Seoul, South Korea (CNN) -- On the same day it ratcheted up its rhetoric against North Korea, South Korea on Monday decided to put off an artillery drill on the island central to the latest conflagration between the two nations, state-run media reported. South Korean military officials "delayed" the drill on Yeonpyeong Island that had been scheduled for Tuesday, according to the official Yonhap News Agency. Earlier, island residents had been told to move to bomb shelters for the drill. The announcement came as North Korea stepped up its threats recently on its southern rival, as well as the United States, if any military activities infringe on what the communist nation considers its territory.
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NEW: South Korea cancels live artillery drill on disputed Yellow Sea border island
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South Korean President Lee Myung-bak warns North will pay a price if it attacks again
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South Korea will consider a Chinese call for emergency talks among six major powers
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North Korea calls the U.S.-South Korea military exercises a pretext for war and aggression
"If the North commits any additional provocations against the @placeholder, we will make sure that it pays a dear price without fail," Lee said in a nationally televised address.