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Shares for Debt Settlement, Extension of Elliot Payment
CALGARY, ALBERTA, Wednesday, 13th June 2007 " Consolidated Beacon Resources Ltd. (the "Company" or "Beacon") is pleased to announce that it has received TSX approval to reach a shares for debt settlement with three former directors, Messrs. Gerlitz, Squarek and Zaseybida. The company has issued 4,946,871 Units at a deemed price of $0.07 per Unit, each Unit comprising one common share priced at $0.07 and on Half Warrant priced at $0.10 and having a period of 24 months."
The Company has also reached an agreement with Elliott Industrial Petroleum Ltd. granting an extension to the company until 15th July 2007 to pay the remaining $150,000 owed to the holders of the "Elliott Debenture", as discussed in the press release of 19th March 2007.
Additionally, the San Joaquin East Slopes Joint Venture project, of which the Company is an investment participant, continues to make satisfactory geological, geophysical and land acquisition progress.
Consolidated Beacon's Board of Directors comprises:
Mr. John G.F. McLeod, P. Eng., Chairman, of Calgary.
Mr. Richard J. Hawes, P. Geol., Secretary, of Calgary.
Mr. Gil Schneider, of Vancouver.
About Consolidated Beacon Resources Ltd.
Consolidated Beacon Resources Ltd. is a Calgary, Alberta based corporation in the business of evaluating and acquiring oil and natural gas properties for exploration and development in Canada and the United States.
This release may contain forward-looking statements that involve risks and uncertainties. These statements may differ materially from actual future events or results. Readers are referred to the documents filed by the Corporation on SEDAR (www.sedar.com), specifically the most recent reports which identify important risk factors that could cause actual results to differ from those contained in the forward-looking statements. The Corporation undertakes no obligation to review or confirm analysts' expectations or estimates or to release publicly any revisions to any forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
The TSX Venture Exchange has not reviewed this release and it does not accept responsibility for its adequacy or accuracy.
Contact: Gordon Beach
I.R. Communicators, Inc.
(403) 651-2314
Email: gordbeach@shaw.ca
Richard J. Hawes
Consolidated Beacon Resources Ltd.
(403) 221-8392 Email:
kbc1@telus.net
Website: www.consolidated-beacon.com
