VANCOUVER, BRITISH COLUMBIA, Nov. 22, 2010 (Marketwire) -- Southern Arc Minerals Inc. (TSX VENTURE:SA) is pleased to announce today that the Company's shareholders approved all matters at the Company's Annual General & Special Meeting held on November 19, 2010 (the "Meeting"). 38,528,060 shares, representing 49.82% of the total number of shares issued and outstanding, were voted at the Meeting. The following matters were approved and have now been implemented by the Board of Directors:
-- Messrs. John G Proust, Michael J. Andrews, and David M. Stone were
elected to the Board of Directors of the Company;
-- the Company's shareholders ratified the Company's Stock Option Plan (the
"Plan"), which permits the Company to grant options for up to 10% of the
number of shares outstanding from time to time; and
Further to the Company's news release dated October 25, 2010, the shareholders of the Company approved and ratified the shareholder rights plan (the "Rights Plan"). The Rights Plan has been designed to protect shareholders of the Company from unfair, abusive or coercive take-over strategies, including the acquisition of control of the Company by a bidder in a transaction or series of transactions that does not treat all shareholders equally or fairly, or provide all shareholders an equal opportunity to share in the premium paid on an acquisition of control.
The Company is also pleased to announce that immediately following the Annual General & Special Meeting, the Board of Directors made several changes to its executive management team. Dr. Mike Andrews, PhD, FAusIMM was appointed President and Chief Operating Officer of the Company and Mr. John Proust, C.Dir assumed the position of Chairman and continues in the role of Chief Executive Officer.
Dr. Mike Andrews, one of the founding Directors of the Company, holds a BSc (honours) in Geology from the University of Reading and a Doctorate in Exploration Geochemistry from the University of Wales. He is a Fellow of the Australasian Institute of Mining and Metallurgy.
Dr. Andrews has over thirty years of research and industry experience in mineral exploration for gold, copper, coal and iron ore in the Australasia region. He has published more than twenty technical papers on geology, geochemistry and geophysical exploration methods. For the last twenty two years he has been based in Indonesia. A fluent speaker of Indonesian, Dr. Andrews is regarded as a leading authority on mineralisation in the island arc terranes of the Indonesian Archipelago.
Previously he held the positions of Executive Director and Chief Geologist of AuIron Energy Ltd and of Director Gold Operations for Meekatharra Minerals Ltd. Between 1995 and 1998 Dr. Andrews managed the Teck Corporation-MM Gold Indonesian Joint Venture, and during this period was responsible for the selection and acquisition of an exploration portfolio of thirteen gold and copper projects in Indonesia. He has also previously held senior exploration positions with Ashton Mining Ltd, Aurora Gold Ltd and Muswellbrook Energy and Minerals Ltd.
Dr. Andrews is also a Director of Australian listed, Kingsrose Mining Limited, which successfully brought the high grade underground gold/silver deposit at Way Linggo into production during 2010. Over a number of years he played an instrumental role in the discovery, exploration, feasibility and development of this project which is now a highly profitable mine.
From John Proust, "I am very excited to have Mike join our management team. Having worked side-by-side with him at the Board level for more than five years, I know the value that he brings to the Company. Mike has extensive exploration experience in Indonesia, in both porphyry and epithermal settings and has worked at senior levels with major mining companies in the region and directed small operations from early exploration through to production. His appointment signals a strong move forward for Southern Arc. With a record of success in project evaluation, exploration, development, management, and governance, Mike also brings with him the unique talent of being able to seamlessly translate highly technical material into plain English. I look forward to working closely with him as we continue to grow and advance our portfolio of Indonesian properties."
The Company is also pleased to announce that Cyrus Driver, CA has joined executive management as interim Chief Financial Officer. Mr. Driver was founding partner in the firm of Driver Anderson, Chartered Accountants, and is currently a partner of Davidson & Company, Chartered Accountants. While providing general public accounting services to a wide range of clients, he specializes in servicing TSX Venture Exchange listed companies and members of the brokerage community. Mr. Driver currently serves as director and/or chief financial officer for several TSX Venture Exchange companies.
The Company would like to express its gratitude to Eduard Epshtein for his dedication to the affairs of the Company as its Chief Financial Officer for the past three years.
On behalf of the Board of Southern Arc Minerals Inc.
John Proust, Chairman and CEO
Neither the TSX Venture Exchange nor its Regulation Services Provider (as such term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Southern Arc Minerals Inc.
Chairman and CEO
(604) 676-5246 (FAX)