Rübenschwein : PAL appoints former IBM executive as new Director
Director and appoints new Chief Financial Officer
April 14, 2010 - Pan American Lithium Corp. (the ?Company?) is pleased to announce that Ronald Richman, a former senior executive with IBM, has accepted an appointment to be an independent director of the Company. Mr. Richman received his Doctorate and Master degrees in Chemistry at the University of Colorado and has also completed the Wharton Executive Program. While with IBM, Mr. Richman managed a global business unit and was heavily focused on worldwide markets and international business relationships. In recent years, Mr. Richman has worked on the development of alternative Biofuels and renewable resources. Mr. Richman resides in Tucson, Arizona. Mr. Richman has been granted 200,000 incentive stock options (the ?Options?) under the Company?s new rolling 10% stock option plan (the ?New Plan?) (see Company?s news release dated March 30, 2010), with each Option exercisable at $0.55 until April 14, 2020. The grant of the Options and the New Plan remain subject to the approval of the Company?s shareholders at the next Annual General Meeting, and the New Plan is also subject to the approval of the TSX Venture Exchange (?TSXV?).
The Company would also like to make a correction to its news release dated March 30, 2010. On March 30, 2010, the Company granted a total of 750,000 incentive stock options, not 950,000 as reported. 98,800 of those incentive stock options were granted under the New Plan, and as such remain subject to the approval of the Company?s shareholders at the next Annual General Meeting.
The Company also announces that Frank Garcia has accepted an appointment to be the Company?s Chief Financial Officer. Mr. Garcia has over 20 years of experience in senior financial management with international companies. Prior to joining the Company, Mr. Garcia served as VP of Administration for the US division of CEMEX - a Mexico-based global leader in construction materials and aggregates mining. He has also served as Director of Finance for a division of Misys plc, a British software firm and a world leader in banking and healthcare computing. Mr. Garcia holds a BSBA in Business Administration from the University of Arizona.
Following the appointments of Mr. Richman and Mr. Garcia, Jerry Minni has resigned as a director and the Company?s Chief Financial Officer. The Company?s board of directors has also passed a directors? resolution allowing Mr. Minni?s remaining 150,000 incentive stock options to become all vested immediately prior to his resignation. Mr. Minni has abstained from the approval of such amendment in accordance with applicable corporate law. The Company thanks Mr. Minni for his contribution to the Company. The appointment of a new director or officer by an issuer listed on the TSXV is subject to a discretionary review of the TSXV.
On Behalf of the Board,
PAN AMERICAN LITHIUM CORP.
/s/ Andrew Brodkey
Andrew A. Brodkey President and CEO