CALGARY, Alberta, Sept. 2 /PRNewswire-FirstCall/ -- FEC Resources, Inc. (OTC Bulletin Board: FECOF) announces that all resolutions were passed at the AGM held on 24th August 2009.
The Company wishes to announce the appointment of the following officers of the Company effective immediately.
Jose Ernesto Villaluna, Jr., President and CEO
Mr. Villaluna is a nominee of Philex Mining Corporation and is currently the President & Chief Operating Officer of Philex which holds a 51% majority stake in FEC.
Andrew Mullins, Executive Director
Mr. Mullins is a nominee of Philex Mining Corporation and is also an Executive Director of Forum Energy Plc, FEC's principal asset in which the Company has a direct 28% equity interest.
Renato Migrino, Treasurer and Director
Mr. Migrino is a nominee of Philex Mining Corporation and is currently the Treasurer and CFO of Philex.
Franklin Cu, Director
Mr. Franklin Cu is a nominee of Philex Mining Corporation and is also a Director of Philex Gold, Inc.
Barry Stansfieldcontinues as Chairman and Riaz Sumar as CFO & Corporate Secretary, respectively.
J. E. Villaluna, Jr., President & CEO commented:
"The recent appointments at FEC greatly strengthens our board from an Operational, Financial and Corporate perspective, and I am looking forward to some positive developments with the Company going-forward."
"FEC not only has for a majority shareholder Philex Mining, the largest independent Filipino Mining Company with a market capitalization of over $1Bn, but also holds a significant equity stake in Forum Energy Plc, which in turn holds the potentially world class Sampaguita Gas Discovery though the GSEC101 license area in the South China Sea."
"The GSEC101 license is pending conversion to a Service Contract and once converted can create material value for our shareholders."
Further updates on FEC's holdings including its 40% shareholding in Lascogon Mining Corporation, which holds the MPSA148 Gold concession in Mindanao, Philippines, will be made in due course.
For and on behalf of the Company:
FEC Resources, Inc.
"J.E. Villaluna"
Jose Ernesto Villaluna, Jr.
President & CEO
This release contains "forward looking statements" as per Section 21E of the US Securities and Exchange Act of 1934, as amended. Although the Company believes that the expectations reflected in such forward looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. Management is currently reviewing many options and there is no assurance that they will not make decisions other than those now contemplated. The Company is subject to political risks and operational risks identified in documents filed with the Securities and Exchange Commission, including changing and depressed oil prices, unsuccessful drilling results, change of government and political unrest in its main area of operations
For more information please contact Riaz Sumar at (403) 290-1676 e-mail info@FECResources.com or visit the FEC Resources website at www.FECResources.com
