July 11, 2003
CALGARY, ALBERTA--Softrock Minerals Ltd. ("Softrock") (TSXV "SFT") announces that it has farmed out all of their interests in 2,070 ac of Saskatchewan P&NG leases located in West Central Saskatchewan to Vergene Capital Corp. (TSXV "YVN"). Softrock is to receive $190,000 plus one million shares of Vergene upon recovery of all capital costs and a further one million shares of Vergene upon recovery of double their capital costs.
The majority of the cash proceeds will be used to satisfy all outstanding shareholder loans and operating debts of Softrock. The farm out is subject to all necessary regulatory approvals.
Softrock is in the process of negotiations with Leede Financial Markets to issue options of Softrock in payment of a finder's fee, subject to regulatory approval.
Softrock is pleased to announce the appointment of The Honourable Nicholas Taylor to the position of President of the Corporation. Mr. Taylor expressed the appreciation of the board and said he spoke on behalf of many shareholders when he thanked Mr. McLean for his many years as President and Chief Executive Officer and was pleased that he was to continue on the board, as does Denis Gagnon and Arne Nielsen. Mr. Bernie Pedersen, a well-known Calgary oil person was appointed to the board as well.
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