VANCOUVER, BRITISH COLUMBIA--(Marketwired - March 31, 2014) - Magna Resources Ltd. (CSE:MNA)(OTCQX:MGRZF) (the "Company" or "Magna") is pleased to announce that Mr. John Proust has been appointed to the Company's Board of Directors effective March 31, 2014.
"Mr. Proust's extensive experience and respect in the mining and financial communities will provide significant assistance in advancing our Company's sizable potash project in the Paradox Basin, Utah," states Rudy De Jonge, CEO of Magna. "I am very excited we have attracted an individual of John's calibre and confident Mr. Proust will be a valuable contribution to the Company as we move forward."
John Proust has successfully managed, directed and advised public and private companies regarding debt and equity financing, mergers and acquisitions and corporate restructuring since 1986. Highly regarded in the industry for his entrepreneurial and management skills, he has held and is holding senior operating positions and has served on the boards of numerous private and TSX Venture Exchange listed companies including as current CEO and director of New Zealand Energy Corp. that has raised over $100 million under his stewardship since 2011.
Mr. Proust is currently Chairman and a director of Canada Energy Partners; Chairman, CEO and a director of Southern Arc Minerals; Chairman, Interim CEO and a director of Eagle Hill Exploration, President, CEO and a director of Charlotte Resources, and a director of Outrider Energy. During the past five years, Mr. Proust formerly held the following positions with TSX-V listed companies: Director of Western Uranium (now known as Kaizen Discovery) and Executive Chairman of Superior Mining International. Mr. Proust received the designation of Chartered Director (CDir) from McMaster University, Directors College, Michael G. DeGroote School of Business.
"I am very pleased to join Magna's board of directors at this opportune time in the Company's development cycle," states John Proust, Director of Magna. "I look forward to being part of the team to advance Magna's exceptional potash project."
In conjunction with his appointment, the Company has granted Mr. Proust a stock option to purchase 500,000 common shares of the Company for a period of five years at an exercise price of $0.15 per share, subject to regulatory approval.
About the Company
Magna Resources Ltd. is dedicated to the acquisition and development of potash mineral deposits in the USA and elsewhere. The Company, through a wholly owned subsidiary, American Potash LLC, a Nevada limited liability corporation, holds 11 State potash leases, 2 Federal Potash Prospecting Permits and an option to acquire 100% interest in 12 Federal potash Prospecting Permits and 11 federal Potash Prospecting Permit applications in the State of Utah comprising 20,620 hectares (50,950 acres) that constitute the Green River Potash Project, host to a significant potash Exploration Target.
Neither the OTCQX nor the Canadian Stock Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian National Stock Exchange) accepts responsibility for the adequacy or accuracy of this release.
Statements in this press release other than purely historical information should not be relied upon, including statements relating to the Company's future plans and objectives or expected results, are "Forward-Looking Statements" within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended and Canadian securities laws. Forward-Looking Statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in the Company's business, including risks inherent in resource exploration and development. As a result, actual results may vary materially from those described in the Forward-Looking Statements.