Lucrum - Sheltered Oak amalgamation receives conditional approval. Closing expected to occur on Aug. 27, 2008. Lots of stuff (i.e. 'Filing Statement' 149 pages; 'Technical Report on Kerrs Gold Property' 131 pages; etc.) filed on sedar.com for Lucrum Capital Corp. but does not appear to be showing up yet... but documents are showing up on 'sedar' section of stockwatch.com if anyone has access.

Haven't been through Technical Report (dated June 15, 2008) yet but is quite detailed with lots of maps, diagrams, and recommendations. A couple of interesting quotes re: 2008 drill program... no mention of assays but see third quote below...

"On May 15, 2008, the phase 2 extended drilling program commenced with the completion of one drill hole (DDH K-08-20) to provide sufficient costing to meet the prior expenditure commitment of $100,000 for a qualifying transaction."

"DDH K-08-20: DDH K-08-20 was collared on line 7+00N and 5+75W at an azimuth of 132° with a dip of -60°. The hole was drilled to a total depth of 386 m and planned to test the up-dip extent of the GCQ zone intersected in DDH K-05-06. A thick intercalated sequence of mafic pillow flows, feldspar porphyry and ultramafic flows was intersected from 54m to 271.6 m. This sequence was followed by a highly magnetic, serpentinized, siliceous ultramafic flow sequence from 271.6 m to 350.1 m overlying a silicified mafic feldspar porphyry unit to the end of the hole at 386 m. The altered, silicified stratigraphy from 202.8m to 350.1 m suggests proximity to the GQC zone intersected in K-05-01 which is located along strike at 400m to the northeast."

"The 2008 Phase 2 extended drilling program employed the same supervision stated above. However, Salo Drilling, based in Kirkland lake was contracted to carry out the drilling, staging their operations from Timmins. HCG personnel transported the core from the Kerrs Property to a core processing facility located at the Wahgoshig First Nation, 20 km. from the project site. The drill core from hole K-08-20 was logged with no sample intervals identified until approval for the phase 3 program is granted by SOR."

This 2008 hole not assayed for obvious reasons (i.e. amalgamation had to be finalized). Additonal 1,700m drilling program planned to commence very soon.

Based on my calculations, SGX could own more than 10% of this amalgamated company... assuming they exercise right to participate in $500k PP... they also still have 45% ownership of Kerrs, will be operator responsible for all prospecting, exploration, development and mining operations, will receive a management fee equivalent to 15% of the Exploration Expenditures... PLUS... SGX "will have a “Back-in Option” which will allow Sage to maintain operating and ownership control of the Kerrs property."

Long time coming but GREAT to have this done... especially in light of recent and pending EXS-v results... remember we have been told SGX has adjusted drilling plans because of EXS-v discovery.

I have lots of reading to do. :D

red911

Lucrum receives TSX-V approval for Sheltered Oak QT

2008-08-18 16:24 ET - News Release

Mr. Patrick Morris reports

LUCRUM CAPITAL CORP. ANNOUNCES RECEIPT OF CONDITIONAL APPROVAL FOR QUALIFYING TRANSACTION AND FILING OF FILING STATEMENT

Further the news release reported in Stockwatch on June 2, 2008, Lucrum Capital Corp. has received the conditional approval of the TSX Venture Exchange (TSX-V) for the acquisition by Lucrum of all of the issued and outstanding shares of Sheltered Oak Resources Inc., pursuant to an amalgamation agreement dated May 29, 2008, as amended on Aug. 14, 2008. Sheltered Oak will amalgamate with Lucrum Acquisition Corp. and the amalgamated entity will become a wholly owned subsidiary of Lucrum.

Subject to final approval from the TSX-V, and the closing of the acquisition, the transaction will constitute Lucrum's qualifying transaction. Lucrum anticipates that the closing of the qualifying transaction will occur on Aug. 27, 2008. Details of the proposed transaction are contained in the filing statement dated Aug. 18, 2008, which has been filed on the SEDAR website.

We seek Safe Harbor.