Kariana Resources Inc.

March 05, 2012 09:00 ET

Kariana Resources Inc. Appoints New CEO and Director

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 5, 2012) - KARIANA RESOURCES INC. (CNSX:KAA) (the "Company") is pleased to announce that its board of directors have appointed Joel Dumaresq as the Company's new Chief Executive Officer and as an additional director effective February 28, 2012. Herrick Lau has resigned his position as Chief Executive Officer and will continue to act as a director of the Company. The board of directors of the Company currently consists of Lawrence Dick, Joel Dumaresq, Herrick Lau, Christian Klingebiel, Bastian Stein and David Velisek.

Joel Dumaresq

Over the past two decades, Mr. Dumaresq has been an active board member and advisor in many resource and technology-based businesses in Canada and the US. He is the co-founder and partner of Matrix Partners Inc., a Canadian private-equity and merchant banking group. Matrix Partners has extensive experience structuring and investing in a range of technology and resource-oriented businesses. Prior to the establishment of Matrix Partners Inc., Mr. Dumaresq was President of Greenwater Forest Products, a B.C. based forest products company, and worked in investment banking and financial services with RBC Dominion Securities from 1985 to 1995. Mr. Dumaresq is the former Chairman of the Board of Paramount Pallet, an independent pallet rental and repair business in Canada. An active volunteer and community-minded individual, Mr. Dumaresq is a recipient of Canada's highest civilian award for bravery, the Star of Courage, and is a former Chair of the British Columbia Chapter of the Young Presidents Organization. He presently serves as a director and the CEO of publicly-listed Coronet Metals Inc. which presently is developing advanced-stage gold projects in Latin America.

Stock Options and Common Shares

As partial consideration for Mr. Dumaresq's services, the Company has agreed to grant to Mr. Dumaresq incentive stock options (the "Stock Options") to acquire up to 350,000 common shares of the Company at a price of $0.195 per share. The Stock Options have a five year term and will expire on February 28, 2017, and will be subject to the terms of the Company's stock option plan, and any approvals required by and pursuant to the policies of the Canadian National Stock Exchange.

The Company has also agreed to issue 500,000 common shares of the Company to Mr. Dumaresq as an incentive bonus. The shares will be subject to any approvals required by and pursuant to the policies of the Canadian National Stock Exchange.

On behalf of the board of directors of Kariana Resources Inc.,

Herrick Lau, Director

The CNSX does not accept responsibility for the adequacy or accuracy of this release.

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