Electra Mining - Extraordinary General Meeting Called Regarding Name Change, Expansion of Board and New Stock Incentive Plan.VANCOUVER, BRITISH COLUMBIA--(BUSINESS WIRE)--Oct. 29, 1996--Electra Mining (VSE See DOS/VSE. VSE - Virtual Storage Extended ELC ELC Early Learning Centre (UK) ELC Environmental Law Centre (Canada) ELC Environmental Learning Center (Vero Beach, FL) ELC Education Law Center ELC Early Learning Coalition .) Electra Mining Consolidated Ltd. is holding an extraordinary general meeting on Monday, December 2, 1996, in order to approve a special resolution to change the name of the Company to "Electra Gold Ltd." The Company will also approve an expansion of the Board of Directors and a new stock option plan. Electra has made very significant progress during the past year in accomplishing the Company's stated objectives to become a significant mining company. Two new feasibility studies The analysis of a problem to determine if it can be solved effectively. The operational (will it work?), economical (costs and benefits) and technical (can it be built?) aspects are part of the study. Results of the study determine whether the solution should be implemented. are expected to be completed over the next four months and production financing commitments with start up of the new mining operations are to follow. As the company expands its mining operations, the management team will also need to be expanded in order to provide the managerial and operational skills needed to make the transition. Electra's management is especially pleased to announce that Mr. Poul Hansen Han·sen , Gerhard Henrik Armauer 1746-1845. Norwegian physician and bacteriologist who discovered (1869) the leprosy bacillus. , the immediate past President of Highland Valley Copper, which operates one of the world's largest copper mines, has agreed to join Electra's Board of Directors. Mr. Hansen has been involved in senior management at Cominco Ltd. for more than two decades. Cominco is world renown and is one of the largest mining companies in the world. In order for Electra to make the required transition from a small producing mining company to a significant mining company, it must take the necessary steps to build its team. Therefore to attract the calibre calibre see caliber. of directors such as Mr. Poul Hansen it will be necessary to design an appropriate compensation package. Electra's attorneys and auditors AUDITORS, practice. Persons lawfully appointed to examine and digest accounts referred to them, take down the evidence in writing, which may be lawfully offered in relation to such accounts, and prepare materials on which a decree or judgment may be made; and to report the whole, together have recommended the adoption of the proposed stock option plan. The Company's management also desires to change its name, to reflect an image more appropriate with its current and future plans as a gold producing company. Electra Management looks forward to the upcoming year of strong growth, with great anticipation and expectation. On behalf of the Board of Directors Douglas B. Stelling, President -0- Information contained herein has neither been approved nor disapproved by regulatory authorities Noun 1. regulatory authority - a governmental agency that regulates businesses in the public interest regulatory agency administrative body, administrative unit - a unit with administrative responsibilities . CONTACT: Electra Mining Consolidated Ltd. Douglas B. Stelling, 604/685-4747 604/685-4730 (FAX) |
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