Detector Exploration Ltd.

May 30, 2005 13:44 ET

Detector Announces Amendment to Stock Option Plan

CALGARY, ALBERTA--(CCNMatthews - May 30, 2005) - DETECTOR EXPLORATION LTD. (TSX VENTURE:DEX) ("Detector") announces that Detector has now received both TSX Venture Exchange and shareholder approvals for the proposal to amend Detector's stock option plan to increase the number of options issuable under the stock option plan by 670,000.

As of May 30, 2005 Detector has outstanding 9,418,701 Common Shares, and 450,000 options to acquire Common Shares. The amendments to the plan allow for an additional 670,000 options to be issued which would bring the total number of options to 1,120,000. Since the approval of the amendment to the stock option plan no additional options have been issued - however, Detector intends to seek TSX Venture Exchange approval for the issuance of additional options in the near future.

Detector has determined that Detector's "public float" (the number of shares outstanding not held by directors, officers, promoters, 10% shareholders or their affiliates, spouses, and other associates and not under any hold period or escrow restrictions) is 4,286,668 based on information provided to Detector by its insiders.

TSX Venture Exchange Inc. has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Detector Exploration Ltd.
    Ronald E. Alexander
    (403) 264-1880
    (403) 265-9105 (FAX)
    Detector Exploration Ltd.
    #650, 520 - 5th Avenue S.W.
    Calgary, Alberta, T2P 3R7