AMEX2 independents added, AMEX likely reason. Haven't spoken with SVM, just common sense guess.
Silvercorp appoints Liu and Drake to board
2006-07-24 17:32 ET - News Release
Dr. Rui Feng reports
MR. YIKANG LIU AND MR. EARL DRAKE JOIN SILVERCORP'S BOARD
Silvercorp Metals Inc. has appointed Yikang Liu of Beijing and Earl Drake of Vancouver as independent members of the board of directors of Silvercorp.
Mr. Liu is the deputy general secretary of the China Mining Association, and the 35th and 36th vice-chairman of the Geological Society of China. Before he retired in 2001, Mr. Liu was the chief geologist for the former Ministry of Metallurgical Industry of China. While there he made significant contributions to the amendment of the last China Mineral Resources Law. Mr. Liu, representing Chinese interests, is the person responsible for the establishment of the first Sino-foreign joint venture for mineral exploration in China. Mr. Liu has over 40 years of geological experience in managing, evaluating and exploring mineral projects for the Chinese government in China and in 17 countries around the world including Bolivia, Madagascar, the Philippines, Iran and Peru. In a mentoring capacity, Mr. Liu is an adjunct professor of geology at the Changchun College of Technology, Northeast University and the China University of Geoscience. Silvercorp will benefit from the counsel of Mr. Liu's expertise in mining development and exploration in China.
Mr. Drake is currently vice-chairman of the Canada China Business Council, and project director of the China Council for International Cooperation on Environment and Development, and was previously the Ambassador of Canada to the People's Republic of China and the Republic of Indonesia. In the past 50 years, Mr. Drake was also the top Canadian representative in the governing councils of the Organization for Economic Cooperation and Development in Paris, and the World Bank in Washington, DC, and served in Ottawa as Assistant Deputy Minister for Asia-Pacific in the Foreign Affairs Department, and as vice-president in the Canadian International Development Agency. As part of Mr. Drake's vision to transfer his knowledge to young Canadians, he is an adjunct professor at Simon Fraser University in the Centre for International Communication. Silvercorp will benefit from the counsel of Mr. Drake's long experience in cross-cultural negotiation and communication to harmonize economic development goals with sustainable environmental policies and practices.
To permit the appointment of Mr. Liu and Mr. Drake as directors Michael Armstrong tendered his resignation from the board on July 21, 2006, with immediate effect, the board of directors have accepted it. The board has six members following Mr. Armstrong's resignation. Mr. Armstrong had been a director since Oct. 15, 2004, and Silvercorp thanked him for his service and great contribution, and wished him well in his future endeavours. Incentive stock options of 200,000 shares have been granted to directors, employees and consultants at an exercise price of $12.95 per share.