Central Resources Corp.

Central Resources Corp.

November 25, 2009 10:45 ET

Central Announces Management Changes and Engages Caliber Capital Partners

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 25, 2009) - Central Resources Corp., (TSX VENTURE:CBC) ("Central" or the "Company") is pleased to announce that effective immediately Mr. Paul Reynolds has been appointed President and Chief Executive Officer and has joined the Board of Directors of the Company, and Mr. Peter Thiersch has been appointed Vice President, Corporate Development. Mr. Reynolds replaces Mr. Tim McNulty who has stepped down as President and Chief Executive Officer but remains an Officer and a Director of the Company. In addition, Mr. Ken Bicknell has resigned as director of the Company in order to pursue other business interests.

Mr. Reynolds is a professional geoscientist with over 22 years experience working in Canada, USA, Bolivia, Argentina and Guyana. He specializes in the conception and management of mineral exploration ventures. Mr. Reynolds has extensive experience in public company management and was a director and senior officer of Athlone Energy Ltd. (TSX VENTURE:ATH) from 1994 until its sale to Daylight Resources Trust in 2008.

As President of Central Resources Corp., Mr. Reynolds will be responsible for directing and implementing the Company's overall business strategy, as well as overseeing exploration, development and acquisition strategies.

Mr. Thiersch is a professional geoscientist with over 20 years of mineral exploration industry experience throughout North and South America. As an exploration geologist and manager for companies including Barrick Gold Corp., Hecla Mining Canada Ltd., Radius Gold Inc. and as a director and senior officer for Fortuna Silver Mines Inc., Mr. Thiersch has broad experience in project management and corporate development.

In his duties as Vice President, Corporate Development of Central Resources Corp., Mr. Thiersch will be responsible for evaluating existing and new business opportunities and potential strategic acquisitions.

The Company is also pleased to announce that it has engaged Caliber Capital Partners Inc., a company controlled by Mr. Tim McNulty, a director of the Company, to provide investor relations services to the Company, subject to acceptance for filing by the TSX Venture Exchange. Caliber has been retained for a 12 month term on a monthly retainer basis plus reimbursement of approved expenses. Caliber will receive $6,500 per month and 200,000 incentive stock options exercisable at a market price of $0.30 for a period of five years. Vesting will occur in accordance with TSX regulations.

In addition to the options granted to Caliber, the Board of Directors has also granted an aggregate of 750,000 stock options to officers, directors and consultants of the Company under the Company's Stock Option Plan, subject to regulatory approval. The options are exercisable at a price of $0.30 per common share, vest immediately, are subject to a four month hold period, and expire on November 25, 2014.

About Central Resources

Central Resources Corp. is a junior mineral exploration company created to leverage the extensive knowledge and expertise of a team of financial and resource industry professionals. The management team is committed to developing a successful junior resource company through the acquisition and exploration of properties of merit.

This news release may contain forward-looking information, which involves known and unknown risks, uncertainties and other factors that may cause actual events to differ materially from current expectation. Important factors - including the availability of funds, the results of financing efforts, the results of exploration activities -- that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time to time on SEDAR (see www.sedar.com). Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The company disclaims any intention or obligation, except to the extent required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Central Resources Corp.
    Paul Reynolds
    President and CEO
    Central Resources Corp.
    Tim McNulty
    VP, Corporate Communications