VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 03/28/13 -- Long Harbour Exploration Corp. (TSX VENTURE: LHC) (the "Company") has made changes to the CEO and CFO positions. In addition, the Company has reorganized certain aspects of its outstanding payables, which once approved will strengthen its balance sheet.
Long Harbour CEO, Peter Espig, will step down as CEO and assume the role of CFO, replacing Geoff Lee. Charles Austin, who has been involved in the Company since its IPO, will assume the role of the Company's acting CEO.
As part of the balance sheet reorganization, management has unanimously agreed to discount accrued fees by 35% and to settle a remaining portion of accrued payables by converting debt for shares.
Existing management remuneration agreements have been unanimously terminated and replaced with new agreements that reduce the Company's monthly burn rate. Under the new remuneration agreements no officer or senior employee will currently receive more than $2,500.00 in monthly fees.
Senior management is currently considering various non-dilutive arms-length exploration and joint venture proposals on its highly-prospective uranium properties located in Saskatchewan's Basin. In addition, the Company continues to review other potential opportunities in various business sectors.
On behalf of the Board of Directors
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Long Harbour Exploration Corp.
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