Gleichen Resources Limited
TSX VENTURE : GRL

May 13, 2008 14:57 ET

Gleichen Appoints New President

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 13, 2008) - Gleichen Resources Ltd. ("Gleichen" or the "Company") (TSX VENTURE:GRL) is pleased to announce that Michael Murphy has been appointed President and elected as a director of Gleichen. Mr. Murphy has 17 years of experience in the financial industry. In connection with his appointment, the Company has granted to Mr. Murphy stock options to acquire 750,000 common shares of Gleichen at the exercise price of $0.40 per share pursuant to its Incentive Stock Option Plan. The options have a five year term, expiring on May 13, 2013 and shall vest as to one-third on each of the date of grant, six months after the date of grant and twelve months after the date of grant.

In addition, the Company announces today that it has notified the optionors under two option agreements dated May 23, 2007 (collectively, the "Option Agreements"), pursuant to which the Company acquired the right to acquire 100% interests in two properties located in British Columbia, of the Company's intention to allow the options to lapse in accordance with the terms of the Option Agreements.

The Company continues to actively search and review potential business opportunities.

ON BEHALF OF THE BOARD OF DIRECTORS OF GLEICHEN RESOURCES LTD.

Michael Murphy, Director

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

Contact Information

  • Gleichen Resources Ltd.
    Michael Murphy
    (604) 687-3100