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Press release from CNW Group

STERLING RESOURCES REPORTS RESULTS OF ANNUAL AND SPECIAL MEETING RESOLUTIONS AND GRANTS STOCK OPTIONS

Friday, May 20, 2011

STERLING RESOURCES REPORTS RESULTS OF ANNUAL AND SPECIAL MEETING RESOLUTIONS AND GRANTS STOCK OPTIONS08:00 EDT Friday, May 20, 2011CALGARY, May 20, 2011 /CNW/ - Sterling Resources Ltd. (TSXV: SLG) ("Sterling" or the "Company") announces that the following matters were approved by the shareholders at the annual and special meeting (AGM) held yesterday in Calgary.  An archived version of Sterling's AGM can be accessed for the next thirty days.  To listen to the webcast of the AGM please go to http://www.newswire.ca/en/webcast/viewEvent.cgi?eventID=3380080.Shareholders elected Messrs. Mike Azancot, Robert Carter, Walter DeBoni, Stewart Gibson, Teck Soon Kong and Graeme Phipps as directors of the Company.Shareholders approved the Company's Stock Option Plan reserving a maximum number of Common Shares issuable under the Stock Option Plan at 10% of the outstanding Common Shares from time to time, calculated on a non-diluted basis, as well as amendments with respect to providing for a Blackout Extension Period, an amendment allowing the Corporation to deduct or withhold from option exercises any required taxes or other amounts payable as a result of the exercise of options, and certain housekeeping amendments to ensure that the Stock Option Plan is consistent with the Exchange Policy 4.4.The Board of Directors made its annual stock option grants today to officers, directors, employees and consultants of the Company and its subsidiaries. Options were granted to acquire 3,805,000 common shares at an exercise price of $1.79 per share. The options are exercisable for up to a five-year term and vest over three years from the date of grant.The Canadian Securities Administrators have extended the filing deadline by 30 days for a company's first IFRS interim financial report. Sterling will be taking advantage of the filing extension available this year. Our first quarter financial report will be issued on June 22, 2011.Sterling Resources Ltd. is a Canadian-listed international oil and gas company headquartered in Calgary, Alberta with assets in the United Kingdom, Romania, France and the Netherlands. The shares are listed and posted for trading on the TSX Venture Exchange under the symbol "SLG".Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.Filer Profile No. 00002072Forward-Looking StatementsAll statements included in this press release that address activities, events or developments that Sterling expects, believes or anticipates will or may occur in the future are forward-looking statements. In addition, statements relating to reserves or resources are deemed to be forward-looking statements as they involve the implied assessment, based on certain estimates and assumptions that the reserves and resources described can be profitably produced in the future.These forward-looking statements involve numerous assumptions made by Sterling based on its experience, perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances. In addition, these statements involve substantial known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections and other-forward looking statements will prove inaccurate, certain of which are beyond Sterling's control, including: the impact of general economic conditions in the areas in which Sterling operates, civil unrest, industry conditions, changes in laws and regulations including the adoption of new environmental laws and regulations and changes in how they are interpreted and enforced, increased competition, the lack of availability of qualified personnel or management, fluctuations in commodity prices, foreign exchange or interest rates, stock market volatility and obtaining required approvals of regulatory authorities. In addition there are risks and uncertainties associated with oil and gas operations. Readers should also carefully consider the matters discussed under the heading "Risk Factors" in the Company's Annual Information Form.Undue reliance should not be placed on these forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. Sterling's actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements. These statements speak only as of the date of the press release. Sterling does not intend and does not assume any obligation to update these forward-looking statements except as required by law.Financial outlook information contained in this press release about prospective results of operations, financial position or cash flows is based on assumptions about future events, including economic conditions and proposed courses of action, based on management's assessment of the relevant information currently available. Readers are cautioned that such financial outlook information contained in this press release should not be used for purpose other than for which it is disclosed herein.For further information: Visit www.sterling-resources.com or contact: Mike Azancot, President and Chief Executive Officer, Phone: 44-7740-432883, mike.azancot@sterling-resources.com David Blewden, Chief Financial Officer, Phone: 44-1330-826766, Mobile: 44-7771-740804, david.blewden@sterling-resources.com. George Kesteven, Manager, Corporate and Investor Relations, Phone: (403) 215-9265, Fax: (403) 215-9279, george.kesteven@sterling-resources.com