Patagonia Gold Approves Grant of Options
TORONTO, Jan. 10, 2013 /CNW/ - The Board of Directors of Patagonia Gold Plc (TSX: PAT, AIM: PGD) today announced approval to grant options over 14,500,000 ordinary shares of one pence each ("Options") to certain Directors under the Company's share option arrangements, as follows:
| Name | Existing options | New Issue | Total options over ordinary shares |
| Carlos Miguens | 10,500,000 | 9,000,000 | 19,500,000 |
| William Humphries | 10,500,000 | 3,000,000 | 13,500,000 |
| Sir John Craven | 2,000,000 | 1,500,000 | 3,500,000 |
| Gonzalo Tanoira | 4,000,000 | 1,000,000 | 5,000,000 |
The Options are exercisable (in whole or in part) at any time up to the tenth anniversary of the date of grant and are exercisable at a price of 22.75 pence per ordinary share. The grant of the Options was recommended by the Company's Remuneration Committee at a meeting held on October 18, 2012. However they were unable to be granted until the Company's share authorities were renewed at the general meeting of the Company held on January 8, 2012. Vesting of the Options is subject to performance criteria linked to the achievement of certain operational targets by the Company.
About Patagonia Gold
Patagonia Gold Plc is an advanced mining exploration company that seeks to grow shareholder value through the acquisition, exploration and development of gold and silver projects in the southern Patagonia region of Argentina. The Company is primarily focused on the development of three projects: the flagship Cap-Oeste project, the nearby COSE project and the Lomada heap leach project, which is expected to begin generating free cash flow by 2013. Patagonia Gold, indirectly through its subsidiaries or under option agreements, has mineral rights to over 220 properties in several provinces of Argentina and Chile, and is one of the largest landholders in the province of Santa Cruz.
Patagonia Gold is listed on the Toronto Stock Exchange (TSX) under the symbol PAT and has been listed on the AIM market of the London Stock Exchange under the symbol PGD since 2003.
SOURCE Patagonia Gold plc
Contact Information
Bill Humphries / Nigel Everest
Patagonia Gold Plc
Tel: +44 (0)20 7409 7444
Philip Yee, CFO
Patagonia Gold Plc
Tel: +1 (416) 572 2007
Colin Languedoc
Barnes Communications Inc.
Tel: +1 (416) 367-5000
Angela Hallett / James Spinney
Strand Hanson Limited
Tel: +44 (0)20 7409 3494
Rory Scott
Mirabaud Securities LLP
Tel: +44 (0)20 7878 3360
David Bick / Mark Longson
Square 1 Consulting
+44 (0)20 7929 5599