Dunav Resources Ltd. Announces Grant of Options and Sale of Dingo Peak
LONGUEUIL, QUEBEC -- (Marketwire) -- 09/09/11 -- Dunav Resources Ltd. (TSX VENTURE: DNV) ('Dunav' or 'the Company') announces that, subject to regulatory approval, it has approved the grant of an aggregate of 2,400,000 incentive stock options to officers, employees and consultants of the Company in Canada and Serbia. The options are exercisable for a period of five years at an exercise price of $0.55 and will vest in three equal tranches over a two-year period.
Sale of Dingo Peak and Share Cancellation
The Company also announces that it has completed the sale of its Dingo Peak project to a private Australian company. The Dingo Peak mineral property, located in Queensland, Western Australia, has been on care and maintenance since October 2008. The Company closed its Australian exploration office in October 2009. As consideration, the purchaser granted the Company a 2% net smelter returns royalty on Dingo Peak and an aggregate of 539,280 Dunav common shares beneficially owned by parties related to the purchaser were transferred to the Company for return to treasury and cancellation.
Following the completion of the acquisition of the Tulare copper and gold project, the Surdulica molybdenum project, and other early stage projects located in Serbia from Dundee Precious Metals Inc. ('DPM') (see news release dated September 2, 2011) and the cancellation of shares related to the sale of Dingo Peak, the Company has 99,017,749 common shares issued and outstanding, of which DPM owns 47,257,922, or approximately 47.7% on a non-diluted basis.
About the Company
Dunav Resources is a mineral exploration company focused on the acquisition, exploration and development of mineral properties in Serbia. The common shares of Dunav trade on the TSX Venture Exchange under the symbol DNV. Additional information about the Company is available on SEDAR at www.sedar.com and at www.dunavresources.com.
Neither 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:
James Crombie
President and Chief Executive Officer
450-677-3868
450-677-2601 (FAX)
info@dunavresources.com