Yeah, they came from Teck Cominco Ltd.
VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Jul 14, 2004) - Serengeti Resources Inc. (TSX-V SIR) is pleased to announce changes to the directors and officers of the Company and a financing for up to $150,000. These changes are designed to revitalize the Company's mineral exploration activities, including the installation of a senior explorationist as the Company's new president.
Management changes
Effective immediately, David W. Moore P. Geo., is appointed President and CEO, and a director. Mr. Moore has spent most of his 30 year career with Teck Cominco Ltd. and its business units Cominco Ltd., Cominco Resources International, and Cominco American Incorporated. Most recently, from 1999 to 2001 he served as General Manager of Global Exploration and from 2001 to 2003 as General Manager of Exploration Business Development. In addition to the preceding, Mr. Moore held a number of directorships of subsidiary companies. Mr. Moore has a proven track record of discovery and experience in both base and precious metals, ranging from grass roots exploration to feasibility and project development. Mr. Moore holds a M.Sc. in Geology from the University of Toronto and a P.Geo. designation in the Province of British Columbia.
Mr. George Tikkanen, P.Eng., is also appointed as a director of the Company. Mr. Tikkanen is a senior exploration and mining executive who held a number of significant positions before retiring from Cominco Ltd. in 1999. Mr. Tikkanen held the position of Vice-President Exploration, Cominco Ltd. from 1992 to 1998 and President of Cominco Resources International Limited, a publicly listed company, from 1987 to 1995. In the course of his career, Mr. Tikkanen was responsible for the management of eight mining operations in five countries and oversaw the discovery and acquisition of numerous mineral deposits including direct participation in the negotiations leading to the development of the Red Dog Mine in Alaska.
Further changes include the appointments of Ms. Sharon Fleming as Corporate Secretary and Mr. Myron Osatenko P. Geo., as a senior geological consultant to the Company. Mr. Ian Brown, formerly President of Serengeti will remain as a director and has agreed to serve as Chief Financial Officer. Mr. Tim Gallagher has agreed to step down as a director. The Board of Directors wishes to thank Mr. Brown and Mr. Gallagher for their service to the Company.
The Company announces the awarding of the following incentive stock options issued in accordance with the Company's option plan: to Mr. Moore, 600,000; to Mr. Tikkanen, 200,000; to Ms. Fleming, 50,000; and to Mr. Osatenko, 50,000. These options are exercisable at a price of $0.10 per share, expire on July 7, 2009 and vest over an 18 month time period. As part of these changes Mr. Brown has agreed to the cancellation of 183,000 options previously awarded to him. With these grants, the Company now has 1,930,000 shares optioned under its stock option plan.
AI
