21 Dec 2010 07:00
AIM: GMA
21 December 2010
GMA Resources plc
("GMA" or the "Company")
Appointment of Non-executive Director and Grant of Options
The Company is pleased to announce that Ralph Browning has been appointed as a Non-executive Director of the Company, with immediate effect.
Ralph Browning started his career at Imperial Chemical Industries (now "ICI") managing a base and precious metals portfolio for use as catalysts by ICI in its petrochemical and other businesses. Mr Browning has since been involved in the establishment and growth of numerous other successful businesses on behalf of Citibank, Natwest and Deutsche Bank as well as other providers of risk capital. He is also a Non-executive Director of Orosur Mining Inc., a South American gold explorer and producer which is quoted in London and Toronto (AIM: OMI, TSX-V: OMI).
David Netherway, Chairman of GMA, commented:
"We welcome Ralph to the Board. His breadth of corporate experience will be invaluable in assisting and guiding the Company as it focuses on organic growth and continues to build upon the encouraging exploration results announced last week. "
In addition, the Company announces that it has granted share options over an aggregate of 16,200,000 ordinary shares to the directors ("Directors") and a senior employee of the Company (the "Options"). All Options have been granted with an exercise price of 4.3 pence per share being the volume weighted average mid-market price of the ordinary shares of the Company for the previous five business days. The Options issued to the Directors will vest immediately and have been awarded as follows:
Director | No. of Options granted to Directors |
Ken Crichton, Interim CEO | 5,000,000 |
David Netherway, Chairman | 5,000,000 |
Omar El-Alfy, Non-executive Director | 2,000,000 |
François Gauthier, Non-executive Director | 2,000,000 |
Ralph Browning, Non-executive Director | 2,000,000 |
TOTAL | 16,000,000 |
Under Schedule 2, paragraph (g) of the AIM Rules, the following information is disclosed:
Ralph Thomas Browning, aged 47, has the following directorships:
Current Directorships | Past Directorships |
Oxford Assets Limited | IFI Media Limited |
Orosur Mining, Inc. | |
Riyada Oxford Investments Limited | |
Smokehouse Limited |
Mr Browning has confirmed there is no additional information under Schedule 2, paragraph (g) of the AIM rules which needs to be disclosed.
Enquiries:
GMA Resources Plc
| Ken Crichton (Interim CEO) | +20 (0)10766 6118 |
Merchant Securities Limited (Nomad)
| Bidhi Bhoma | +44 (0) 20 7628 2200 |
Notes to Editors:
GMA owns a controlling 52% stake in ENOR spa ("ENOR"), the Algerian based operating company for the Tirek-Amesmessa project, with the remainder owned by Sonatrach, the Algerian state-owned oil and gas company.
ENOR holds the exploitation authorisation to the Tirek-Amesmessa property, an area of some 1,417 km2, located approximately 450km south west of the city, Tamanrasset, in southern Algeria. Amesmessa is an open pit heap leach gold mine located in the extreme south of the permit area. The Tirek gold mine is located centrally in the northern third of the exploration permit area, some 60 km north of Amesmessa. Research to date suggests that the Zita Zone, which lies between Tirek and Amesmessa, offers considerable potential for the development of additional prospects amenable to open-pit mining. GMA plans to quickly expand upon resources outside of the major 80km Tirek-Amesmessa fault north/south of the concession.
GMA's shares are traded on the AIM market of the London Stock Exchange (AIM: GMA).
For further information on the Company, please visit: www.gmaresources.co.uk