Annual General Meeting was held today
Vancouver, B.C. – July 15, 2009: San Marco Resources Inc. (SMN:TSX.V) (the “Company”) announces that its Annual General Meeting was held today and the following persons were elected as directors: Robert D. Willis, P. Eng., Graham C. Thody, C.A., Christopher I. Dyakowski, P. Geo., and William E. Schmidt, LLB. Subsequent to the meeting, William H. Myckatyn, P.Eng. (the Chairman of Quadra Mining Ltd., a TSX listed copper and base metal mining company) was appointed a director in place of William Schmidt, who resigned to facilitate the appointment of Mr. Myckatyn.
In addition to the changes in the Board of Directors, Robert D. Willis was appointed Chief Executive Officer, in place of Chris Dyakowski, as well as Chairman of the Board, Michael B. Mallard was appointed Vice-President, Corporate Communications and Secretary and Graham C. Thody appointed the Chair of the Audit Committee. Leslie J. Fowler will continue as Chief Financial Officer.
The Company understands that Messrs. Willis, Thody, Mallard and Myckatyn have purchased 3,021,000 shares (representing 39.1% of the outstanding shares) of the Company, including 1,453,500 shares currently held in escrow, from certain shareholders, including directors and officers, of the Company. Approval for the transfer within escrow is being sought from the TSX Venture Exchange and, upon receipt, the shares will remain subject to the terms of an Escrow Agreement. The Company has been advised that the purchasers hold an additional 12,500 shares (for a total of 3,033,500 shares representing 39.2% of the outstanding shares), all of the the shares were acquired for investment purposes and the purchasers may acquire further securities depending upon market circumstances. The Company also understands that the purchasers have or intend to file an Early Warning Report with the British Columbia and Alberta Securities Commissions in respect of the acquisition. Copies of the Report may be obtained from SEDAR (www.sedar.com).
ABOUT SAN MARCO RESOURCES INC.
San Marco Resources Inc. is a Tier 2 natural resource company on the TSX Venture Exchange, trading symbol SMN, with 7,732,329 shares issued. The Company’s 100% owned Alwin Copper Mine is located in south-central British Columbia, 18 kilometres west of the town of Logan lake and contiguous to the Highland Valley Copper mine operated by Teck Resources Ltd. which has an annual production of 160,000 tonnes of copper.
On Behalf of the Board,
Robert D. Willis
For further information contact:
Bob Willis: 604-813-2606 Mike Mallard: 604-506-3776
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.