/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/
VANCOUVER, May 14, 2012 /CNW/ - Cosigo Resources Ltd. (TSXV: CSG) (the "Company") announces that it has entered into an employment agreement with Barry Holmes, the Company's Vice President of Corporate Development. In addition to Mr. Holmes' role as Vice-President of Corporate Development, he has been engaged to provide investor relations services to the Company, these services will be conducted from Cosigo's Surrey, BC office. Mr. Holmes will be responsible for initiating and maintaining contact with the financial community, shareholders, investors and other stakeholders for the purpose of increasing awareness of the Company and its activities.
As compensation for the investor relations services, Mr. Holmes will be paid in equal semi-monthly instalments on the 15th of the month and the end of the month for the term of the Agreement, a monthly fee of $2,000, less applicable deductions. On May 14, 2012, Mr. Holmes was granted options for the purchase of 500,000 common shares of the Company for a period of ten years at an exercise price of $0.50 per share. The Company may also grant Mr. Holmes additional incentive stock options on an annual basis.
Other than pursuant to such options and the 623,580 common shares and 218,000 warrants that Mr. Holmes currently holds and the common shares that Mr. Holmes may acquire pursuant to the Company's employee share purchase plan, Mr. Holmes does not have any right or intent to acquire any interest, directly or indirectly, in the Company or its securities. The agreement shall continue on a month to month basis until terminated by either party on 30 days written notice to the other party. Mr. Holmes does not nor does he intend to undertake any market making activities.
About Cosigo Resources:
Cosigo Resources Ltd. (TSXV: CSG) is a Vancouver-based company exploring for gold deposits in Colombia and Brazil. Cosigo has assembled a strong team, well experienced in South America and in the exploration and mining-finance industries. The Company's flagship project is its 100% owned Machado Project in the Taraira Gold Belt of southeastern Colombia where geological mapping and geochemical sampling have identified potentially gold-bearing strata over a strike-length of more than 20 km. Cosigo's ongoing work on the 9,973 hectare Machado Project is the first modern exploration program in an area known to have hosted more than 100 historic gold mining operations.
On behalf of the Board of Directors
Cosigo Resources Ltd.
President & CEO
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 of this release
For further information:
Cosigo Resources Ltd.
Dennis Milburn, President & CEO
Tel: 877-866-8688 (North America)