Kermode Exploration Ltd.

October 21, 2009 16:24 ET

Kermode Announces Change of Officers and Directors

TORONTO, ONTARIO--(Marketwire - Oct. 21, 2009) - Kermode Exploration Ltd. (formerly Lease-Rite Corporation Inc.) (the "Company" or "Kermode") is pleased to announce that Michael Shunock and Arthur Richard Post have been appointed as directors of the Company. Edward Togeretz and Henry Venema have both resigned as directors. John Devine remains President, C.E.O. and a director of the Company and Mike Shunock has been appointed secretary.

Mr. Shunock has 50 years of experience within the financial and investment dealer community. During that time, he participated and assisted in raising financing for many junior mineral exploration companies including Harte Gold Corp. Mr. Shunock is presently a director of Harte Gold Corp. Mr. Post has worked in the heavy equipment industry working with Bethleham Trenching in Burlington, Ontario and then with Flamborough Construction Ltd. He has worked with Flamborough since 1997 and has recently been appointed as General Manager of Flamborough.

Mr. Devine, on behalf of the Board of Directors, wishes to thank Henry Venema and Edward Togeretz for their services to the Board of Directors of the Company for the last three (3) years.

The Company is currently in the process of preparing its financial disclosure for the years ended December 31, 2007 and December 31, 2008 as well as the interim periods for March 31, 2009, June 30, 2009 and September 30, 2009 which will be followed up by an application to the Ontario Securities Commission to lift the Cease Trade Order currently imposed upon the Company as a result of the failure to file its December 31, 2007 audited financial statements.

Cautionary Note Regarding Forward-Looking Statements: This Press Release contains forward-looking statements that involve risks and uncertainties, which may cause actual results to differ materially from the statements made. When used in this document, the words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions are intended to identify forward-looking statements. Such statements reflect our current views with respect to future events and are subject to such risks and uncertainties. Many factors could cause our actual results to differ materially from the statements made, including those factors discussed in filings made by us with the Canadian securities regulatory authorities. Should one or more of these risks and uncertainties, such actual results of current exploration programs, the general risks associated with the mining industry, the price of gold and other metals, currency and interest rate fluctuations, increased competition and general economic and market factors, occur or should assumptions underlying the forward looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, or expected. We do not intend and do not assume any obligation to update these forward-looking statements, except as required by law. Shareholders are cautioned not to put undue reliance on such forward-looking statements.

Contact Information

  • Kermode Exploration Ltd.
    John Devine
    President and C.E.O.
    (416) 491-3790