Jun. 3, 2010 (TheNewswire.ca) --
Vancouver, B.C., June 3, 2010; Pinnacle Mines Ltd. (TSXV:PNL) (PNL:TSX-V, "Pinnacle" or "the Company") announces that shareholders approved all resolutions put before them at the Company's Annual General Meeting ("AGM") held on May 28, 2010. For more information refer to the Company's Information Circular posted on SEDAR.
At the AGM, the number of directors for the Company was set at 8 with Robert Wolfe, Herrick Lau, Ringo Hui, Andrew Cheng and William Ng returning as directors with nominees David Eaton, Letty Wan and Robert Perry being newly elected to the Company's Board for the ensuing year.
Following the AGM, the Board appointed David Eaton as Chief Executive officer and re-appointed Herrick Lau as the Company's Chief Financial Officer.
Dr. Lawrence Dick, who did not stand for re-election as a director, stepped down as the Company's President and CEO. Dr. Dick will remain on as a senior consulting geologist and will be instrumental to the Company going forward as it focuses its efforts on advancing its Silver Coin Gold Project to feasibility. The Company wishes to thank Dr. Dick for his many contributions over the years as both a director and officer.
David Eaton, Chief Executive Officer
The Company is pleased to announce the appointment of David Eaton as the Company's new CEO. With over 20 years experience in public markets with exposure to all aspects of the business, Mr. Eaton's background with public companies, deal making and the structuring of public financings will aid the Company tremendously. This combined with Mr. Eaton's management and organizational skills, will at this stage of the Company's growth, prove invaluable as the Company anticipates expanding its exploration and development personnel.
Robert Perry, P.Geo, VP of Exploration and Development
The Company is also very pleased to have Robert Perry join the Company's Board and spearhead the Company's development of the Silver Coin Gold Project. Mr. Perry has over 25 years experience as a geologist. One of Mr. Perry's most notable achievements was the discovery of the Beartrack Gold Mine in Idaho during the late 1980's. From staking to overseeing the initial drill out of Beartrack on behalf of Canyon Resources, Beartrack went on to produce approximately 750,000 ounces of gold during its mine life.
Letty Wan, Non-Executive Chairman of the Board
Letty Wan is the beneficial owner of a private investment bank which provides financial advisory services for public and private companies in North America and Asia. From 2004 to 2009, Ms. Wan was the Executive Director of the China Investment Fund which holds investments in a multitude of securities. Recently, Ms. Wan took a substantial share position in Pinnacle and is very excited about the Company's future prospects, particularly the potential held in the Company's Silver Coin Gold Project. Ms. Wan has a broad following of investors in Asia and her contacts and experience in the banking industry will open doors to a new potential market which will prove beneficial to the Company's liquidity and its shareholders.
Also, subsequent and prior to the AGM, the Company took steps to source and contract a number of consultants in the engineering, geological and marketing fields to advise and assist the Company in its current and future endeavors related to these professions. With these additions and changes to some of the current management, the Board feels Pinnacle is now well positioned to take advantage of the many aggressive plans it has over the coming year.
As referred to in the Company's Information Circular dated May 4, 2010, over the coming weeks Pinnacle will be changing its name to Jayden Resources Inc. The rebranding is part of a bigger vision the Company has and will coincide with the aggressive development plans the Company is contemplating over the coming months.
With regard to the many changes referred to above, and to further encourage future individual performance in connection with the achievement of milestones and objectives set by the Company for its management and staff, the Company has issued 12,250,000 stock options at an exercise price of $0.20. The Options will have a five year term and expire on June 2, 2015.
Pinnacle Mines Ltd. is a Canadian based minerals exploration company. In Canada, Pinnacle holds the Silver Coin Gold Project as its major asset and is developing and increasing the value of Silver Coin through continued exploration, metallurgical testing, environmental baseline studies and on-going scoping studies. Silver Coin is located in the "Stewart Camp" of NW British Columbia, an emerging major metals district that includes the historic Silbak-Premier Mine and Barrick Gold's (NYSE:ABX) (TSX:ABX) famed Eskay Creek Mine.
For further information about Pinnacle and this news release contact Mike Thast at 604-688-9588 or visit Pinnacle's website at www.pinnaclemines.com .
On Behalf of the Board:
Chief Executive Officer
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.
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