GCM Resources Regulatory News (GCM)

28 Apr 2009 09:20



GCM Resources plc 

(AIM:GCM) 28th April 2009

GCM Resources plc Appoints Mr Stephen R Dattels as Non-Executive Director

GCM Resources plc ('GCM') announced today that Mr Stephen Dattels will be joining the Board of GCM as a Non-Executive Director with effect from the 28th of April 2009.

In the past decade Stephen Dattels has helped to form and finance a number of mining ventures, including UraMin Inc, which was sold for approximately US$2.5 billion in cash in summer 2007. Previously, he was an executive at Barrick Gold Corporation during its formative years when it grew from a capital base of $10 million to a market capitalisation of $2 billion when he left in early 1987. Mr Dattels has a Bachelor of Arts degree from McGill University, a law degree (cum laude) from the University of Western Ontario and has completed the Program for Management Development at Harvard University.

Mr Dattels is currently the Executive Chairman of Polo Resources Limited, which owns 29.8% of the current issued share capital of GCM and of which GCM owns 3.9% of the current issued share capital. He is also the Non-Executive Co-Chairman of Regent Pacific Group Limited of which GCM owns 1.8% of the current issued share capital.

Gerard Holden, GCM's Chairman said:

"We are delighted to have a person with Stephen Dattels' credentials and experience join the Company. With his impressive track record of funding and supporting junior mining companies through periods of substantial development and growth, Stephen will further enhance the capability of GCM's board."

Additional information

The information detailed below is disclosed in accordance with Rule 17 and Schedule Two of the AIM Rules. Except for the information disclosed below, there is no other information which falls to be disclosed under these rules.

Mr Dattels has today been granted options to subscribe for 100,000 ordinary shares of GCM with an exercise price of 66p, a premium of 20% to the closing price on 27th April 2009. Exercise of these options is conditional on the Company receiving approval from the Government of Bangladesh for the Scheme of Development of the Phulbari Coal Project while Mr Dattels is a Director of GCM. The options will lapse if not exercised within three years of Scheme of Development Approval.

  The Directorships and past Directorships of Mr Stephen Roland Dattels (aged 61) are listed below:

For further information contact:

GCM Resources plc: Pelham Public Relations: 

Steve Bywater  Charles Vivian

Chief Executive  Ph: +44 (0)207 743 6672

Ph: +44 (0)207 290 1630 Email: charles.vivian@pelhampr.com

Graham Taggart  Klara Kaczmarek

Finance Director  Ph: +44 (0)203 159 4395

Ph: +44 (0)207 290 1630 Email: klara.kaczmarek@pelhampr.com

J.P. Morgan Cazenove

Nominated Adviser

Michael Wentworth-Stanley

Mark Hankinson

+44 (0) 20 7588 2828

For further information: www.gcmplc.com