Business
Appointment of new Chairman and corporate update
Appointment of new Chairman and corporate update.
About this update from Monarca Minerals Inc.
[{"type":"text","content":"\n\n\n\n\nVANCOUVER, Nov. 23 /CNW/ - Oremex Resources Inc. (the \"Company\")\nannounced the appointment of Andrew Milligan as Chairman of the board, in\nplace of Anthony Harvey, who will remain as a Director of the Company.\nMr. Milligan has held a number of senior positions with public mining\ncompanies including President and CEO of Glamis Gold Ltd. and subsequently\nCornucopia Resources Ltd. Cornucopia Resources was merged into Quest\nInvestment and Mr. Milligan remained a Director of Quest until June, 2004.\nMr. Milligan is currently a Director of several other public mining companies.\nThe board would like to thank Mr. Harvey for his many contributions to the\nCompany during his term as Chairman.\nThe Company announced that the option agreement between Minera Montana\nand Bertha Gamiz de Jarvis to acquire certain mineral claims which comprise\nthe majority of the Tejamen and certain other mineral properties in Mexico\n(the \"Jarvis Agreement\") has been amended to extend the final payment of\nUS $1,115,000 that was due on July 20, 2006. Under the terms of the amendment,\nthe final payment has effectively been extended for one year under the\nfollowing revised payment schedule: US $250,000 (Jan. 20, 2006), US $300,000\n(July 20, 2006), US $350,000 (Jan. 20, 2007) and US $415,000 (July 20, 2007).\nUnder a previous agreement dated February 28, 2003, the Company has assumed\nthe obligations of Minera Montana under the Jarvis Agreement. Don Smith CA,\nthe CFO of the Company, stated that \"the amendment is a significant event for\nthe Company as it allows the Company to focus its attention and financial\nresources in the near term toward further exploration and evaluation of\nTejamen, the Company's flagship resource property\".\nThe Company announced the grant of 50,000 stock options to a consultant\nretained to serve as the field program manager in Mexico. The options are\nexercisable at $0.52 per share for five years. The Company also announced that\n765,000 existing stock options held by certain directors, officers and\nemployees that were previously granted at prices ranging from $0.80 to $1.02\nper share, have been re-priced at $0.52 per share. The decision to re-price\nthe affected options to more closely reflect the current market price of the\nshares of the Company was made after significant reductions in management\ncomp...