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Anglo Swiss ends deal with Kenville JV partners

2007-05-30 10:55 ET - News Release

Mr. Len Danard reports

ANGLO SWISS RESOURCES ANNOUNCES A NEW WORK PROGRAM FOR ITS HISTORIC KENVILLE MINE PROPERTY TO TARGET A LARGE COPPER, GOLD, SILVER, MOLYBDENUM ANOMALY

Anglo Swiss Resources Inc. intends to immediately commence a new planned work program on its historical Kenville mine property located near the city of Nelson in southeastern British Columbia. The initial work program is expected to consist of ground geophysics on a large anomalous zone measuring 1,000 by 250 metres along a northwest-southeast trend, originally discovered by Teck Corp., operating under an option joint venture agreement with Anglo Swiss in 1995 and 1996. Anglo Swiss's 2007 exploration program will be supervised by Glen Macdonald, PGeo, a qualified person as defined in NI 43-101.

Gold Standard Resources Corp., Babylon Enterprises Ltd., Foaming Holdings Ltd., Glacial Holdings Inc. and Tracer Enterprises Ltd., former optionees under an option joint venture agreement with Anglo Swiss respecting the Kenville mine property, have been notified by Anglo Swiss that the option joint venture agreement is at an end and that they have no further interest in the property.

On a related matter, Terasen Gas Inc. has recently commenced a lawsuit against the former optionees, Anglo Swiss and others alleging that, amongst other things, these parties, or some of them, authorized, permitted or performed excavation on a slope located on the Kenville mine property during the term of the option joint venture agreement and that this conduct adversely impacted a pipeline running through a statutory right-of-way held by Terasen over the Kenville mine property. Terasen is seeking relief including damages. Anglo Swiss as the owner of the property intends to vigorously defend this lawsuit