Rupert Resources Ltd. ("Rupert" or the "Corporation") (TSX Venture Exchange: RUP)announces the resignation of Martin Kostuik as President and CEO of the Corporation and the appointment of Brian Hinchcliffe, a current director of the Corporation, as President and Chief Executive Officer of Rupert, effective immediately. Mr. Kostuik will remain as a director of the Corporation.
"There are the exciting exploration and production opportunities of scale at the Pahtavaara gold mine and land position in Finland, which one likes to see when starting this new direction for Rupert, and we are pleased to have Martin's continued contribution as a director", said Brian Hinchcliffe, Rupert's new President and CEO. "Rupert's shareholders have benefited from Mr. Kostuik's efforts, including the 21 year lease renewal on the Gold Centre property located in the strategic and high grade Red Lake gold mining camp in Ontario, that Mr. Kostuik engineered. Lastly we are pleased to incentivize the new management team as we commence the work required to determine if the company will exercise its six month option on the Pahtavaara gold mine, as announced in our March 17, 2016 press release."
Mr. Hinchcliffe has extensive experience in the mining sector, most recently co-founding Kirkland Lake Gold Inc. and Rambler Metals & Mining PLC, both of which acquired mines that were closed and with successful exploration campaigns, developed producing operations.
The Corporation also announces the grant of incentive stock options to acquire a total of 3,740,000 common shares ("Common Shares") of the Corporation at an exercise price of $0.175 per share, such options to vest as to one-half on March 24, 2017 and one-half on March 24, 2018. The options expire five years from the date of grant. Options to acquire 1,440,000 Common Shares were granted to directors and officers of the Corporation and options to acquire 2,300,000 Common Shares were granted to employees and consultants of the Corporation.
For further information, please contact:
President and Chief Executive Officer
Tel. +1 (914) 815 2773