Canoro Resources Ltd.
TSX VENTURE : CNS

Canoro Resources Ltd.

December 23, 2009 17:14 ET

Canoro Resources Ltd. Announces Change in Management and Granting of Stock Options

CALGARY, ALBERTA--(Marketwire - Dec. 23, 2009) -

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Canoro Resources Ltd. ("Canoro" or "the Company") (TSX VENTURE:CNS) announces changes in the Company's management team and the granting of stock options.

Regrettably, the Company announced that effective December 31, 2009, Mr. S. Brian Gieni has resigned from his position of Senior Vice President, Chief Financial Officer and Country Manager for medical reasons. The Board of Directors would like to thank Mr. Gieni for his hard work and dedication to Canoro over the last several years, and particularly his tireless efforts and leadership in India over the past several months.

The Company is pleased to announce Ross Warriner has been appointed Vice President and Country Manager (India). Mr. Warriner is a senior executive with 37 years of commercial and operational experience in the upstream, midstream, downstream and corporate segments of the energy industry. His first 22 years were with Shell having extensive exposure to the depth and breadth of several of their business units. He was also responsible for leading various teams in their North American and Overseas Energy Trading and Marketing businesses, in addition to being the President of two of Shell's downstream subsidiaries. Following Shell, Mr. Warriner was Vice President in charge of a number of business units of Superior Gas throughout North America. In his last 11 years, Mr. Warriner was Managing Director of Protiviti's Global Energy Practice, during which time he collaborated with the leaders and senior executives of the Fortune 100 global energy companies. Mr. Warriner has been working for the Company in India since September of this year focusing on midstream, downstream and gas marketing.

Ryan Ellson, Vice President, Finance of the Company, has been appointed the Chief Financial Officer effective December 31, 2009. Mr. Ellson was appointed Vice President Finance in June 2009 and had been working as Corporate Controller & Director of Finance for the Company since January 2008. Prior to joining Canoro, Mr. Ellson acted as the Controller of Delphi Energy Corp. a TSX-listed oil and gas company. Mr. Ellson is a Chartered Accountant and attended the University of Saskatchewan where he earned a Bachelor of Commerce degree and his Masters of Professional Accounting degree.

Under the terms of the Company's stock option plan, the Company has granted options to employees, consultants, officers and directors to purchase a total of 6,921,000 common shares at an exercise price of $0.13 per share. The options expire after five years and vest as to one-third immediately and one-third on each of the first and second year after the grant.

Disclaimer

Forward-looking information typically contains statements with words such as "anticipate", "estimate", "expect", "potential", "believe", "could", or similar words suggesting future outcomes. We caution readers and prospective investors of the Company's securities not to place undue reliance on forward-looking information as by its nature, it is based on current expectations regarding future events that involve a number of assumptions, inherent risks and uncertainties, which could cause actual results to differ materially from those anticipated by Canoro.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy and accuracy of the contents of this news release.

Contact Information

  • Canoro Resources Ltd.
    Robert S. Wynne
    President and Chief Executive Officer
    (403) 592-6295
    rwynne@canoro.com
    or
    Canoro Resources Ltd.
    Ryan Ellson
    Vice President, Finance and Chief Financial Officer
    (403) 410-6777
    rellson@canoro.com
    or
    Canoro Resources Ltd.
    700 Elveden House
    717 Seventh Avenue SW
    Calgary, Alberta
    Canada T2P 0Z3
    www.canoro.com