Friday, March 6, 2009

Canadian company acquires 60 per cent of BVI-controlled Sunland Properties

The Canadian company Carlyle Mining Corp has announced that it has received notice from the TSX Venture Stock Exchange saying that the trading halt that was placed on shares of the Company on July 11 2008 is lifted effective at the opening of the market on February 25, 2009. The Transaction was previously described in its news release dated December 23, 2008, announcing that it had entered into a share option agreement, to acquire 60% of the issued and outstanding shares of Sunland Properties Limited. Sunland, which is owned by a British Virgin Islands-registered Rowen Company Limited, and controls 520 square kilometres of prospective copper-gold properties situated in south eastern Queensland, Australia.

The properties consist of two exploration permits and one exploration permit application, acquired by Rugby Mining Pty Limited, – a wholly owned subsidiary of Sunland, - from Newcrest Operations Limited. Rugby made the EPA directly with the Queensland Government Department of Mines and Energy.

Pursuant to the Agreement, Carlyle will advance to the BVI-registered Rowen Australian $25,000 as a non-refundable deposit. In order to maintain its option, the Agreement provides that Carlyle will pay to Rowen (BVI) AU$200,000 in cash, which is payable on closing of the Transaction, or within 30 days of completion of any future capital raising financing by the Company.

After the closing of the transaction, Carlyle will be called Rugby Mining Limited, and will change its trading symbol to RUG. An aggregate 16,000,000 common shares will be issued and outstanding.