Aurum Mining PLC
23 February 2006
For immediate release 23 February 2006
AURUM MINING PLC
('Aurum' or 'the Company')
Issue of Options
The Board of Aurum announces that the Company has granted options over
1,000,000 ordinary shares of 1p each ('Ordinary Shares') to Mark Jones, Chief
Executive, at an exercise price of 55.5p per option and exercisable for a period
of five years from their date of grant.
In addition, the Board has also granted options over a further 1,000,000
Ordinary Shares to Mark Jones at an exercise price of 55.5p, however the
exercise of these additional options is subject to certain performance criteria
which the Board has agreed. Of these additional performance related options,
250,000 shall be exercisable immediately following reserves in respect of the
Company's Andash project being signed off to JORC standards, 250,000 will be
exercisable on completion of a feasibility study prepared to western standards
in respect of the Andash project and the final 500,000 options will be
exercisable on the commencement of gold production at the Andash project. These
options will also lapse, to the extent not previously exercised, after a period
of five years from their date of grant. All options granted to Mark Jones will
lapse in the event of the termination of his services.
Accordingly, the Directors hold a total of 2 million options over Ordinary
Shares which are currently exercisable and, as detailed above, a further 1
million options over Ordinary Shares which are subject to certain performance
conditions.
For further information:
Aurum Mining plc Tel: 020 7478 9050
Mark Jones, Chief Executive
Arbuthnot Securities Tel: 020 7012 2000
Graham Swindells
Buchanan Communications Tel: 020 7466 5000
Mark Court
Notes to editors
Aurum Mining joined the AIM market of the London Stock Exchange in May 2004 with
the strategy of seeking, evaluating and acquiring gold and other mineral
extraction projects in the Former Soviet Union (FSU). In January 2005 the
Company completed its first acquisition, giving the Company an exploration
licence over the Andash gold and copper project in the Kyrgyz Republic. In its
State Register, the State Commission of Resources of the Kyrgyz Republic has
included 21.7 million tonnes of C1 and C2 reserves from the project, amounting
to gold and gold equivalent of more than 1.5 million ozs.
This information is provided by RNS
The company news service from the London Stock Exchange