GNT Gentor Resources Inc

Gentor Resources Inc. ("Gentor" or the "Company") (TSX VENTURE:GNT) announces
that it has closed the sale to Savannah Resources plc (the "Purchaser") of
Gentor's properties in Oman (the "Oman Sale"). The Purchaser is an AIM-listed
mineral exploration company. The Oman Sale was effected by way of the sale by
Gentor to the Purchaser of all of the outstanding shares of the British Virgin
Islands company, Gentor Resources Limited ("Oman Holdco"). Prior to the Oman
Sale, Oman Holdco was a wholly-owned subsidiary of Gentor and the interests of
Gentor in the Oman properties had been held through Oman Holdco.


The consideration for the Oman Sale is as follows: 



1.  Initial Consideration 
    a.  A cash payment of US$800,000, which was paid to Gentor on closing.
2.  Deferred Consideration 
    a.  The sum of US$1,000,000, payable to Gentor upon a formal final
        investment decision being made for the development of the Block 5
        licence in Oman. 
    b.  The sum of US$1,000,000, payable to Gentor upon the production of
        the first saleable concentrate or saleable product from ore derived
        from the Block 5 licence in Oman. 
    c.  The sum of US$1,000,000, payable to Gentor within six months of the
        payment of the deferred consideration in (b) above. 
    d.  The Purchaser may elect to pay up to 50% of the above deferred
        consideration by the issue of shares of the Purchaser to Gentor.
        Where the Purchaser's shares are so issued in satisfaction of
        deferred consideration, the number of shares to be issued will be
        determined by reference to the volume weighted average price of the
        Purchaser's shares for 30 trading days prior to the date upon which
        the relevant deferred consideration is payable. 



About Gentor

Gentor is a mineral exploration company with copper exploration properties in
Turkey. The Company's strategy is to create shareholder value by developing
highly prospective mineral properties around the globe, with current focus in
Turkey. 


Neither TSX Venture Exchange nor its Regulation Services Provider (as that term
is defined in the policies of the TSX Venture Exchange) accepts responsibility
for the adequacy or accuracy of this release.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Gentor Resources Inc.
Arnold T. Kondrat
President & CEO
+ 1 (416) 366 2221 or + 1 (800) 714 7938
www.gentorresources.com

Gentor Resources (TSXV:GNT)
Historical Stock Chart
From Mar 2025 to Apr 2025

Gentor Resources (TSXV:GNT)
Historical Stock Chart
From Apr 2024 to Apr 2025