Roddy Resources (TSE) and Belmoral Mines (TSE), both of Toronto,

that Roddy has settled all debts owing to a major Creditor, the J. Devins Group, by the issuance of 678,294 common shares of Roddy. In addition legal actions between the J. Devins Group and Roddy have been withdrawn.

In a separate transaction, Belmoral has purchased the 678,294 shares of Roddy from the J. Devins Group. Belmoral now owns 878,294 common shares of 17.2% of Roddy.