Grant of Options

RNS Number : 5700L

Pathfinder Minerals PLC

02 August 2011

 



pathfinder minerals plc

("the Company")

Grant of Options

Pathfinder Minerals PLC, the natural resources company with licences to mine heavy minerals sands in Mozambique, announces that the Company's Remuneration Committee has today agreed to grant options to Directors to acquire ordinary shares in Pathfinder Minerals PLC at an exercise price of 10p, and with a vesting date of 27 July 2012, exercisable within 5 years following the date of grant.

Name of Director	Number of Ordinary Shares subject to option
John McKeon	36,000,000
Nick Trew	36,000,000
James Normand	3,600,000
Gordon Dickie	10,800,000
Major-General Jacinto Veloso	1,000,000
Tim Baldwin (former Director)	10,800,000

The issue of the options to the Directors is deemed to be a related party transaction under rule 13 of the AIM rules for Companies. Daniel Stewart & Company, the Company's Nominated Adviser, considers that the terms of the related party transaction are fair and reasonable insofar as the Company's Shareholders are concerned.

Enquiries:

Pathfinder Minerals Plc

Nick Trew, Chief Executive

Tel. [phone] (via M: Communications)

Daniel Stewart & Company Plc

Oliver Rigby or James Thomas

Tel: [phone]

M: Communications

Ben Simons or Maria Souvorov

Tel: [phone] /2327

Notes to Editors

Pathfinder Minerals, through a wholly owned subsidiary, has a 100% interest in two concession licences to mine heavy minerals sands, containing a potential titanium dioxide ore resource. The Naburi Licence and Moebase Licence, formerly owned by BHP Billiton, are over land located on and near the Indian Ocean coast of Mozambique. Historical reported mineral resources on the property are estimated at 2.02 billion tonnes with a 3.55% total heavy mineral content, which is equivalent to approximately 71.7 million tonnes of contained heavy minerals.  Confirmatory drilling and metallurgical test work will be required to upgrade the classification of the mineral resources in accordance with current AusIMM, SAMREC or CIM resource classification codes.

Exploration work conducted on the licences from the mid-1980s through to 2002 has identified significant mineralisation. Bulk sampling and metallurgical test work conducted in support of prefeasibility and feasibility studies in the mid-1990s indicates that valuable heavy minerals can be recovered using conventional dredge mining, wet concentration and dry mineral separation processes.

The Company is undertaking a detailed feasibility study with a view to developing a mine for commercial extraction.

Heavy Minerals Sands

The more valuable components of a heavy mineral sands deposit include the titanium oxide minerals ilmenite, rutile and zircon. Ilmenite and rutile are used to produce titanium dioxide pigment used in the production of paint, paper, plastic, textiles, rubber and pharmaceutical products. Zircon is commercially mined for the metal zirconium and is used for abrasive and insulating purposes.

 

END

 

 

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