30th Jan 2008 16:42
Templar Minerals Limited30 January 2008 30 January 2008 Templar Minerals Limited ("Templar Minerals" or "the Company") Operational Update Appointment of New Directors Grant of Options Templar Minerals ("AIM: TMP"), the investor in natural resource opportunities,announces the appointment of two new Directors to boost the Company's managementteam and gives the following operational update. In addition, the Company hasgranted further options to certain Directors to ensure that the enhancedmanagement team is now properly incentivised. The Company currently hasexploration assets in Georgia and a strategic 26.18% investment in RiverDiamonds plc, which is currently in the process of acquiring 100% of thehistoric Emperor Gold Mine in Fiji. The Board believes that Templar Minerals and its management is on track with itsoriginal investment strategy of targeting investments in exploration,development and production projects in the minerals, base metals, preciousmetals or hydrocarbons sectors. The Company continues to evaluate resourceprojects outside its current investments. Operational Update The Company has made considerable progress since it was formed earlier thisyear. In November, Templar Minerals announced encouraging initial exploration resultsfrom Adjaria Gold project in the Republic of Georgia. Following these sampleresults the Company began to sample additional highly prospective areas withinthe 110km2 licence area in the Adjaria Project for both gold and base metals.Templar intends to initiate a drilling programme to determine the full extent ofthe mineralisation and this drilling programme is due to commence with two rigsnext month. Last year, Templar Minerals acquired 285 million shares (26.18%) in RiverDiamonds plc ("River Diamonds") making Templar Minerals the largest shareholder.In December, River Diamonds announced that it had signed a conditional sale andpurchase agreement which will result in it having a 100% interest in the EmperorGold Mine. As part of the consideration, River Diamonds announced that it hadraised £4,250,000 at 6 pence per share, which revalues Templar's holding inRiver Diamonds at £17.1 million. The shares of River Diamond are currentlysuspended pending the publication of a re-admission document, which is expectedto be published during February 2008. The Emperor Gold Mine is one of the longest continuously operating high grademines in the world with an operational history that extends over 70 years. Themine commenced production in 1936 and has produced over 7,000,000 ounces. Themine is targeting production of 100,000 ounces of gold per annum. Production isexpected to re-commence at Emperor this month after a one year care andmaintenance period whilst the ownership of the mine changed hands. Appointment of New Directors The Board is pleased to announce the appointment of Paul Courtnage as full-timeDirector of Exploration and Gordon Cassidy as a part-time Finance Director andCompany Secretary. Paul Michael Courtage, aged 38, is a former Regional Geologist for UraMin Inc'sSouth African projects. He was previously occupied in geological consultancy forplatinum and coal projects, and also spent seven years at Anglo American plc asa Sectional Geologist involved in research, development and implementation ofnew technology exploration techniques for gold and base metals in Africa,Australia, South America and the USA. Gordon Cassidy, aged 62, has spent twenty years in Africa and has worked inZambia, Kenya, Nigeria, Zaire and Mozambique. He transferred back to the UnitedKingdom in 1987, where he held the position of UK Finance Director with CrownCork and Seal Co. Inc, an international metal packaging manufacturer. He wasalso a Finance Director at a private hospital operated by BMI, a UK provider ofacute care private medical facilities. Previously, Mr Cassidy was the GroupFinancial Controller for UraMin Inc. There is nothing further to disclose in relation to the appointment of Mr.Gordon Cassidy and Mr Paul Michael Courtnage under schedule two, paragraph (g)(iii)-(viii) of the AIM Rules. As part of Mr Courtnage's and Mr Cassidy's employment arrangements, they haveeach been awarded options over 2,000,000 Ordinary Shares at an exercise price of4.13p per share. The options vest in three equal installments on 12, 24 and 36months respectively. Grant of Options The Company announces that on the recommendation of the Remuneration Committeeit has granted options over a further 33,450,000 ordinary shares of no par value("shares") to directors, employees and consultants. The existing Directors towhom options have been granted are: - a option over 12,000,000 shares to John ("Ian") Stalker, Director (total14,000,000 shares under option following this grant); - a option over 12,000,000 shares to Neil Herbert, Deputy Chairman (total14,000,000 shares under option following this grant); and - an option over 3,000,000 shares to Graham Mascall, Director (total5,000,000 shares under option following this grant). The share options granted to existing Directors are in accordance with theScheme Option Plan as set out in the AIM Admission Document dated 4 May 2007 andare at the Admission price of 5p per share exercisable at any time until 30January 2013, being five years from the date of grant. The remaining options were granted to the new Directors (as referred to above),management, employees and consultants of the Company. These options are exercisable at a price of 4.13p per share (being the closingmiddle market price on 29 January 2008) and will vest over in three equal annualinstallments on 12, 24 and 36 months respectively commencing on the date ofgrant and will expire on 30 January 2018. David Lenigas, Chairman of Templar Minerals, said: "Templar has made considerable progress in the few months since IPO. Ourinterest in the Emperor Gold mine, via River Diamond, has already increasedsignificantly in value and we look forward to the mine re-commencing productionvery shortly. Emperor is capable of producing 100,000 ounces of gold per yearfor many years to come. "In Georgia, the initial exploration sample results at Adjaria were encouragingand we are accelerating the exploration programme with drilling anticipated tostart next month. "We continue to evaluate further investment opportunities in both gold and basemetal projects." Contacts: Templar MineralsDavid Lenigas, Chairman Tel: +44 (0) 7881 825378Ian Stalker, Non Exec-Director Tel: + 27 11 783 5056 Beaumont Cornish Tel: +44 (0) 20 7628 3396Roland Cornish Financial Dynamics Tel + 44 (0) 20 7831 3113Ben BrewertonEd Westropp This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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