VANCOUVER, BRITISH
COLUMBIA--(Marketwire - Nov. 22, 2010) -
Southern Arc Minerals Inc. (TSX VENTURE:SA) is
pleased to announce today that the Company's shareholders approved all
matters at the Company's Annual General & Special Meeting held on
November 19, 2010 (the "Meeting"). 38,528,060 shares,
representing 49.82% of the total number of shares issued and
outstanding, were voted at the Meeting. The following matters were approved
and have now been implemented by the Board of Directors:
-- Messrs. John G Proust, Michael J. Andrews, and David M. Stone were elected to the Board of Directors of the Company; -- the Company's shareholders ratified the Company's Stock Option Plan (the "Plan"), which permits the Company to grant options for up to 10% of the number of shares outstanding from time to time; and
Further to the Company's news release dated
October 25, 2010, the shareholders of the Company approved and ratified
the shareholder rights plan (the "Rights Plan"). The Rights
Plan has been designed to protect shareholders of the Company from
unfair, abusive or coercive take-over strategies, including the
acquisition of control of the Company by a bidder in a transaction or
series of transactions that does not treat all shareholders equally or
fairly, or provide all shareholders an equal opportunity to share in
the premium paid on an acquisition of control.
The Company is also pleased to announce that immediately following the
Annual General & Special Meeting, the Board of Directors made
several changes to its executive management team. Dr. Mike Andrews,
PhD, FAusIMM was appointed President and
Chief Operating Officer of the Company and Mr. John Proust, C.Dir assumed the position of Chairman and
continues in the role of Chief Executive Officer.
Dr. Mike Andrews, one of the founding Directors of the Company, holds a
BSc (honours) in
Geology from the University of Reading and a Doctorate in Exploration
Geochemistry from the University of Wales. He is a Fellow of the
Australasian Institute of Mining and Metallurgy.
Dr. Andrews has over thirty years of research and industry experience
in mineral exploration for gold, copper, coal and iron ore in the
Australasia region. He has published more than twenty technical papers
on geology, geochemistry and geophysical exploration methods. For the
last twenty two years he has been based in Indonesia. A fluent speaker
of Indonesian, Dr. Andrews is regarded as a leading authority on mineralisation in the island arc terranes of the Indonesian Archipelago.
Previously he held the positions of Executive Director and Chief
Geologist of AuIron Energy Ltd and of
Director Gold Operations for Meekatharra
Minerals Ltd. Between 1995 and 1998 Dr. Andrews managed the Teck Corporation-MM Gold Indonesian Joint Venture,
and during this period was responsible for the selection and
acquisition of an exploration portfolio of thirteen gold and copper
projects in Indonesia. He has also previously held senior exploration
positions with Ashton Mining Ltd, Aurora Gold Ltd and Muswellbrook Energy and Minerals Ltd.
Dr. Andrews is also a Director of Australian listed, Kingsrose Mining Limited, which successfully
brought the high grade underground gold/silver deposit at Way Linggo into production during 2010. Over a number
of years he played an instrumental role in the discovery, exploration,
feasibility and development of this project which is now a highly
profitable mine.
From John Proust, "I am very excited to have Mike join our
management team. Having worked side-by-side with him at the Board level
for more than five years, I know the value that he brings to the
Company. Mike has extensive exploration experience in Indonesia, in
both porphyry and epithermal settings and has worked at senior levels
with major mining companies in the region and directed small operations
from early exploration through to production. His appointment signals a
strong move forward for Southern Arc. With a record of success in
project evaluation, exploration, development, management, and
governance, Mike also brings with him the unique talent of being able
to seamlessly translate highly technical material into plain English. I
look forward to working closely with him as we continue to grow and
advance our portfolio of Indonesian properties."
The Company is also pleased to announce that Cyrus Driver, CA has
joined executive management as interim Chief Financial Officer. Mr.
Driver was founding partner in the firm of Driver Anderson, Chartered Accountants,
and is currently a partner of Davidson & Company, Chartered
Accountants. While providing general public accounting services to a
wide range of clients, he specializes in servicing TSX Venture Exchange
listed companies and members of the brokerage community. Mr. Driver
currently serves as director and/or chief financial officer for several
TSX Venture Exchange companies.
The Company would like to express its gratitude to Eduard Epshtein for his dedication to the affairs of the
Company as its Chief Financial Officer for the past three years.
On behalf of the Board of Southern Arc Minerals Inc.
John Proust, Chairman and CEO
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as such term is defined in the policies
of the TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
|