Sidon Int'l agreement for 80% of MEG
Ticker Symbol: C:SD

Sidon Int'l agreement for 80% of MEG

Sidon International Resources Corp (C:SD)
Shares Issued 81,680,368
Last Close 7/12/2010
.065
Tuesday July 13 2010 - Property Agreement

The TSX Venture Exchange has accepted for filing an option agreement dated May 10, 2010, between Kokanee Placer Ltd. (Laurence Stephenson) and the company. The company has agreed to acquire an option to earn an 80-per-cent interest in the MEG gold property located in the Morogoro rural district of Tanzania. In consideration the company will pay $1.5-million (U.S.) and issue seven million shares to Kokanee Placer Ltd., and spend $1.5-million (U.S.) on exploration of the property as follows:

• $350,000 (U.S.) cash and three million shares within five days of exchange acceptance;
• $100,000 (U.S.) cash and $350,000 (U.S.) of exploration within 90 days of exchange acceptance;
• $350,000 (U.S.) cash and $5000,000 (U.S.) of exploration within 180 days of exchange acceptance;
• $350,000 (U.S.) cash and three million shares within 270 days of exchange acceptance;
• $350,000 (U.S.) cash, one million shares and $650,000 (U.S.) exploration by the second anniversary of exchange acceptance.

Upon earning its 80-per-cent interest the company has the right to acquire a further 15-per-cent interest in exploration and development expenditures by paying $3-million (U.S.) and issuing three million shares to Kokanee, and spending $5-million (U.S.) over three years.

The company can convert the remaining 5 per cent to a 3-per-cent net smelter returns (NSR) royalty in favour of the Morogoro Regional Mining Group Ltd. by paying an additional $1.5-million (U.S.).

If the company exercises the option to acquire the additional 15 per cent or 20 per cent before the 30th day following the second anniversary of exchange acceptance of the agreement, the company is not required to spend the additional $5-million (U.S.) in exploration expenditures.

? 2010 Canjex Publishing Ltd.