Exhibit 99.1
News release via Canada NewsWire, Toronto 416-863-9350
Attention Business Editors:
$5,300,000 cash received on exercise of warrants
TORONTO, May 15 /CNW/ - Goldbelt Resources Ltd. (TSXV: GLD) is pleased to
announce that all of the warrants subject to the accelerated expiry date of
May 10, 2006 and with a strike price of $0.65 each have been exercised.
Goldbelt received $5,369,640 cash and issued 8,260,985 common shares of the
Company.
Collin Ellison, President and CEO said, "This infusion of cash into the
Company will fund a number of strategic activities for Goldbelt, which include
a new 35,000 meter drill program to expand the resource base at Inata and the
other Belahouro projects for the proposed 2.0M tonnes per year integrated
mining and processing project and the development of the Inata Project
Feasibility Study which is scheduled for completion in the 4th Quarter of
2006. Goldbelt will also be advancing its exploration program on its Hounde
area licenses located in southwestern Burkina Faso. The additional funds will
also provide for general working capital needs."
Goldbelt Resources Ltd. is a Canadian resource company focused on
exploring and developing known gold prospects in Burkina Faso.
GOLDBELT RESOURCES LTD.
Per: "Collin Ellison"
Collin Ellison, President and CEO
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this news release. No stock
exchange, securities commission or other regulatory authority has approved or
disapproved the information contained herein. Certain statements contained in
this disclosure document constitute forward-looking statements which are not
historical facts and are made pursuant to the "safe harbor" provisions under
the United States Private Securities Litigation Reform Act of 1995. When used
in this document, words like "anticipate", "believe", "estimate" and "expect"
and similar expressions are intended to identify forward-looking statements.
Information concerning exploration results and mineral reserve and
resource estimates may also be deemed to be forward-looking statements, as it
constitutes a prediction of what might be found to be present when and if a
project is actually developed. These forward-looking statements are
necessarily based upon a number of estimates and assumptions that, while
considered reasonable at the time they are made, are inherently subject to a
variety of risks and uncertainties which could cause actual events or results
to differ materially from those reflected in the forward-looking statements,
including, without limitation: uncertainties related to raising sufficient
financing to fund the planned work in a timely manner and on acceptable terms;
changes in planned work resulting from logistical, technical or other factors;
the possibility that results of work will not fulfill projections/expectations
and realize the perceived potential of the Company's projects; uncertainties
involved in the interpretation of drilling results and other tests and the
estimation of gold reserves and resources; risk of accidents, equipment
breakdowns and labour disputes or other unanticipated difficulties or
interruptions; the possibility of environmental issues at the Company's
projects; the possibility of cost overruns or unanticipated expenses in work
programs; the need to obtain permits and comply with environmental laws and
regulations and other government requirements; fluctuations in the price of
gold and other risks and uncertainties.
The United States Securities and Exchange Commission permits mining
companies in their filings with the SEC to disclose only those mineral
deposits that a company can economically and legally extract or produce. We
may use certain terms in this disclosure document such as resources that are
prescribed by Canadian regulatory policy and guidelines but are not provided
for in the SEC guidelines on publications and filings. Forward-looking
statements are based on the beliefs, estimates and opinions of the Company's
management or its independent professional consultants on the date the
statements are made. The reader is cautioned that actual results, performance
or achievements may be materially different from those implied or expressed in
such statements.
%SEDAR: 00004199E %CIK: 0001013785
/For further information: please visit the Company's website at
www.goldbeltresources.com or contact Laura Sandilands, Investor Relations or
Collin Ellison, President and CEO at (416) 364-0557 or by email to
lsandilands(at)goldbeltresources.com./
(GLD. GLDDF)
CO: Goldbelt Resources Ltd.
CNW 13:53e 15-MAY-06
