May 1 (Reuters) - Variscan Mines Ltd VAR.AX :
* DIRECTORS AGREED TO REDUCTION IN CASH COMPENSATION BY 40% FOR MINIMUM 3 MONTHS
* DIRECTORS TO CONSIDER PROPOSALS FOR DEFERRED FEES FOR 3 MONTHS TO BE PARTIALLY OR WHOLLY SATISFIED BY ISSUE OF EQUITY COMPENSATION
* TO REDUCE FEES OR TERMINATE ENGAGEMENT OF A NUMBER OF CONSULTANTS AND CONTRACT PERSONNEL
* LOCAL STAFF IN SPAIN TO RESTRUCTURE THEIR EMPLOYMENT TERMS