Stroud Announces Grant of Stock Options; Clarifies Leckie Property Disclosure
16 April 2008 - 7:00AM
Marketwired
TORONTO, ONTARIO ("Stroud" or the "Company") Stroud announces
that, subject to acceptance by the TSX Venture Exchange, it has
granted options to acquire an aggregate of 3,575,000 common shares
to directors, officers and consultants of the Company under
Stroud's stock option plan. Each option is exercisable to acquire
one common share at a price of $0.15 per share for a three year
period. The options vest as to one-third immediately and one-third
on each of the 7 and 13 month anniversaries of the date of grant.
The options granted represent approximately 2.6% of the number of
outstanding shares and, when combined with all other options
outstanding under the stock option plan, approximately 5.5% of the
number of outstanding shares.
The Company also wishes to clarify historical resource estimates
previously disclosed regarding the Company's Leckie property
located in northeastern Ontario. In 1996 Dr. Robert Morse, an
independent technical consultant to the Company, calculated
"probable ore" (as defined in former National Policy 2A ("NP 2A")
of the Canadian Securities Administrators and equivalent to an
"indicated mineral resource" under National Instrument 43-101 ("NI
43-101")) of 348,240 tons grading 0.203 oz/t gold and "possible
ore" (as defined in former NP 2A and equivalent to an "inferred
mineral resource" under NI 43-101) of 57,237 tons grading 0.173
oz/t gold for the property. These calculations were based on a
cut-off grade of 0.10 oz/t gold, a minimum horizontal width of 5
feet and a density of 10.7 cubic feet per ton. The Company believes
that these calculations continue to be relevant and reliable.
However, insufficient work has been done by a qualified person to
classify these historical estimates as current mineral resources
under NI 43-101 and the Company is not treating these historical
estimates as current mineral resources under NI 43-101.
Stroud is a debt-free exploration company focused on the
discovery and exploration of silver and gold deposits in Mexico and
Ontario. Stroud owns a 100% interest in the Santo Domingo
epithermal silver-gold project in central Mexico. In addition to
the Santo Domingo project, Stroud's assets include 100% interests
in the Hislop gold property, near Timmins, Ontario and the Leckie
gold property, near North Bay, Ontario. Stroud also generates cash
flow from a 3.75% interest in six natural gas, and natural gas
condensate wells in central Alberta.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this news
release.
Contacts: Stroud Resources Ltd. Mr. George Coburn President and
CEO (416) 362-4126 Website: www.stroudresourcesltd.com
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