New Appointment to Board of Directors, Grant of Incentive Stock Options
VAL-D'OR, QUEBEC-- Sept. 29, 2011 - Abitibi Royalties Inc. ("Abitibi Royalties" or the "Company"), (TSX VENTURE:RZZ) is pleased to announce the appointment of Mr. Chad Williams, P. Eng. to the Board of Directors of the Company (the "Board"). Mr. Williams is a Professional Mining Engineer who spent 14 years as a gold mining analyst. Mr. Williams was formerly the President and CEO of Victoria Gold Corp. He is currently a director of Golden Valley Mines Ltd. Prior to joining Victoria Gold Corp. and Golden Valley Mines Ltd., Mr. Williams was the head of Mining Investment Banking at Blackmont Capital Inc. (now Macquarie Group).
With this diverse background, Mr. Williams is uniquely positioned to bring additional knowledge, expertise, a broad range of relationships, and new opportunities to the Company's Board.
Mr. Williams fills the casual vacancy created by the resignation of Mr. Michael H. Wilson. Mr. Wilson will continue to serve the Company as a consultant. The Company wishes to take this opportunity to thank Mr. Wilson for his contributions during his tenure as a director of Abitibi Royalties and looks forward to continuing to work with Mr. Wilson and benefit from his expertise and experience in his role as a consultant.
Additionally, the Company announces that it has granted incentive stock options (the "Options") pursuant to its Amended and Restated 2010 Stock Option Incentive Plan, to its directors, officers, and consultants to purchase an aggregate 860,000 of its common shares. The Options are exercisable at a price of $2.50 until September 29, 2016 and vest immediately.
About Abitibi Royalties Inc.: Abitibi Royalties Inc. holds title to interests in the Luc Bourdon and Bourdon West Prospects (also known as the McFaulds Lake Property) and the Malartic CHL Property, plus a 2% net smelter royalty interest in one claim held by Osisko Mining Corporation, which was previously held by Golden Valley and vended to Osisko, and may acquire and generate other property and royalty interests.
Forward-Looking Statement: This news release contains certain forward-looking statements. These forward-looking statements are subject to a variety of risks and uncertainties beyond the Company's ability to control or predict and are not to be interpreted as guarantees for future performance. These forward-looking statements could cause actual events or results to differ materially from those anticipated in such forward-looking statements. All forward-looking statements speak only as of the date of this news release and the Company does not undertake any obligation to update or publicly release any revisions to such forward-looking statements to reflect events, circumstances, or changes in expectations after the date hereof, except as required by law. Accordingly, readers should not place undue reliance on such 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 news release.
Glenn J. Mullan
Director and CEO
819-824-2808, x 204