SAGUENAY, QUEBEC–(June 10, 2013) - Arianne Phosphate Inc. (the “Company” or “Arianne”) (TSX VENTURE:DAN)(FRANKFURT:JE9N)(OTCBB:DRRSF) announces the appointment of Steven L. Pinney, of Minneapolis, Minnesota, U.S.A. to its Board of Directors.
Mr. Pinney is a 32-year veteran of the Mosaic Company and Cargill Inc., having served in various mining and operations roles from production management to President of Cargill Fertillizer, then finishing his career at Mosaic as Senior Vice President of Phosphates and Supply Chain for a business unit with $4.5 billion in annual revenue.
Steve’s experience in phosphate incudes production, manufacturing, procurement, environmental, health and safety, finance, human resources, public and governmental affairs and engineering. His broad management experience focused on the entire phosphate mining to fertilizer products value chain will greatly enhance Arianne’s strategic development as a new global phosphate producer.
Commenting this new appointment, Guthrie Stewart, the acting Interim president of the Board said: “We are excited to welcome Steven L. Pinney and his experience to our Board at this important time in the development of Arianne Phosphate. Together with Steve, the Board has considerable experience with phosphate markets and mining operations as well as with developing strategic relationships and access to financing options as the project moves forward”.
The Board has granted 200,000 stock options (collectively, the “Options”) to Mr. Pinney in accordance with Arianne’s stock option plan (the “Plan”) and stock option grant policy (the “Policy”).
Each Option entitles the holder to purchase one common share of the Company until June 3, 2023 at a price of $1.22 per share, being the closing price of the Company’s shares on the trading day preceding the date of grant. The Options are subject to a three year vesting period under the Plan and the Policy, and are also subject to regulatory approval.
Arianne Phosphate (www.arianne-inc.com) is developing the Lac à Paul phosphate deposits located approximately 200 km north of the Saguenay Lac-Saint-Jean region of Québec, Canada. These deposits will produce a high quality igneous apatite concentrate grading 39% P2O5with little or no contaminants. The Company has 77 million shares issued.
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