TORONTO, ONTARIO -- 09/05/08 --
Archangel Diamond Corporation (TSX VENTURE: AAD) announces that it has adopted, subject to TSX Venture Exchange acceptance, a 2008 Stock Option Incentive Plan (the "2008 Option Plan").
Archangel had previously adopted an equity incentive plan (more specifically, ratified changes to a pre-existing plan and referred to as the "Amended and Restated 1999 Equity Incentive Plan") in February, 2002. As at December 31, 2007 there were no further common shares reserved for issuance pursuant to the Amended and Restated 1999 Equity Incentive Plan and all stock options granted pursuant to the Amended and Restated 1999 Equity Incentive Plan have been exercised or have expired. The 2008 Option Plan represents a fixed number plan reserving 8,500,000 common shares under its terms which represents less than 10% of Archangel's current issued and outstanding share capital. Archangel has no other equity compensation plans available to its directors, officers or employees. In accordance with TSX Venture Exchange policy, shareholder approval is not required and will not be sought.
About Archangel Diamond Corporation
Archangel Diamond Corporation is a junior Canadian diamond company traded on the Toronto Stock Venture Exchange under the symbol AAD. On April 15, 2008 Archangel signed definitive agreements with LUKOIL to acquire a 49.99% equity interest in LUKOIL's subsidiary Arkhangelskoe Geologodobychnoe Predpriyatie (AGD) which holds the license to the Verkhotina Diamond Project.
The Verkhotina Diamond Project relates to the evaluation and potential development of a diamond mine at the Grib kimberlite pipe (formerly pipe 441), located approximately 115 km north, northeast of the city of Archangelsk, in northwest Russia. The Grib Pipe is one of the largest undeveloped kimberlites in the world and is located in a region that remains geologically prospective for diamonds.
CAUTIONARY NOTE TO SHAREHOLDERS CONCERNING FORWARD LOOKING STATEMENTS AND FINANCIAL PROJECTIONS - This news release contains "forward-looking statements", within the meaning of applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements with respect to the outcome of future negotiations, execution of definitive agreement, requirements for additional capital, government regulation, risks associated with diamond exploration, risks associated with diamond marketing, legal risks, political risks, environmental risks and title disputes. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual outcomes, results, level of activity, performance or achievements of Archangel Diamond Corporation to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: risks described in the above press release; those risks set out in Archangel's disclosure documents and its annual, interim management discussion and analysis and annual reports. Although Archangel has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Archangel does not undertake to update any forward-looking statements that are incorporated by reference herein, except in accordance with applicable securities laws.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
Contacts:
Archangel Diamond Corporation
Jocelyn Fraser
(604) 731-6164
Email: jocelyn.fraser@archangeldiamond.com
Archangel Diamond Corporation
Paul Hancock
Corporate Secretary
(416) 423-1600
(416) 429-2462 (FAX)
Email: paul.hancock@archangeldiamond.com
Website: www.archangeldiamond.com
