Citation Resources Inc.
TSX VENTURE : CTT

July 13, 2011 16:00 ET

Citation Resources Announces Board Changes and Appointment of CEO

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 13, 2011) - Citation Resources Inc. ("Citation" or the "Company") (TSX VENTURE:CTT) is pleased to announce the appointment of Mr. Matthew Watson, and Mr. James Harris, Chairman of Entrée Gold, to the board of directors of Citation. Mr. Watson and Mr. Harris will fill the vacancies on the board created by the resignation of Trevor Kearnes, Gunther Roehlig and Michael Magrum as directors of Citation. Mr. Watson will also replace Mr. Gunther Roehlig as Chief Executive Officer.

Mr. Watson's business experience in Canada and the United States includes acting as senior officers and directors of several successful public companies including Chief Operating Officer of Carmanah Technologies from 2003 to 2006 where he helped grow the market cap from $15 million to $150 million during that time winning over 50 industry awards in the process. Mr. Watson currently serves on the boards of several public and private companies including Redzone Resources and the Victoria International Airport Authority. Mr. Watson began his career as a lawyer in the Vancouver office of a leading national law firm focusing on corporate transactions in the resource and technology sectors. Mr. Watson has a BA and Juris Doctor from UBC.

Mr. Harris is a corporate, securities and business lawyer with over 25 years' experience in British Columbia and internationally. He has extensive experience with the acquisition and disposition of assets, corporate structuring and restructuring, regulatory requirements and corporate filings, and corporate governance working with public companies listed on the TSX Venture Exchange, the Toronto Stock Exchange, and NASDAQ. Mr. Harris was a Founding Member of the Legal Advisory Committee of the Vancouver Stock Exchange and has been an instructor at the Professional Legal Training Course for articling students sponsored by the Law Society of British Columbia on the subject of corporate and securities law. Mr. Harris has been a director of Entrée Gold Inc. since 2003 and was appointed non-executive Chairman in April 2006. He will continue in his role as Corporate Secretary of the Company.

"We welcome the addition of two highly respected professionals in Matthew and James to the Company's board of directors. Citation Resources is now well positioned with Matthew as its Chief Executive to benefit from both his experience in providing leadership to developing businesses and his track record of delivering value for shareholders. And we are delighted that James has agreed to assume a greater role with the Company and continue to lend his deep expertise in corporate, legal and other matters gained working with junior mining companies, which will be a key asset of the Company," commented Nigel Kirkwood, CFO. "On behalf of the board of directors, I would like to thank each of Gunther, Trevor and Michael for their leadership and guidance as the Company restructured and refocused its operations through a change of control and the reactivation of the TSXV Tier 2 listing. We wish each of them well as they pursue their other interests."

In addition, the Company's board of directors has today approved the granting of 560,000 incentive stock options to be granted to directors and officers of the Company in accordance with its stock option plan. The options are exercisable at $0.12 per share for a period of five years, subject to the policies of the TSX Venture Exchange.

ON BEHALF OF THE BOARD OF DIRECTORS

CITATION RESOURCES INC.

Nigel Kirkwood, CFO

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

Contact Information

  • Citation Resources Inc.
    Nigel Kirkwood
    CFO
    604 417 8932