Conway Resources Inc.

Conway Resources Inc.

February 24, 2010 16:53 ET

Conway Resources Reports the Results of its Annual Meeting, Changes to its Board of Directors and Stock Options Grants

QUEBEC CITY, QUEBEC--(Marketwire - Feb. 24, 2010) - Conway Resources Inc. (TSX VENTURE:CWY) announces that as part of its annual general and special meeting of shareholders held on February 19, 2010, the Company's Board of Directors was renewed, with Francois Kalos replacing André Tessier. Mr. Tessier had indicated his intention not to seek another term for personal reasons. Laurent Beaudoin, President and CEO of Conway Resources, wishes to thank Mr. Tessier on behalf of the Board of Directors for his contribution over the years.

In addition to his duties as a director, Mr. Kalos will act as Corporate Secretary of the Company. Francois Kalos has over 17 years of experience in finance. He is presently President and Founder of SOLAK Communications, a financial communication and investor relations firm. During his career, he has worked for communication firms, mining exploration companies and the Montreal Stock Exchange. Mr. Kalos holds a Bachelor of Business Administration from HEC Montréal. 

The Board of Directors of Conway Resources now consists of Laurent Beaudoin, Francois Kalos, Jean-Louis Robert and Raynald Samson.

Mr. Beaudoin also said at the annual meeting, "We have several ongoing projects, including the 3,000-tonne bulk sample on the Conway and Paquin veins, the acquisition of the Belleterre mine, and negotiations to acquire additional rare earth properties in the vicinity of First Gold's discovery. We are confident that we will successfully complete these projects and raise the funds required to acquire Ressource Mine Belleterre, which will enable us to add a major asset to our portfolio of properties."

Furthermore, shareholders of the Company voted in favour of all the resolutions in the management information circular, including the issuance of a total of 1,695,290 bonus common shares to Ressource Mine Belleterre shareholders. These bonus shares represent compensation for the extension obtained for the Ressource Mine Belleterre Inc. acquisition.

The Company also granted 1,100,000 stock options today at an exercise price of $0.05 per share to directors and officers under the Company's stock option plan. The stock options must be exercised no later than five years after the date of the grant.

The appointment of Mr. Kalos and the grant of stock options are subject to the approval of the TSX Venture Exchange.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this press release.

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