Aureus Mining grants stock options to directors

Aureus Mining (TSE:AUR) said Friday it has granted incentive stock options to six of its directors, as part of its stock option plan.

In total, the mining company granted about 1.74 million shares of its stock, representing about 1.48 percent of its issued share capital. Each option is exercisable for $1.05 per share. 

President and CEO, David Reading received another 400,000 shares, bringing his total holding to 1.75 million, or 0.22 percent. Chairman David Netherway received 200,000 shares, bringing his total holding to just fewer than 1.56 million shares, or 0.12 percent.

Directors Adrian Reynolds, David Beatty, Jean-Guy Martin, and Luis da Silva received 50,000 shares each, bringing their respective holdings to 250,000 shares, with the exception of da Silva, who holds 1.41 million shares of the company.

The options, which were issued for nil consideration, must be exercised according to a set timetable: one-third of the options must be exercised immediately, another third must be exercised after one year, and the final third must be exercised after two years. The options may be exercised up to January 4, 2017.

Aureus' assets include the New Liberty gold deposit in Liberia, which is located within the company's Bea Mountain mining license. The license covers 457 square kilometres, and has a 25-year, renewable mineral development agreement.

The project also has an estimated indicated mineral resource of 751,000 ounces of gold grading 4.17 grams per tonne (g/t), for 5.6 million contained ounces of the yellow metal. In the inferred category, the deposit has 7.04 million tonnes grading 3.4 g/t gold, for 762,000 contained ounces.

Aureus shares were inactive on Friday. The Toronto-based company's stock closed at $1.05 on Thursday.