Business
Issue of Options
Issue of Options.
About this update from Shearwater Group Plc
[{"type":"text","content":"\n Aurum Mining PLC\n23 February 2006\n\n\nFor immediate release 23 February 2006\n\n\n\n AURUM MINING PLC\n\n ('Aurum' or 'the Company')\n\n\n\n Issue of Options\n\n\n\nThe Board of Aurum announces that the Company has granted options over\n1,000,000 ordinary shares of 1p each ('Ordinary Shares') to Mark Jones, Chief\nExecutive, at an exercise price of 55.5p per option and exercisable for a period\nof five years from their date of grant.\n\n\n\nIn addition, the Board has also granted options over a further 1,000,000\nOrdinary Shares to Mark Jones at an exercise price of 55.5p, however the\nexercise of these additional options is subject to certain performance criteria\nwhich the Board has agreed. Of these additional performance related options,\n250,000 shall be exercisable immediately following reserves in respect of the\nCompany's Andash project being signed off to JORC standards, 250,000 will be\nexercisable on completion of a feasibility study prepared to western standards\nin respect of the Andash project and the final 500,000 options will be\nexercisable on the commencement of gold production at the Andash project. These\noptions will also lapse, to the extent not previously exercised, after a period\nof five years from their date of grant. All options granted to Mark Jones will\nlapse in the event of the termination of his services.\n\n\n\nAccordingly, the Directors hold a total of 2 million options over Ordinary\nShares which are currently exercisable and, as detailed above, a further 1\nmillion options over Ordinary Shares which are subject to certain performance\nconditions.\n\n\n\n\n\n\n\nFor further information:\n\n\nAurum Mining plc Tel: 020 7478 9050\nMark Jones, Chief Executive\n\nArbuthnot Securities Tel: 020 7012 2000\nGraham Swindells\n\nBuchanan Communications Tel: 020 7466 5000\nMark Court\n\n\n\n\n\n\n\nNotes to editors\n\n\n\nAurum Mining joined the AIM market of the London Stock Exchange in May 2004 with\nthe strategy of seeking, evaluating and acquiring gold and other mineral\nextraction projects in the Former Soviet Union (FSU). In January 2005 the\nCompany completed its first acquisition, giving the Company an exploration\nlicence over the Andash gold and copper project in the Kyrgyz Republic. In its\nState Register, the State Commission of Resources of the Kyrgyz Republic has\nincluded 21.7 million to...