NEWS RELEASE October 17, 2003
The Board of Directora of Aguila American Resources Ltd. (TSX-V: AGL) is pleased to provide results of the annual and special general meeting.
At the Company's annual and special general meeting, held October 16, 2003, all of management's nominees were elected to the Board. The directors elected are Messrs. John F. Huguet, Nick DeMare and Shafiq Gulamani. At a directors meeting held subsequent to the shareholders meeting, Mr. Huguet was appointed President and Chief Executive Officer and Mr. DeMare as Corporate Secretary.
Shareholders also approved ordinary resolutions to: i) adopt a stock option plan, pursuant to which the Company may grant stock options up to 10% of the issued and outstanding common shares at the time of the grant; and ii) fix the number of directors at five in order to deal with corporate governance issues.
A review of the property acquisition objectives of Aguila American followed the formal meeting - there was also a full discussion on the news release of October 15, 2003 focusing on the alternatives for the drill program the Board is considering and timing thereof and further news will be announced once a decision is made.
The Board has granted 350,000 director and employee options at a price of $0.30 per share for a period of three years.
ON BEHALF OF THE BOARD
"John Huguet" Director
