Kings Minerals Announces Change of Company Name and ASX/TSXV Code, and Investor Relations Appointment
MONTREAL, QUEBEC -- (Marketwire) -- 12/07/10 -- As approved at the Annual General Meeting of shareholders on November 30, 2010, Kings Minerals NL (ASX: KMN) (TSX VENTURE: KMN) wishes to confirm its change of name to Cerro Resources NL.
The Australian Securities and Investments Commission recorded this change of name on December 7, 2010.
For ASX and TSXV purposes, the effective date for the company name and code change is December 10, 2010. On that date, the ASX and TSXV code will change from 'KMN' to 'CJO'.
Investor relations appointment and option grants
The Company also announces having retained the services of Ms. Geraldine Paxton of Montreal, Canada to manage, as a consultant, the investor relations activities of the Company in North America. Ms. Paxton's mandate is to ensure investor relations activities and needs of the Company are fulfilled which include, but is not limited to, providing shareholders, the investment community or media, with timely Company updates as well as implementing marketing programs.
Ms. Paxton has been granted an option to purchase 500,000 ordinary shares of the Company. Half of the options will be exercisable at a price of AUD$0.15 and have a three year term, and half of the options will be exercisable at AUD$0.20 per share and have a four year term. Of the 500,000 options, 25% will vest in 3 months, 25% will vest in 6 months and the balance will vest in 12 months.
Ms. Paxton has significant experience and success in investor relations and managed the investor relations functions for Palmarejo Silver and Gold Corporation from 2005 until its merger with Coeur d'Alene Mines Corporation in 2007. With an investment, financial, accounting, IR and customer service background, Ms. Paxton brings several years experience to her position.
In Australia and elsewhere the Company continues to work with Mr Greg Germon, as a consultant, on the investor relations activities of the Company.
Mr. Germon has been granted an option to purchase 1,000,000 ordinary shares of the Company. Half of the options will be exercisable at a price of AUD$0.15 and have a three year term, and half of the options will be exercisable at AUD$0.20 per share and have a four year term. Of the 1,000,000 options, 25% will vest in 3 months, 25% will vest in 6 months and the balance will vest in 12 months.
The option grants and appointment of Ms. Paxton are subject to certain conditions including the approval of the TSX Venture Exchange.
About Cerro Resources
Cerro Resources is a gold and metals exploration and development company. The Company is currently focused on developing the Cerro del Gallo gold/silver project in the central state of Guanajuato, Mexico. The Company also maintains an active working focus on the Mt Isa exploration project, Queensland, Australia.
Additional information about the Company is available on the Company's website at www.cerroresources.com and on SEDAR. The website www.kingsminerals.com will continue to function in the short term.
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.
Contacts:
Kings Minerals NL / Cerro Resources NL
Tony McDonald, Managing Director or
Craig McPherson, Chief Financial Officer
61 7 3252 0122
For North America, please contact:
Ms Gerri Paxton
Manager Investor Relations
514-544 2696