WEGA MINING REACHES AGREEMENT ON EMPLOYMENT ARRANGEMENTSWega Mining Asa • December 10th, 2007 • Metal mining
Toronto, Canada and Oslo, Norway — December 10, 2007 — On November 5, 2007, Wega Mining Inc. (the “Offeror”), a wholly-owned subsidiary of Wega Mining ASA (“Wega Mining”), made an offer to acquire all of the issued and outstanding common shares of Goldbelt Resources Ltd. (TSX: GLD) (“Goldbelt”) for Cdn.$1.55 in cash per share (the “Offer”). One of the conditions of the Offer is that Goldbelt shall have entered into a new employment agreement with Mr. Collin Ellison, in a form and on terms satisfactory to the Offeror. In addition, in the Support Agreement among Goldbelt, Wega Mining and the Offeror, Goldbelt agreed to use its best efforts to negotiate and enter into new employment agreements with certain individuals, in each case in a form and on terms satisfactory to the Offeror.
