Taipan Resources Inc.

Taipan Resources Inc.

May 30, 2013 16:05 ET

Taipan Resources Inc. Announces Management Changes and Enters Into Consulting Agreement With Frontier Consulting Inc.

NAIROBI, KENYA--(Marketwired - May 30, 2013) - Taipan Resources Inc. ("Taipan" or the "Company") (TSX VENTURE:TPN) announced that Mr. Andrew Bell has resigned as the Chief Financial Officer ("CFO") of the Company in order to devote more time to his other ventures.

Mr. Maxwell Birley, Director and Chief Executive Officer stated: "It has been a pleasure working with Andy and we wish to thank him for his contributions to the Company, especially with respect to the smooth transition concerning Taipan's acquisition of Lion Petroleum Corp. We wish him every success in his future endeavors."

The Company has appointed Mr. Joel Dumaresq, Chairman of Taipan, to be the CFO of the Company.

Mr. Dumaresq has, for the past 15 years, worked as Managing Director of Vancouver, Canada based private equity and merchant banking firm Matrix Partners Inc. Mr. Dumaresq has a background in finance and investment banking and formerly worked for 10 years for RBC Dominion Securities, a division of the Royal Bank of Canada. He has acted in an operating capacity for a range of companies in the mining, forestry and resource space.

The Company also announced that it has entered into an agreement with FronTier Consulting Ltd. ("FronTier"), part of the FronTier Merchant Capital Group of Toronto, Ontario, pursuant to which FronTier will work as a financial market advisor to Taipan by raising awareness for the Company's stock and private placement opportunities with retail brokers and fund managers (the "Agreement").

Pursuant to the terms of the Agreement, FronTier will be paid a fee of $4,800 per month for an initial term of 12 months. Commencing February 15, 2014 FronTier will be paid $4,000 per month on a month to month basis. The Agreement is subject to regulatory approval.

About Taipan Resources Inc.

Taipan Resources Inc. (TSX VENTURE:TPN) is an independent African oil and gas exploration company with interests in 9.7 million gross oil and gas exploration acres (39,588 km2) in Block 1 and Block 2B onshore Kenya. Through its wholly owned subsidiary Lion Petroleum Corp., Taipan currently holds a 100% working interest in Block 2B (1.9 million acres / 7,807 km2) and a 20% working interest in Block 1 (7.8 million acres gross / 31,781 km2) which is operated by Afren plc. Taipan is traded on the TSX Venture Exchange with the symbol TPN.

The statements contained in this release that are not historical facts are forward‐looking statements, which involve risks and uncertainties that could cause actual results to differ materially from the targeted results. The Company relies upon litigation protection for forward looking statements.

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.

Contact Information