Apr. 20, 2010 (Filing Services Canada) -- Cue Resources Ltd. (CUE - TSX Venture), ("Cue" or the "Company") is pleased to announce that Robert S. Tyson has been appointed President and CEO of Cue effective immediately.
Mr. Tyson is a corporate development specialist with 20 years experience in financing and managing public companies. Currently, he is a director of Source Exploration Corp., a public exploration company focused on the development of its San Acacio Silver Project in Mexico. Previously, he has held the positions of Vice President, Corporate Development at Solex Resources Corp., Minco Gold Corporation and Minco Silver Corporation. He has also held several senior management positions and directorships with Canadian and U.S. based publicly trading companies with his primary responsibility being corporate compliance, finance and investor relations.
Mr. Tyson has been a director of the Company since 2007 and will continue with that position. John Icke is stepping aside as Interim CEO, but will remain as Executive Chairman of the board of directors and VP Business Development and along with Mr. Tyson will spearhead the development of the Company. As a consequence of Mr. Icke's reassignment he will reduce his consulting fees to $5,000 per month.
"I am delighted to have Bob take on the role of President and CEO," stated John Icke. "Bob's knowledge of the San Antonio project in Paraguay as a result of his participation on Cue's board is extensive. I look forward to Bob taking on the daily management of the company and aggressively driving its development and increase in enterprise value. We believe our Yuty Project is one of the leading uranium projects in South America. I look forward to significant progress in the very near term."
Mr. Tyson will receive 500,000 options to purchase shares in the Company at a price of $0.10 or the closing price on May 1, 2010, whichever is higher. Mr. Tyson will also receive a monthly salary of $15,000, one third of which will be accrued towards the purchase of options, one third of which will be deferred and accrued for one year and one third in cash paid monthly.
About Cue Resources
Cue Resources Ltd. is focused on developing the Yuty Uranium Project in south-eastern Paraguay. Two major drilling campaigns have now been completed by Cue leading to the completion of a new NI 43-101 compliant resource report including an Indicated Resource of 9.0M tonnes @ 0.042 % eU3O8 containing 8.3M lbs eU3O8 and an Inferred Resource of 1.1M tonnes @ 0.050 % eU3O8 containing 1.2M lbs eU3O8. A column leach test has demonstrated recovery of 86% of the contained uranium from cores taken from the Yuty Project. In addition, laboratory testing on drill cores has shown permeability and porosity values within the range of existing commercial ISR operations.
On behalf of the Board of Directors
"John Icke"
Executive Chairman
FORWARD LOOKING STATEMENTS: This press release contains forward-looking statements, which address future events and conditions, which are subject to various risks and uncertainties. The Company's actual results and financial position could differ materially from those anticipated in such forward-looking statements as a result of numerous factors, some of which may be beyond the Company's control. These factors include: results of exploration activities and development of mineral properties, fluctuations in the marketplace for the sale of minerals, the inability to implement corporate strategies, the ability to obtain financing, currency fluctuations, general market and industry conditions and other risks disclosed in the Company's filings with Canadian Securities Regulators.
Forward-looking statements are based on the expectations and opinions of the Company's management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
CUE RESOURCES LTD.
Suite 1430
800 West Pender Street
Vancouver, BC, V6C 2V6
Tel: 604-568-2080 Fax: 604-684-2990
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