<< - APPROVAL FOR FINANCING RECEIVED - NEW BOARD APPOINTMENT - INCENTIVE SHARE OPTIONS ISSUED >>
TORONTO, March 13 /CNW/ - Conquest Resources Limited (TSX-V: "CQR") reports that following its Annual and Special Meeting of Shareholders held on March 6, 2009, it has received approval from a majority of disinterested shareholders for the creation of a new Control Person resulting from its previously announced non-brokered private placement which closed in escrow on December 31, 2008. Final acceptance of the transaction has also been received from the TSX Venture Exchange. The Company is pleased to announce the appointment of Mr. Robert Kinloch to the board of directors. Mr. Kinloch is currently President and Chief Executive Officer of Maverick Minerals Corporation based in Saskatoon. Mr. Kinloch was previously President and a director of AMT Canada Inc. and President and a director of UCO Energy Corporation. He has extensive experience in the resource sector including acquisitions in the minerals and oil and gas sectors as well as public and private company financing. He is an independent member of the board and has been appointed a member of the Audit Committee. John F. Kearney, the Chairman of the Corporation, said: "We are delighted to welcome Rob to the board of Conquest as an independent director. He brings experience and expertise in project and company financing and development of resource opportunities as well as broadening our regional base. We look forward to working closely with him in the future development of the Company." The Company also announces that a total of 3,200,000 incentive share options have been granted to directors, officers and an employee of the company pursuant to its Share Option Plan. The share options will be valid for a period of five years at an exercise price of $0.10 per share.
Conquest is exploring several gold projects in Ontario. These include the Alexander gold project at Red Lake, the King Bay gold project at Sturgeon Lake (60% interest), the Smith Lake gold project at Missanabie, and the Aurora and Sunday Lake gold projects at Detour Lake. There are currently 72,740,754 shares of Conquest issued and outstanding.