Dynamite Resources Ltd.

Dynamite Resources Ltd.

October 03, 2007 23:55 ET

Dynamite Resources Appoints George Faught as Director and Michael Baybak & Company as Investor Relations Consultant

TORONTO, ONTARIO--(Marketwire - Oct. 3, 2007) - DYNAMITE RESOURCES LTD. ("Dynamite" or the "Company") (TSX VENTURE:DNR) is pleased to announce that Mr. George Faught has agreed to join the Company as a member of the Board of Directors.

Mr. Faught is a Chartered Accountant with over 25 years of senior management experience and is currently the President and Chief Executive Officer of Aberdeen International Inc. He has served as the Chief Financial Officer of publicly traded companies in the natural resources, financial services and pharmaceutical industries. Mr. Faught has broad financial management, corporate development and operating experience and from 1999 to 2005 served as the Chief Financial Officer for North American Palladium Ltd., a mid-tier platinum group metal producer. Prior to that, he served as Chief Financial Officer for Hudson Bay Mining & Smelting Co. Ltd., an integrated base metals producer, and William Resources Inc, an international gold producer. Mr. Faught is also a director of a number of public companies.

"Dynamite is very pleased to welcome George to the Board. He is a person with a vast and impressive background in the natural resources industry. In his role as a director, we believe that he will make a significant contribution to the Company" stated Stan Bharti, Dynamite's Chairman.

The Company is also pleased to announce that it has engaged Michael Baybak & Company as investor relations consultants. In connection with this appointment, the Company has granted an aggregate of 750,000 options to Michael Baybak & Company. Of these options, 250,000 are exercisable at a price of $0.45, 250,000 are exercisable at a price of $0.55 and 250,000 are exercisable at a price of $0.65. All of the options have a two year term and shall vest quarterly in four equal installments.

Dynamite has also granted an aggregate of 5.0 million options to officers, directors and consultants of the Company. These options have an exercise price of $0.80 per option exercised, a five year term and vest quarterly in eight equal installments.

Dynamite Resourced Limited

Please visit the Company's web site at www.dynamiteresources.com.

Cautionary Note Regarding Forward-looking Information

Except for statements of historical fact contained herein, the information in this press release constitutes "forward-looking information" within the meaning of Canadian securities law. Such forward-looking information may be identified by words such as "plans", "proposes", "estimates", "intends", "expects", "believes", "may", "will" and include without limitation, statements regarding the Company's plan of business operations; use of proceeds; availability of financing on acceptable terms; and projected costs and expenditures. There can be no assurance that such statements will prove to be accurate; actual results and future events could differ materially from such statements. In particular, past success or achievement does not guarantee future success. Factors that could cause actual results to differ materially include, among others, metal prices, competition, financing risks, acquisition risks, risks inherent in the mining industry, and regulatory risks. Most of these factors are outside the control of the Company. Investors are cautioned not to put undue reliance on forward-looking information. Except as otherwise required by applicable securities statutes or regulation, the Company expressly disclaims any intent or obligation to update publicly forward-looking information, whether as a result of new information, future events or otherwise.


Contact Information

  • Dynamite Resourced Limited
    Stan Bharti
    Executive Chairman
    (416) 861-5876
    Dynamite Resourced Limited
    David Argyle
    President and CEO
    (647) 203-8881
    Website: www.dynamiteresources.com