VANCOUVER, British Columbia, Dec. 2, 2004 (PRIMEZONE) -- Goldnev Resources Inc. (TSX Venture Exchange:GNZ) is pleased to announce the appointment of Mr. George Isfan, M.A. (Sc.) P. Geol. as President and Chief Executive Officer, replacing Mr. Darryl Gunn who will remain as an industry advisor to the Company.
Mr. Isfan, M.A., Prof. Geol. graduated from University of Saskatchewan (B.A. Geol.) in 1957 and later obtained a Post Graduate Degree M.A. Geol. from San Jose State, Calif. in 1966. Mr. Isfan brings over 45 years of varied petroleum industry experience to the Company. Mr. Isfan has worked for several major oil companies and by the mid-1960s, he operated his own consulting company that provided supervision of oil and gas exploration and development operations in Canada and the USA. Mr. Isfan was one of the first field supervisory geologists to supervise operations in the high Arctic in early 1970, and was instrumental in discovering a major sour gas field in the foothills of southern Alberta.
In 1973, Mr. Isfan founded a publicly traded company (Cochrane Oil & Gas Ltd. Alta. Exchange) and acted as the President and CEO for the next 15 years until that company was taken over. That company, which had 15-20 employees, developed oil and gas reserves and processing facilities that handled over 20 million cubic feet per day of gas and several hundred barrels of gas liquids and oil in western Canada and the USA. Mr. Isfan has subsequently supplied operational expertise to several private oil and gas companies and has developed oil and gas reserves in the order of 300,000 BOE in Alberta and Saskatchewan over the last 17 years. He has been a Member of APPEGA (Alberta Society of Professional Engineers, Geologists & Geophysicists) since 1962.
For clarification, the directors and officers of the Company are now comprised of the following:
George Isfan, President, Chief Executive Officer Ron Jorgensen, Chief Financial Officer Les Margetak, Chairman and director Glenn Greig, Secretary Basil Pantages, director Steven Craig, director Merrill Moses, director
The Company further announces that it has granted incentive stock options to certain individuals entitling them to purchase 800,000 common shares, exercisable at a price of $0.265 per share on or before November 30, 2009 and has cancelled 750,000 options granted to Mr. Darryl Gunn at $0.225 per share given his reduced responsibilities and involvement with the Company. A balance of 630,395 shares remains available for issuance under the Plan.
ON BEHALF OF THE BOARD
'Basil Pantages'
Basil Pantages, Director
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