Nevada Exploration Inc. ("NGE") Announces Significant Additions To Its Advisory Committee And Granting Of Stock Options
June 13, 2007
NGE is pleased to announce the addition of two independent senior geologists to its Advisory Committee, namely Mr. Kendall W. Sageser and Mr. Garry K. Smith.
Mr. Sageser is an Exploration Geologist with more than 40 years of experience around the world. He is the holder of a BS Geological Engineering and of a BS Mining Engineering degrees obtained from the South Dakota School of Mines and Technology and of a MS Geology degree obtained from Stanford University. Mr. Sageser started his career at Shell Oil Company as an Exploration Petroleum Geologist. He then worked as a geologist for numerous corporations including the United States Steel Corporation, the U.S. Steel International / Essex Mineral Company and also acted as Senior Vice-President and served on the Board of Directors of Santa Fe Pacific Gold Corporation (now Newmont Mining Corporation - NYSE: NEM). He managed Santa Fe Pacific Gold Corporation's mineral exploration program, resulting in the discovery of approximately 19 million ounces of gold. Daniel Pharand, Chairman of NGE, stated: "We are delighted to add Mr. Sageser's significant geological expertise to a company that already has a first class exploration team. His input and advice will be extremely valuable to us going forward as we accelerate and expand our exploration program."
Mr. Smith is an Exploration Geologist with over thirty years experience in Canada and the United States who has been involved in the formation, financing and management of a number of junior resource companies. Importantly, he is well regarded and highly-skilled in geochemical analysis, a qualification that will greatly assist NGE as its water chemistry program continues to move forward. Wade Hodges, the President of NGE stated "Garry brings to NGE a wealth of exploration experience, and specifically geochemical and computer data presentation and computer resource modelling software expertise, that will significantly assist us in detailed target delineation and the evaluation of our exploration results." Mr. Smith said, "that he has been following the progress made by NGE since it first started compiling water data and developing proprietary exploration technology, and that he is excited about the use of the water chemistry program as a primary tool to accelerate gold exploration in the State of Nevada".
NGE also announced that it has granted on June 8, 2007 200,000 options to its newly appointed director, John (Jack) L. Tindale, 150,000 options to its Chief Financial Officer Randy Koroll and 350,000 options to other advisors and employees of NGE (including Mr. Smith). Each stock option entitles the holder to purchase one common share of NGE at a price of $0.95 per share until June 8, 2012. Such options shall vest as to one-third of the options, on June 8, 2008, as to the second one-third of the options, on June 8, 2009; and as to the final one-third of the options, on June 8, 2010. NGE also granted 150,000 additional options to its new advisor Mr. Sageser on June 11, 2007 under similar conditions but for the exercise price being set at $1.00 per NGE share. The options and any securities issued upon the exercise of the options are subject to a four-month hold period. The options were granted pursuant to stock option plan of NGE which reserves an aggregate total of stock options equivalent to 10% of the issued and outstanding shares of NGE at any given time. Including the these grants, NGE has issued 3,725,000 stock options out of an authorized maximum of 4,991,666 stock options. The options grants are subject to regulatory approval.
NGE is an exploration company focused, through its wholly-owned Nevada incorporated subsidiary Pediment Gold LLC, on gold exploration in Nevada. NGE has 100% ownership interest in the mineral rights to exploration properties in Nevada's major gold trends and is led by a highly experienced management team. NGE developed a proprietary groundwater chemistry exploration technology and has completed the first ever survey of Nevada's groundwater chemistry. Management believes that the results of NGE's groundwater chemistry program are significant in that they have demonstrated that Nevada's gold deposits exhibit recognizable groundwater chemistry. NGE continues to refine and apply this technology to identify, acquire, further delineate and then drill test its own highly prospective properties. NGE is also in a unique position to add value to Joint Venture opportunities.
The TSX V has in no way passed upon the merits and does not accept responsibility for the adequacy or accuracy of this press release.
Cautionary Statement on Forward-Looking Information:
This release contains certain "forward-looking statements" including, without limitation, expectations, beliefs, plans and objectives regarding the potential transactions and ventures discussed in this release. Among the important factors that could cause actual results to differ materially from those indicated by such forward-looking statements are the risks inherent in mineral exploration, the need to obtain additional financing, the availability of needed personnel and equipment for exploration and development, fluctuations in the price of minerals, and general economic conditions.
For further information
Chairman of the Board
Nevada Exploration Inc.