VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 2, 2012) - Lions Gate Energy Inc. (TSX VENTURE:LG) (the "Company") announces that Mr. Farshad Shirvani has resigned from the Board of Directors of the Company. Mr. Paul Saxton, P.Eng., an experienced public company director, has agreed to fill the vacancy left by Mr. Shirvani's resignation. The Company thanks Mr. Shirvani for his service and wishes him well in his future endeavours.
The Company also announces that, pursuant to its Incentive Stock Option Plan, it has granted incentive stock options to certain directors, officers, employees, and consultants of the Company to purchase up to an aggregate of 357,619 common shares in the capital stock of the Company. The options are exercisable at a price of $0.085 per share for a period of five years from the date of grant.
This news release has been prepared on behalf of the Board of Directors which takes full responsibility for its contents.
J. Frank Callaghan, President and CEO
This News Release contains forward-looking statements. Forward-looking statements are statements which relate to future events and conditions and therefore involve inherent risks and uncertainties. These statements are only predictions and involve known and unknown risks, uncertainties and other factors that may cause our or our industry's actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. While these forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect our current judgment regarding the direction of our industry, actual results will almost always vary, sometimes materially, from any estimates, predictions, projections, assumptions or other future performance suggested herein. Except as required by applicable law, the Company does not intend to update any of the forward-looking statements to conform these statements to actual results. All phases of the Company's operations are subject to environmental regulation and governmental approval and permits and there can be no assurance that the Company will obtain all the requisite permits for future development. Mining is an inherently risky business with large capital expenditures and cyclical metals markets.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.