Termination of Letter of Understanding Signed with the Geological Survey Exploration of Iran for the Rameshk Exploration Area
May 31, 2002
Canasil Resources Inc. (the "Company") announces that the Company has informed the Geological Survey of Iran that it will not proceed with exploration activities on the Rameshk exploration area located East of the port city of Bandar Abbas in South-Eastern Iran.
The Company entered into a Letter of Understanding covering this exploration concession in July 2000 at a time of increasing copper prices and conditions which generated strong interest in this under-explored region with significant evidence of copper bearing mineralization. However the depressed level of base metal prices over the past year did not permit the Company to allocate resources to this project or to interest suitable partners to participate in the project’s development.
On behalf of the Board of Directors,
"Bahman Yamini"
Bahman Yamini,
President
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.