Gossan Resources Limited

Gossan Resources Limited

May 01, 2007 23:02 ET

Gossan Awards Incentive Stock Options

WINNIPEG, MANITOBA--(CCNMatthews - May 1, 2007) - Gossan Resources Limited (TSX VENTURE:GSS)(FRANKFURT/FREIVERKEHR XETRA:GSR) has awarded 420,000 incentive stock options exercisable at $0.40 per common share to officers, directors, employees and consultants of the Company. This grant of options is in compliance with the terms of the Company's Stock Option Plan however the award remains subject to the acceptance of the TSX Venture Exchange.

Officers and directors were granted 310,000 options; employees were granted 50,000 options; and a business consultant was granted 60,000 options, all for terms expiring on April 28, 2011. On April 30, 2007, 250,000 options previously granted by the Company expired. The closing price of Gossan's shares on April 30 and May 1, 2007 was $0.39.

Gossan Resources Limited is engaged in mineral exploration in Manitoba and northwestern Ontario. It has a well-diversified portfolio of properties hosting gold, platinum group and base metals, as well as the specialty metals, tantalum, chromium, titanium and vanadium. The Company also has a large deposit of magnesium-rich dolomite and a silica sand prospect. Gossan trades on the TSX Venture and the Frankfurt/Freiverkehr & Xetra Exchanges and has 21,779,900 common shares outstanding (27,779,676 shares fully diluted).

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

Contact Information

  • Gossan Resources Limited
    Douglas Reeson
    Chairman & CEO
    (416) 533-9664 or Toll Free: (800) 462-4283
    (204) 942-3434 (FAX)
    Email: info@gossan.ca
    Website: www.gossan.ca