TRADING SYMBOL: TSX-V - DSH, OTCBB: DSHRF
VANCOUVER, March 13 /CNW/ - Further to proceedings that it launched in BC
Supreme Court on October 11th, 2007, Devonshire Resources Ltd (the "Company")
announces that it has reached a settlement agreement with KM Diamond
Exploration Ltd., and Dr. Felix Kaminsky.
As a result of this settlement agreement, the Company has been granted a
100% interest in 15 claims (the "Properties") known as the "Brown Lake
Property", and sometimes also referred to as the "KMD Project", in Nunavut,
approximately 100 km northwest of Rankin Inlet. Devonshire's interest in the
Properties is subject to a royalty obligation in favour of KM Diamond, the
terms of which royalty are specified in a separate agreement. Other terms of
the settlement include an end to the B.C. Supreme Court litigation.
Certain mining claims that are contiguous to the Properties (the
"Contiguous Properties"), totalling 70 claims and 116,298.17 acres will also
be re-registered in the name of the Company (they have been in Dr. Kaminsky's
name in trust for the Company). These Contiguous Properties are not subject to
the royalty obligation.
ON BEHALF OF DEVONSHIRE RE
President and Director
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release. Statements in
this press release other than purely historical information, including
statements relating to the Company's future plans and objectives or expected
results, are forward-looking statements. Forward-looking statements are based
on numerous assumptions and are subject to all of the risks and uncertainties
inherent in the Company's business, including risks inherent in resource
exploration and development. As a result, actual results may vary materially
from those described in the forward-looking statements.
%SEDAR: 00021121E %CIK: 0001321847
For further information:
For further information: Tim Crowhurst, President and Director, Tel:
(604) 764-5099, firstname.lastname@example.org