Gladiator ResourcesLtd. said May 9 that its plannedacquisition of a third party holding significant tenement interestswithin the Isla Cristalina Belt in Uruguay will no longer proceed after the targetfirm's board failed to approve the transaction.

As previously reported, the third party is managing an iron projectlocated near Gladiator's Zapucayiron ore project.

Gladiator will continue talks with the third party, and it remainsoptimistic that an alternate transaction can be reached.

The company, however, will pursue other opportunities with unrelatedparties.