Mr. Michael Scholz reports
SILVER HART EXPLORATION/EXERCISE OF WARRANTS/GRANT OF INCENTIVE STOCK OPTION
CMC Metals Ltd. is providing an update on the progress on the Silver Hart bulk sample. An estimated 1,575 tonnes have been removed from the Silver Hart site for preparation to be shipped. The company is also finalizing contracts for the bulk sample and will provide a news release on signing of the contracts.
All one million common shares available for exercise at 20 cents per share pursuant to the exercise of warrants expiring Aug. 15, 2011, were exercised. The funds raised from the exercise of these warrants will be used for further exploration and development of the company's mineral properties in the Yukon Territory.
Furthermore, the company has granted options to buy 150,000 common shares pursuant to an incentive stock option under the company's rolling stock option plan, which plan received shareholder approval at its last annual general meeting held June 23, 2011. The options have been granted for a one-year period expiring Aug. 1, 2012, at the exercise price of 27 cents per share, subject to TSX Venture Exchange approval.
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