hold its shareholders' meeting in
For more information on this transaction, please see the Company's news
release dated May 2, 2007, as well as the Company's management information
circular dated May 25, 2007, which are available on SEDAR, and the Company's
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
For further information:
For further information: Kevin Bullock, P.Eng., President & CEO,
Goldcrest Resources Ltd., (416) 867 2299, Fax: (416) 867 2298,
email@example.com; Ann Gibbs, Investor Relations, Goldcrest
Resources Ltd., (416) 488 0778, firstname.lastname@example.org;