Adoption of Unapproved Executive Share Option Scheme

(“Mercator Gold”, “Mercator” or “the Company”)




LONDON: 19 NOVEMBER 2004 - In its Admission Document issued on 1 October 2004, the Company indicated that, following the admission of its Ordinary Shares of 1p each to trading on AIM, it intended to establish a share option scheme for the benefit of Executives and senior employees of the Mercator Group. The Company announces that the Board has today approved the adoption of the Mercator Gold plc Unapproved Share Option Plan ("the Scheme").

The Principal features of the Scheme are as follows:


Options may only be granted to Executives of the Mercator Group which may include Directors and any person whose services are provided to the Mercator Group through a personal services company.


Grant of Options

No Options under the Scheme may be granted after 18 November 2014.

An Optionholder shall be issued with an Option Certificate which contains an undertaking by the Optionholder to be bound by the rules of the Scheme. In addition, the Optionholder must confirm his acceptance of the Option grant by the execution and delivery to the Company of a form of acceptance and election.


Exercise Price

The exercise price of Ordinary Shares comprised in an Option shall be the greater of the middle market quotation for an Ordinary Share (as derived from the Official List for the ten dealing days immediately preceding the date of grant) and the nominal value of an Ordinary Share.

Exercise of Options

Save for certain circumstances, an Option may be exercised at any time after the date of grant and not later than the end of the day preceding the tenth anniversary of the date of grant.

The Company also announces that, pursuant to the Scheme, options have been granted today in respect of an aggregate of 4,500,000 Ordinary Shares to the Directors of the Group as follows:

Director Number of Ordinary Shares under option Exercise Price per Ordinary Share Exercise Period
Terry Strapp 750,000 10p 19.11.2004 to 18.11.2014
Patrick Harford 750,000 10p 19.11.2004 to 18.11.2014
Michael de Villiers 750,000 10p 19.11.2004 to 18.11.2014
Dr Julian Vearncombe 750,000 10p 19.11.2004 to 18.11.2014
Michael Elias 500,000 10p 19.11.2004 to 18.11.2014
Nicholas Allen 500,000 10p 19.11.2004 to 18.11.2014
Paul Loudon 500,000 10p 19.11.2004 to 18.11.2014


For further information please contact:

Mercator Gold plc    
Patrick Harford, Managing Director Tel: +44 (0) 20 7929 1010
Email:This email address is being protected from spambots. You need JavaScript enabled to view it.    
Phillip Securities UK Limited    
Nick Bealer Tel: +44 (0) 20 7553 8281
Parkgreen Communications    
Justine Howarth / Ana Ribeiro Tel: +44 (0) 20 7493 3713

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