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Speewah Metals To Issue Loyalty Bonus Options, Changes Name

Speewah Metals (ASX: SPM) plans to reward its shareholders with a loyalty bonus options issue of two free options for every five shares held.

The loyalty bonus options will have an exercise price of A$0.20 and be exercisable up until 30 June 2015.

Additionally, Speewah is planning to change its name to King River Copper Limited and will seek shareholder approval.

The company believes the name change will more accurately reflect its current focus on copper and gold within the Speewah Dome.

The company's renewed focus on its copper-gold projects is paying off with the recent discovery of the highest ever gold assays at the Todhunter prospect within the Speewah Dome.

Reconnaissance surface rock chip samples from Todhunter returned assays including 7.3 grams per tonne (g/t) gold and 0.71% copper.

Potential exists for several mineralised thrust structures within the Speewah Dome, and identifying, sampling and mapping these structures will be a priority for the first phase of exploration in 2013.

An earlier review of previous exploration at Speewah Dome by Speewah Metals highlighted high grade copper-gold of up to 27.25% copper, 25 ounces per tonne silver, and 4.97g/t gold.

The company is also proposing to change the name of its subsidiary Speewah Mining Pty Ltd, which holds the titanium/vanadium projects, to Speewah Metals Pty Ltd to maintain continuity of the name with those projects.

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