Mengold Resources Inc.

Mengold Resources Inc.

July 30, 2009 16:32 ET

Mengold Shareholders Approve Stock Option Plan

MONTREAL, QUEBEC--(Marketwire - July 30, 2009) - Mengold Resources Inc. ("Mengold") (TSX VENTURE:MNI) is pleased to announce that at the Company's Annual and Special Meeting held on June 19, 2009, shareholders passed a resolution approving and ratifying the "2008 Stock Option Plan". Under the 2008 Stock Option Plan, options may be granted to directors, officers, key employees and consultants of the Company. The 2008 Stock Option Plan is a "rolling" stock option plan reserving for issuance upon the exercise of options granted pursuant to the plan a maximum of 10% of the issued and outstanding shares of the Company at any time, less any shares required to be reserved with respect to options granted by the Company prior to the implementation of the 2008 Stock Option Plan. Subject to the approval of the TSX Venture Exchange (the "Exchange"), a total of 4,391,110 will be reserved for issuance under the 2008 Stock Option Plan.

Under Exchange policies, a "rolling" stock option plan which sets the number of common shares issuable under the plan at a maximum of 10% of the issued and outstanding common shares at the time of the grant must be approved and ratified by shareholders on an annual basis.

In 2008, shareholders approved a new a "rolling" stock option plan (the "2008 Stock Option Plan"), replacing the two previous "fixed" plans, as adopted by the Board of Directors of the Company on May 26, 2008.

Mengold is engaged in mineral exploration for precious and base metals. The Company is also actively exploring the Burchell Lake Property prospective for gold, copper, zinc, nickel, and molybdenum, in the Shebandowan area of Northwestern Ontario. Mengold has 43,911,088 common shares outstanding.

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Neither 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 news release.

Contact Information

  • Mengold Resources Inc. - In Canada
    Joel Scodnick
    President and Chief Executive Officer
    (705) 522.4439
    (705) 522.8694 (FAX) or
    Mengold Resources Inc. - In Canada
    Douglas Reeson
    C.F.O. and Director
    (416) 533.9664
    (416) 533.2890 (FAX)
    Mengold Resources Inc. - In Europe
    W. Ian L. Forrest
    Chairman and Director (FAX)