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Aegean Provides Update on Its Projects; Terminates Option with Teck

By: MT Newswires
Posted: 12/27/2012 9:50:00 AM
Referenced Stocks:

Aegean Metals Group Inc. (AGN.V) today announced that due to recent positive geologic results from testing on the Hot Prospect (announced November 28, 2012) and AGN's intention to exercise the option to purchase the Ergama Property from Teck Resources Limited, Aegean has determined it is in the Company's best interest to focus its resources on advancing these two Turkish properties, which are the core assets of the Company. As a result, the Company has given notice to Teck to terminate the option agreement with regard to the Kizildam Property.

"The initial rock sampling at the Hot property highlights the potential of a VMS type system" stated Juan Villarzu, Aegean's CEO. "Coupled with the prospects at Ergama, we feel that the Company's resources would be best used focusing on developing these two assets."

Aegean would also like to announce that it has granted an aggregate of 2,225,000 incentive stock options to officers, directors, employees and consultants of the Company, pursuant to the Company's stock option plan. The options have been granted at an exercise price of $0.15 per share, expiring on December 21, 2022, vesting immediately.