N🟁N

Amseco Abandons its Purchase Option for the Souart Property

  //business-finance.news-articles.net/content/201 .. its-purchase-option-for-the-souart-property.html
  Published in Business and Finance on Wednesday, January 6th 2010 at 14:10 GMT by Market Wire
          ^{🞛 This publication is a summary or evaluation of another publication}

MONTREAL, QUEBEC--(Marketwire - Jan. 6, 2010) - Amseco Exploration Ltd. (TSX VENTURE:AEL) ("Amseco") announces that it is abandoning its purchase option for the Souart property currently owned by Glen Eagle Resources Inc. (TSX VENTURE :GER). The original option agreement was signed in April 2009 and amended at the end of July of the same year. After signing these agreements Amseco filed a "Notice of Material Change" with the regulatory authorities.

Amseco not having respected all the Option conditions towards Glen Eagle it was in default to the agreement and could lose the property. To date Amseco had paid $75,000 to Glen Eagle but had not issued the shares as per the terms of the agreement neither had it started any work on the property. In light of this non performance on Amseco's part and within the property and project review that the Company is currently conducting, the Board of Directors instructed the President to renegotiate the Souart agreement in an effort to make it less costly and reducing the dilution to its share capital under the terms of this agreement. After more than one month of discussions and in view of Glen Eagle's inflexibility Amseco has decided to end the contract. Amseco will now concentrate on less costly projects that offer better exploration conditions.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.