Adelaide, Mar 15, 2007 AEST (ABN Newswire) - A maiden options package and revised share issue arrangements have been approved by shareholders of Golden West Resources (ASX: GWR) in recognition of the Company's success to date in developing the West Wiluna iron ore project in the mid west region of Western Australia.
At a general meeting in Perth today, shareholders voted to amend a previous provision granting a second tranche of 5 million shares to interests associated with Lingchip Pty Ltd, namely well known prospector, Mr John Doutch, on the delineation of a JORC compliant Indicated gold resource of 200,000 ounces at Wiluna.
The 5 million shares will now be granted to Mr Doutch, who vended West Wiluna into GWR's original float in 2004, once Golden West delineates an Indicated resource of 10 million tonnes of iron ore within the project.
Although not compulsory to do so, the alteration was proposed by the Company's Board to maintain the intent of the original share issue agreement and to respect the fact Golden West has since successfully moved the exploration focus and planned development path at Wiluna from gold into a flagship iron ore play.
The Company expects to mine and export first iron ore shipments next year at an initial rate of 1 million tonnes per annum (mtpa), increasing eventually to 10 mtpa.
A maiden iron ore JORC resource for West Wiluna is expected to be announced in the March 2007 quarterly report.
Shareholders also approved today the issue of a range of up to 3 million options each to individual Directors, exercisable at $2.00 and $3.00, by the end of December, 2011. The approval follows a decision by Directors 15 months ago to withdraw a then proposed options package exercisable at a considerably lesser figure.
Golden West Resources has grown in market capitalisation from around $8 million at listing in December 2004 to currently in excess of A$160 million.
Contact
Kevin Skinner
Senior Consultant
FIELD PUBLIC RELATIONS
231 South Road
MILE END SA 5031
Tel: (08) 8234 9555
Fax: (08) 8234 9566
Mob: 0414 822 631
kevin@fieldpr.com.au
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