Typhoon Exploration Inc.

Typhoon Exploration Inc.

August 09, 2006 10:00 ET

Typhoon's Shareholders Approves Resolutions at Annual and Special Meeting

LAVAL, CANADA--(CCNMatthews - Aug. 9 2006) - Typhoon Exploration Inc.(TSX VENTURE:TOO) is pleased to announce the results of the Company's Annual and Special Meeting held on July 28 2006 in Montreal, Quebec. The Shareholders approved all resolutions put before the meeting.

1. Directors

Election of Administrators proposed by the management (99.32 in

- Mr David McDonald President and CEO
- Mr Claude Charron Secretary and CFO
- Mr Francois Larivee Independent Director
- Mr Fouad Choucair Independent Director,
- Mr Paul Antaki Independent Director, President of various

2. Auditor

Dallaire & Lapointe was re-elected as auditor of the Company (99.85 in favour).

3. Employment contract

David Mc Donald's employment contract with Typhoon obtained 95.92 % votes. The President of the Corporation will receive 500,000 common shares of the Corporation or an equivalent in cash if the Corporation completes a significant acquisition or discovers 160,000 ounces of gold.
If a project is brought to the prefaisability stage, the President of the Corporation will receive 1,000,000 common shares of the Corporation or an equivalent in cash.

If a project is brought to the production stage, he will receive 1,500,000 common shares of the Corporation or an equivalent amount in cash. Each bonus hereinabove mentioned will be paid, if necessary, in order not to imperil the Corporation's liquidity.

In the case of a change of control of the Corporation, the President will receive a bonus equivalent at the greatest of 1% of the gross value of mining deposits or 1,500,000 common shares in addition to the bonus mentioned above.


Typhoon announces the attribution of 280,000 options to its consultants and employees. Of these, 260,000 options are granted to consultants and 20,000 options to an employee. Each option entitles the holder to subscribe to one share of the Company at a price $ 0.41 per share for a 5 year period.

Exploration Program

Typhoon is progressing on its drilling program at Aiguebelle-Goldfields located 700 meters west of Fayolle.

Welcome and thanks

Mr David Mc Donald and members of the Board of Directors of Typhoon would like to welcome Mr Claude Charron as CFO of the Company. Mr Charron brings 18 years of experience as a chartered accountant and fiscal advisor.

As well, we would like to thank Mr Michel Lesage, former CFO, for his contributions to the development of Typhoon since 2003 and wish him success in his future endeavours.

The common shares of Typhoon Exploration are listed on the TSX Venture Exchange under the symbol "TOO".

Statements in this release that are not historical facts are "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Readers are cautioned that any such statements are not guarantees of future performance and that actual developments or results may vary materially from those in these "forward-looking statements. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

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