Covenant Resources Ltd. Appoints Frank Port as President and Director
Vancouver, Alberta CANADA, October 17, 2008 /FSC/ - Covenant Resources Ltd. (CVA - CNQ), (the "Company") is pleased to announce that that Mr. Frank Port has been appointed as President of the Company and agreed to join the Board of Directors. Mr. Douglas Walker, who will remain as a director and Chief Executive Officer of the Company, has resigned as President.
Mr. Port has over 15 years' experience as a senior executive and / or director with a number of private and public companies, including oil and gas and mineral exploration companies. Mr. Port is currently a director of Stonepoint Global Brands Inc., a company listed on the TSX Venture Exchange. Mr. Port also has extensive experience in assisting junior issuers raise capital and locating suitable properties and business opportunities.
The Company also announces that it has granted an aggregate of 375,000 incentive stock options to Mr. Port. The options are exercisable at a price of $0.10 per share until October 1, 2013. In addition, as partial consideration for his services, Mr. Port will receive a one-time signing bonus of 300,000 common shares in the Company, which will be issued at a deemed price of $0.10 per share.
The Company trades on the CNQ under the trading symbol "CVA".
ON BEHALF OF THE BOARD OF DIRECTORS
M. Douglas Walker
Chief Executive Officer and Director
For further information contact:
M. Douglas Walker
Chief Executive Officer and Director
780-439-8995
E-mail: doug@capitalwestventures.com
www.covenantresources.ca
COVENANT RESOURCES LTD.
Suite 500 - 625 Howe Street
Vancouver, BC
V6C 2T6
Source: Covenant Resources Ltd. (CVA - CNQ)
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