VANCOUVER, BRITISH COLUMBIA, Mar 20, 2015 (Marketwired via COMTEX) — San Marco Resources Inc. (SMN) ("San Marco" or "the Company") has commenced its 2015 exploration program on the Cuatro de Mayo project in Sonora State, Mexico. The Company's geological team is currently on site, conducting a systematic data and field review of gold targets in the El Valle and El Chunibas areas (seewww.sanmarcocorp.com for news releases related to these targets and maps of the Cuatro de Mayo property area). With minimal additional work, these two zones are expected to be ready for drill testing. Initial surface rock chip sampling, geological mapping and possibly hand trenching are also expected to be completed on two highly prospective areas of the recently acquired Mariana concession by the end of March. The Company continues to evaluate potential additions to its 93,000 hectare Cuatro de Mayo land position.
San Marco also announces that its board of directors has amended the Company's incentive stock option plan (the "Plan"), revising it from a "20% fixed number" stock option plan to a "10% rolling" plan. Based on the current issued capital, the Company will have 2,549,971 common shares available for option under the Plan, which number includes currently outstanding options to purchase a total of 1,195,000 common shares.
Pursuant to the amended Plan, the Company has granted options to two officers and a consulting geological advisor to purchase 100,000 shares each at a deemed price of $0.10 per share.
The amended Plan, and by extension the option grant announced herein, are subject to shareholder and TSX Venture Exchange approvals. Shareholder approval will be sought at the Company's annual general meeting scheduled for May 7, 2015.
About San Marco
San Marco Resources Inc. is a Canadian mineral exploration company with a portfolio of three promising properties in mining-friendly Mexico, including the Cuatro de Mayo Project in Sonora State and the recently acquired El Chunibas area concession. The Company maintains a strategic project generation program focused on high-calibre, low-opportunity cost projects in the Cuatro de Mayo District. San Marco has a committed management team with extensive experience in Mexico and a proven track record of building shareholder value.
Forward Looking Information
Information set forth in this document includes forward-looking statements, such as: the number of incentive stock options available for the Company to issue; the implication that the Company may issue additional stock options in the future; and the requirement for TSX Venture exchange and shareholder approval of the amendments to the Plan. While these statements reflect management's current plans, projections and intents, by their nature, forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond the control of San Marco Resources Inc. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on these forward-looking statements. San Marco's actual results, programs, activities and financial position could differ materially from those expressed in or implied by these forward-looking statements.
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.
Contacts: San Marco Resources Inc. Robert Willis CEO Phone: 604-568-5951 Cell: 604-813-2606 [email protected] San Marco Resources Inc. Barbara Henderson Investor Relations Officer and Corporate Secretary Phone: 604-568-5951 Cell: 604-789-7689 [email protected]
SOURCE: San Marco Resources Inc.