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The Service Agreement is drawn for an initial term of one year commencing May 8th, 2008. Progressive will be paid a monthly fee of $7,500.00.
Concurrently with its engagement as a service provider, Progressive has been granted incentive stock options entitling it to purchase up to 50,000 shares of Artha at a price of $0.35 per share until May 9, 2010. The stock options are subject to vesting as to 25% upon issuance and 25% each six months thereafter pursuant to the Company's Stock Option Plan.
Artha was founded by a team of mining industry professionals with a proven track record in project generation, exploration, mining and finance. The team's primary goal is to build Artha into a world class uranium company, focused on the development and mining of economic deposits.
On Behalf of the Board of Directors,
"Todd McMurray"
President and Chief Executive Officer
For Information Contact:
Todd McMurray
Tel: 604 648 1530
Email: todd@artharesources.com
www.artharesources.com
Andrew Mugridge
Progressive IR
Tel: 604 689 2881
Email: andrew@progressive-ir.com
The TSX Venture Exchange has neither approved nor disapproved the contents of this press release.