Pardee Resources Company Option Payment

PHILADELPHIA, Aug. 3 /PRNewswire-FirstCall/ -- Pardee Resources Company (Pink Sheets: PDER) (the "Company") announced today that it has received a special $7 Million option payment in connection with a mineral lease, which will add approximately $6.00 to the Company's 3rd Quarter earnings per share. This payment is in addition to the Company's regular royalty payments from on-going operations.

In addition to historical statements, this press release contains statements relating to future events and our future results. These statements are "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995, and include statements that relate to the impact of the option payment described above. While these forward-looking statements represent our judgments and future expectations concerning our business, a number of risks, uncertainties and other important factors could cause actual developments and results to differ materially from our expectations. These factors include, but are not limited to: difficult economic conditions, the possibility of increased or adverse government regulation, and the risk that the mineral reserves may not be as we currently expect, and other risks and uncertainties. As a result, these forward-looking statements may turn out to be incorrect. We are under no obligation to (and expressly disclaim any obligation to) update or alter these forward-looking statements whether as a result of new information, future events or otherwise.

SOURCE Pardee Resources Company

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