10:05 AM EST - Gentor Resources Inc. : Has entered into a settlement agreement with Savannah Resources plc relating to the deferred consideration payable pursuant to the terms of the sale by Gentor to Savannah in July 2014 of Gentor’s properties in Oman. Savannah is an AIM-listed resource development company. The consideration for the Oman Sale was comprised of a cash payment of $800,000 U.S., which was paid to Gentor on closing, and the following deferred consideration: (a) $1,000,000 U.S., payable to Gentor upon a formal final investment decision being made for the development of the Block 5 licence in Oman; (b) $1,000,000 U.S., payable to Gentor upon the production of the first saleable concentrate or saleable product from ore derived from the Block 5 licence in Oman; and (c) $1,000,000 U.S., payable to Gentor within six months of the payment referred to in (b) above. The Deferred Consideration remains outstanding as the related milestones as set out in (a), (b) and (c) above have not been achieved. Gentor Resources Inc.
shares V.GNT are trading unchanged at $0.07.
