Shares outstanding: 82 Million
SYMBOL & EXCHANGE: FGT-V
MONTREAL, June 21 /CNW Telbec/ - Forest Gate Resources announced today
that it has separated the roles of Chairman and Chief Executive Officer and
announces the following changes to the management of the Company:
Michael Judson, previously President, Chairman and Chief Executive
Officer of Forest Gate, has now been named as President and Chief Executive
Officer (CEO). Mr. Judson is the founder of Forest Gate Resources and Blue
Note Mining, the base metals mining group that was formally a subsidiary of
Peter D. Watson has been appointed Chairman of Forest Gate. Mr. Watson is
also Chairman of Blue Note Mining.
Mr. Watson is pleased to announce the appointment of two new members to
the board of directors, Sir Nicholas Bonsor and Gordon Ulrich. "We are very
pleased to have these gentlemen join our Board," said Watson. "With their vast
and divergent backgrounds they bring a wealth of experience to Forest Gate."
Sir Nicholas Bonsor was a Member of the British Parliament and Foreign
Office Minister of State from 1979 to 1997, specializing in foreign affairs
and defense. Sir Nicholas earned a Masters degree in Jurisprudence and
qualified for the Bar in 1967.
Gordon Ulrich has worked in the coal industry for over four decades, most
notably as President and CEO from 1990 to 2001 of Luscar Ltd., a major coal
producer. He currently is a director of several companies, Alberta government
agencies and not for profit organizations. Mr. Ulrich holds a B.A.Sc. and an
M.B.A. from the University of British Columbia and is a Professional Engineer
registered in the provinces of Alberta and British Columbia.
The new Board members will each be granted 300,000 incentive stock
options exercisable at $0.13 with an expiry date of June 14, 2012. There will
be a four-month hold period expiring on October 15, 2007. Stephen Silvano,
Vice President Commercial of Forest Gate was granted 500,000 incentive stock
options under the same terms. Additionally, consultants were granted 500,000
incentive options under the same terms.
Also at the Annual General Meeting held on June 14, 2007,
Michael C. Judson, Peter D. Watson Jean Girard and John Mavridis were elected
Forest Gate Resources Inc. is an international oil & gas exploration
company. The company is seeking to increase shareholder value through
participation and development of oil & gas exploration and production projects
in Ireland and Canada. The company's shares trade under the symbol FGT on the
TSX Venture Exchange.
This news release contains discussion of items that may constitute
forward-looking statements within the meaning of securities laws that involve
risks and uncertainties. Although the company believes the expectations
reflected in such forward-looking statements are based on reasonable
assumptions, it can give no assurances that its expectations will be achieved.
Factors that could cause actual results to differ materially from expectations
include the effects of general economic conditions, actions by government
authorities, uncertainties associated with contract negotiations, additional
financing requirements, market acceptance of the Company's products and
competitive pressures. These factors and others are more fully discussed in
Company filings with Canadian securities regulatory authorities.
The TSX Venture Exchange has not reviewed nor does it accept
responsibility for the adequacy or accuracy of this news release.
For further information:
For further information: Robert Kramberger, V-P, Investor Relations,
Forest Gate Resources Inc., (866) 666-3040, email@example.com,