. C. Michael OBrian has resigned as a member of the Board of Directors of Magna Resources Ltd. (the Company). The company would like to thank Mr. OBrian for all his contributions and efforts during his term as a Director. The Company is pleased to announce three new members to its Board of Directors:
Dr. Lawrence Dick, PGeo
Dr. Dick is a professional geologist with 35+ years experience in base and precious metals exploration world-wide. He spent over 20 years exploring for copper and gold throughout South America and was credited with major finds at Collahuasi (Chile); Golden Bear (B.C.) and the San Jose silver deposit in Mexico. After a 17 year stint with Chevron Minerals Ltd, where he was Director of Exploration in Latin America, Dr. Dick consulted for SRK and his own consultancy before co-founding General Minerals Corporation (now Sprott Resource Corporation) and then co-founding and acting as President and Chief Executive Officer of Evolving Gold Corporation. He currently serves as Chief Geologist and Manager of the Resource Group for Baron Global Financial Canada Ltd., a Hong Kong based merchant bank dedicated to the identification, acquisition, exploration and marketing of mining projects worldwide. Dr. Dick also serves on a number of boards, including Timmins Gold Corp., Copper one Inc., United Mining Group Inc. and Confederation Minerals Ltd.
Kenneth R. Holmes
Mr. Holmes began his legal career in 1982 and spent ten years in a predominantly corporate and securities practice, but which also included a full complement of commercial, real estate, tax technology and intellectual property matters and often had international issues and elements. This resulted in exposure to and an understanding of a broad range of businesses and transactions, including natural resources (mining, oil and gas) companies. Since 1991, Mr. Holmes has been acting as in-house counsel and senior management of, or consulting to, companies, public and private, involved in businesses ranging from natural resource exploration, franchising, television production and gaming. Mr. Holmes also serves on the board of Confederation Minerals Ltd.
Dr. Kent Ausburn, PGeo
Dr. Ausburn is a senior geologist with over 30 years of experience in the mineral exploration/mining industry, with three years experience as a consulting hydrogeologist, leading
to a focus on property acquisition with equity positions in both private and public companies. He has extensive field and management experience in the minerals business in a wide variety of mineral deposits, rock types and geologic terrains. He has worked and managed exploration programs in several countries including the Western USA, Alaska, Mexico, Colombia, SW Mainland China and Malaysia and has also consulted for several environmental consultingcompanies in the highly competitive and regulatory-complex Los Angeles-Orange County areas of Southern California. Dr. Ausburn also serves on the board of Confederation Minerals Ltd. The Company has also granted 3, 285, 000 stock options to directors, officers and consultants of the Company exercisable at $0.40 per share for a term of five years.
On behalf of the Board of Directors
MAGNA RESOURCES LTD.
This press release contains forward-looking information regarding managements anticipated completion of the proposed private placement financing and its anticipated use of the proceeds. The forward-looking information contained in this press release is made based on expectations of management as of the date of this press release and, except as required by applicable law, Magna does not undertake any obligation to update publicly or to revise any of the included forward-looking information, whether as a result of new information, future events or otherwise. By its very nature, such forward-looking information requires Magna to make assumptions that may not materialize or that may not be accurate. This forward-looking information is subject to known and unknown risks and uncertainties and other factors, which may cause actual results, levels of activity and achievements to differ materially from those expressed or implied by such information. There is no assurance that Magna will be able to raise some or all of the proposed private placement financing.
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