For immediate release: 29 March 2010
Sirius Exploration PLC
("Sirius Exploration", "Sirius", or "the Company")
Appointment of New Chairman
The Directors of Sirius Exploration (AIM: SXX, OTCQX: SRUXY), the mining and exploration company
focused on salt and potash deposits in North America and Australia, are pleased to announce the
appointment of Christopher (Chris) Catlow as Chairman of Sirius Exploration with effect from 6th
April 2010. Chris Catlow will succeed Richard Poulden who has chaired the board since the
Company's formation in 2003. Richard Poulden will take on the post of Deputy Chairman of the
Company from 6th April 2010.
Chris Catlow, 49, is a highly experienced executive in the international resources industry,
having been a senior executive of the ASX-listed iron ore mining company Fortescue Metals Group
Limited (ASX:FMG www.fmgl.com.au) ("Fortescue"), since shortly after its formation in 2003.
Fortescue is currently valued at AUD14.62 billion. During his seven years at Fortescue, initially
as its inaugural Chief Financial Officer and then as Investment and Business Development Director,
the company raised AUD3.7 billion of capital including AUD1billion of equity during two finance
roadshows in August 2006 and August 2007. In July 2008, Fortescue successfully completed the
construction of its port, rail and mine project, which today produces 100,000 tonnes of iron ore a
Prior to joining Fortescue, Mr Catlow held positions as a Director of Consolidated Rutile Ltd,
Director of Sierra Rutile Ltd, Executive General Manager Finance of Iluka Resources Limited, Chief
Financial Officer of Energy Equity Corporation Limited and Chief Financial Officer of Gold Fields
Australia Pty Ltd.
In addition, Mr Catlow has a Bachelor of Science in Engineering from the University of Durham, UK
and is a Fellow of the Institute of Chartered Accountants in Australia.
On appointment, Chris Catlow will bring to bear his skills in strategy and project development so
as to decide the optimal route for commercialising the Company's assets.
Richard Poulden, Deputy Chairman elect of Sirius, commented:
"The Directors are delighted to welcome Chris Catlow to the Board of Sirius. Chris brings
with him extensive experience of raising significant capital - both equity and debt-based
- for major natural resource projects allowing projects of scale to come online. We are
delighted that he has accepted the position as Chairman of our Company."
Chris Catlow, Chairman elect of Sirius, added:
"Over the last eighteen months, Sirius has successfully acquired properties overlying
major salt deposits with potash prospects in North America and Australia. It likewise has
recognised the potential these properties afford not only for mining but also in the area
of energy storage. This combination makes the Sirius strategy highly compelling and
provides for an exciting future, which I look forward to being a part of."
The directorships held by Christopher James Catlow, 49, in the previous five years are as follows:
Broadscope Pty Ltd Derby Salt Pty Ltd
Fireside Resources Limited Goldpin Corporation Pty Ltd
Allied Medical Limited
Groote Resources Limited
Fortescue Metals Group Ltd*
Fmg Solomon Pty Ltd*
Fmg North Pilbara Pty Ltd*
Fmg Magnetite Pty Ltd*
Fmg Resources Pty Ltd*
Fmg Resources Pty Ltd*
Fmg Pilbara Pty Ltd*
Masters Way Homes Pty Ltd*
Pilbara Housing Services Pty Ltd*
International Bulk Ports Pty Ltd*
Karribi Developments Pty Ltd*
Pilbara Mining Alliance Pty Ltd*
Chichester Metals Pty Ltd*
The Pilbara Infrastructure Pty Ltd*
* Chris Catlow is to step down as a director of the above asterisked Fortescue Metals Group and
its subsidiary companies with effect from 31 May 2010.
Mr Catlow's family trust currently owns 100,000,000 Ordinary Shares in Sirius Exploration
representing 15.92% of the total shares in issue.
Chris Catlow will receive a remuneration package consisting of options, issued pursuant to the
Sirius General Share Option Deed adopted on 12 June 2008, and salary (the 'Remuneration Package')
as follows: The options are structured so that he receives an option over 25,000,000 Ordinary
Shares upon joining and an option over a further 25,000,000 Ordinary Shares when the Company's
share price closes above 15p per share for 5 consecutive trading days. These options are
exercisable at 4.5p for a period of 5 years from his appointment and, if exercised, would
represent 7.37% of the Enlarged Issued Share Capital. The options are exercisable as long as Chris
Catlow remains an office holder of the Company. The closing mid market price per Ordinary Share on
AIM on 26 March 2010 was 3.88p and therefore the exercise price of the options represents a
premium of 15.97% to this price. In addition, he will be paid a fee of £30,000 per year.
Due to the fact that Mr Catlow's family trust currently has a shareholding in the Company of
100,000,000 Ordinary Shares, representing 15.92% of the issued share capital and he is being
appointed as a Director of the Company, the above Remuneration Package is deemed to be a Related
Party Transaction under the AIM Rules. Accordingly, the Directors of the Company consider, having
consulted the Company's Nominated Adviser, that the terms of the transaction are fair and
reasonable insofar as the entire Company's shareholders are concerned.
There is no further information on Mr Catlow required to be disclosed under Schedule Two,
paragraph (g) (i)-(viii) of the AIM Rules for Companies.
- ENDS -
For further information, please contact:
Sirius Exploration Plc Tel: +44 78 7988 7755
Beaumont Cornish Limited (Nomad) Tel: +44 (0) 207 628 3396
Daniel Stewart & Company plc (Broker) Tel: + 44 (0) 20 7776 6550
Gth Media Relations Tel: + 44 (0) 20 3103 3903/ 3902
Toby Hall/Christian Pickel
Notes to Editor:
Sirius Exploration Plc is focused on commercialising properties that sit over known salt and
potash deposits through a combination of mining and developing energy and CO2 storage related
projects for its properties. The Company's operations include interests in properties that overlie
significant salt and potash deposits in North American and Australia.
To this end, Sirius has acquired the Intellectual Property and the issued share capital of three
research and development companies focused on innovative new technologies for developing its
properties post the mining phase. These technologies cover storing CO2 in the salt caverns created
through solution mining, approaches for safely sequestering CO2 in underground salt beds, and the
development of new CO2 based Compressed Air Energy Storage facilities for generating electricity.
Sirius also continues, for the time being, to maintain its historic copper and gold interests in
Macedonia and iron ore interest in China via its equity position in a CIC Mining Resources Ltd
Incorporated in October 2003 as a private company, Sirius Exploration subsequently re-registered
as a public company on 22 March 2005 when it was admitted to AIM. The Company's shares are
additionally traded in North America as American Depository Receipts "ADR's" on the OTC Pink
Sirius Exploration Plc