Ring of Fire Resources Inc. Announces Results of Annual Shareholders’ and Board Meetings, Grants Options
March 1, 2011
Toronto, ON – Ring of Fire Resources Inc. (TSX-V:HUI, FRANKFURT:RG5, OTC.PK:HWKPF) (“ROF” or the “Company”) is pleased to announce that J. Birks Bovaird, Walter E. Brooks, Richard Nemis, Michael Newbury, Gordon McKinnon, Jacob McKinnon and H. Vance White were re-elected to its Board of Directors at the 2011 Annual and Special Meeting of its shareholders held on February 28, 2011, by a vote of more than 84% of votes cast. In addition to electing all of the Board nominees proposed by management, at the February 28, 2011 meeting the shareholders approved all of management’s proposals, including the re-appointment of McCarney Greenwood LLP as auditor of the Company, the re-approval of the Company’s stock option plan, and the advance disinterested approval of shares for debt transactions with management of the Company. As a result of the approval granted for shares for debt transactions with management, should the Board of Directors wish to do so, and provided the applicable members of management agree and the TSX Venture Exchange approves, up to 1/3 of the fees payable to management for the period up to August 31, 2011 could be settled through shares of the Company.
At a Board of Directors meeting held after the shareholders’ meeting, the Board of Directors re-elected the following as the officers of ROF for the ensuing year, all of whom previously served as officers of the Company: H. Vance White (President and CEO), Gaetan Chabot (Chief Financial Officer), Walter E. Brooks (Vice President-Corporate Development) and Denis S. Frawley (Secretary). The Board of Directors also approved the grant of 1,950,000 options to officers, directors, service providers and consultants to ROF. 1,300,000 of these options were granted to directors and officers of ROF, and the balance of 650,000 options were granted to consultants and service providers. Each option has a five year term and is exercisable for one common share of the Company at an exercise price of $0.10 per share.
About Ring of Fire Resources Inc.:
Ring of Fire Resources Inc. is a Canadian based junior exploration company with a portfolio of diversified exploration projects at various stages of exploration and drilling for Nickel/Copper/Chromium/PGM in the ‘Ring of Fire’ McFauld’s Lake Area of Northern Ontario, Gold in Northern Ontario, and Uranium in Northern Saskatchewan and Quebec. Michael Newbury, P. Eng (ON), a “qualified person” as such term is defined by National Instrument 43-101 and a director of ROF has verified the data disclosed in this news release, and has otherwise reviewed and approved the technical information in this news release on behalf of ROF.
The foregoing information may contain forward-looking statements relating to the future performance of Ring of Fire Resources Inc. Forward-looking statements, specifically those concerning future performance, are subject to certain risks and uncertainties, and actual results may differ materially from the Company’s plans and expectations. These plans, expectations, risks and uncertainties are detailed herein and from time to time in the filings made by the Company with the TSX Venture Exchange and securities regulators. Ring of Fire Resources Inc. does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise.
