Grant of Options and New Director Appointed
October 31, 2003
The Board of Directors of Odin Mining & Exploration Ltd. is pleased to announce the appointment of Mr. Colin Patterson P.Eng, BScEng(Mining), BCom(Hon) as a Director effective today, 31st October 2003. Colin Patterson replaces Mr. John T. Martin, who resigned as a Director and Secretary on 30th October 2003, for personal reasons. We thank Mr. Martin for his contribution to the Company since April 2003, and accept his generous offer to forgo his ongoing right to 400,000 options to allow a new Director with geological or mining expertise to be granted a similar number of options, without increase of the total grant.
Mr. Patterson is a mining engineer and was CEO of Emperor Mines Ltd. between 1994 and 2000, a public company operating in Fiji and listed in Australia on the ASX. Colin’s appointment maintains the number of independent Directors on our Board at 3 (a majority) in accordance with best practice guidelines of the Canadian coalition for good governance. He brings to our Company specific experience of decision making relevant to agreeing drill programs, and appropriate use of funds on advanced exploration, on which hitherto we have consulted externally.
The Board further announces Colin Patterson has also been granted 400,000 options at 35 cents, the share price of Odin at close of business on 31st October 2003. The total grant of options to directors and officers remains at 2,475,000 as it was on 18th September 2003. His options are similarly subject to a 12 month hold period from date of grant, open for exercise for 5 years from the date of grant.
