Drift Lake Resources Inc.

November 14, 2007 09:43 ET

Drift Lake Resources Inc. Announces the Establishment of a Stock Option Plan and a Grant of Options

TORONTO, ONTARIO--(Marketwire - Nov. 14, 2007) -

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR IN THE UNITED STATES

Drift Lake Resources Inc. (the "Company") wishes to announce that on November 14, 2007 the Company's directors approved a stock option plan (the "Plan") to be known as the 2007 Stock Option Plan to encourage common stock ownership in the Company and to advance the interests of the Company by giving additional incentive to directors, officers, employees, consultants and others. Subject to the adjustment provisions set out in the Plan, the number of common shares issuable under the Plan shall not exceed 947,000. The Plan is subject to the approval of the shareholders of the Company; however, options may be granted pursuant to the Plan prior to and subject to such shareholder approval.

Pursuant to the 2007 Stock Option Plan, the Company granted an aggregate of 400,000 stock options exercisable at a price of $0.10 and exercisable for a period of five years, of which 350,000 were issued to the Company's directors and officers.

The Company is a Richmond Hill based mineral exploration company, currently focused on the exploration for gold on the Rossmere Property in Ontario. The Company is a reporting issuer in Ontario.

Contact Information

  • Drift Lake Resources Inc.
    L.M. (Gino) Falzone
    President & CEO
    (905) 773-3855
    Email: falzone@sympatico.ca