NR new board member..note comment I underlined
posted on
May 19, 2010 09:24AM
Abitibi has produced more than 180 M ounces of gold and more than 450 Mt of Cu-Zn ore to date
ROUYN-NORANDA, QUEBEC--(Marketwire - May 18, 2010) - Explor Resources Inc.(TSX VENTURE:EXS) is pleased to announce the appointment of Mr. Andrew Malim to the Board effective May 18, 2010.
Mr. Malim is an experienced mining corporate finance executive with over 30 years dedicated to the financing and management of mining companies. He has a strong working knowledge of geology and geologic structures and has been associated with a number of significant mining discoveries in Canada including the Blackdome Mine and the SNIP high-grade underground gold mining discoveries in British Columbia and several copper properties in Africa.
In 1981, he founded the Lion Mining Group which until 2004, acted as financier both as principal and agent to numerous mining companies and projects. Lion Resource Management Ltd, prior to being acquired by Arlington Securities Ltd in 2004, managed the well-known 'Midas' mining funds. He is currently CEO of Scarab Capital Partners LLP, a London based FSA regulated resource finance and fund advisory business. His associate in Scarab, Owen Ryan, was until recently head of business development of Anglo American Plc.
In October 2009, Andrew wrote an in-depth report on Explor Resources ('The Scarab Report') in which he concluded that the Explor property portfolio is one normally owned by a major. He has agreed to join the Explor board because he believes that results to date entirely justify his conviction that in due course the portfolio will yield at least one world class gold discovery provided investors are patient and realistic as to the timeframe and cost of proving up the Hollinger McIntyre model, which is our primary target on our Timmins West Porcupine property.
Mr. Malim will be granted 500,000 stock options at a price of $0.50 per option, and as well an additional 500,000 stock options at an exercise price of $0.92 per option. The options are valid for a period of five years from the date of grant. The appointment of Mr. Malim is subject to the approval of the TSX Venture Exchange.
Mr. Malim will act as an independent director and represent Explor to our European shareholders and as well act as an advisor to the president and CEO. The existing Board would like to welcome Mr. Malim and trust that his past and future contribution will bring continued success to Explor Resources.