Shearwater Regulatory News (SWG)

23 Feb 2006 10:39

Aurum Mining PLC23 February 2006 For immediate release 23 February 2006 AURUM MINING PLC ("Aurum" or "the Company") Issue of Options The Board of Aurum announces that the Company has granted options over1,000,000 ordinary shares of 1p each ("Ordinary Shares") to Mark Jones, ChiefExecutive, at an exercise price of 55.5p per option and exercisable for a periodof five years from their date of grant. In addition, the Board has also granted options over a further 1,000,000Ordinary Shares to Mark Jones at an exercise price of 55.5p, however theexercise of these additional options is subject to certain performance criteriawhich the Board has agreed. Of these additional performance related options,250,000 shall be exercisable immediately following reserves in respect of theCompany's Andash project being signed off to JORC standards, 250,000 will beexercisable on completion of a feasibility study prepared to western standardsin respect of the Andash project and the final 500,000 options will beexercisable on the commencement of gold production at the Andash project. Theseoptions will also lapse, to the extent not previously exercised, after a periodof five years from their date of grant. All options granted to Mark Jones willlapse in the event of the termination of his services. Accordingly, the Directors hold a total of 2 million options over OrdinaryShares which are currently exercisable and, as detailed above, a further 1million options over Ordinary Shares which are subject to certain performanceconditions. For further information: Aurum Mining plc Tel: 020 7478 9050Mark Jones, Chief Executive Arbuthnot Securities Tel: 020 7012 2000Graham Swindells Buchanan Communications Tel: 020 7466 5000Mark Court Notes to editors Aurum Mining joined the AIM market of the London Stock Exchange in May 2004 withthe strategy of seeking, evaluating and acquiring gold and other mineralextraction projects in the Former Soviet Union (FSU). In January 2005 theCompany completed its first acquisition, giving the Company an explorationlicence over the Andash gold and copper project in the Kyrgyz Republic. In itsState Register, the State Commission of Resources of the Kyrgyz Republic hasincluded 21.7 million tonnes of C1 and C2 reserves from the project, amountingto gold and gold equivalent of more than 1.5 million ozs. This information is provided by RNS The company news service from the London Stock Exchange