Sacre-Coeur Minerals Announces Appointment Of Mr. John Booth As Director, And Election Of Mr. Booth As Chairman Of The Board Of Directors
January 16, 2012
VANCOUVER, British Columbia - SACRE-COEUR MINERALS, LTD. (the "Company") today announced that in connection with its recent strategic shift in emphasis toward internally generated cash flow and rapid development of its initial hard-rock resources, it has appointed Mr. John G. Booth as an interim Director. The board has also voted unanimously to elect Mr. Booth to the position of non-executive Chairman of the Board of Directors of the Company. Mr. Ben Catalano, a director, has resigned effective 13 January, 2012, and Mr. Irwin A. Olian has resigned as Executive Chairman of the Board as of the same date to make way for Mr. Booth’s appointment and subsequent election as Chairman. Mr. Olian will remain an active participant on the Company’s board of directors. Mr. Booth is expected to stand for election by the shareholders at the Company’s next AGM.
In connection with his appointment to the board of directors, and in consideration of his service as Chairman of the Board, Mr. Booth has been granted incentive stock options, subject to regulatory approvals, to purchase up to 500,000 common shares of the Company’s Common Stock. The options are exercisable for a term of three years at a price of CAD $0.17 per share. As with all members of the board, he will receive no other compensation for his services as a director.
Mr. Booth is a Partner and Fund Manager with JAS Financial Products LLP in London. He has more than twenty years of experience in global capital markets, much of which includes mining and minerals companies, as an investment banker and attorney. John currently serves as a director for other TSX listed companies, and serves as Chairman of the Board of Laramide Resources, a uranium development company with properties in Australia and in the Southwestern US. He is a dual Canadian/UK citizen.
Both Mr. Catalano and Mr. Olian have served on the board of directors of the Company since it was founded in 2004. Mr. Olian has served as Chairman of the Board since inception. He also formerly served as President and Chief Executive Officer from inception through December 2009. The Company thanks Mr. Catalano’s for his years of contribution as a director for the Company, as well as his service as a special committee member of the board from time to time. We are also very grateful to Mr. Olian for his paramount role as a founder of the Company and for his outstanding leadership over the past years as the senior executive of the Company.
We are extremely pleased to welcome Mr. Booth onto the board of directors, and into the role of Chairman. His background is exceptionally well suited to help lead the Company into its next chapter, which includes self-generated working capital from alluvial gold production and contract drilling. These activities are expected to generate sufficient revenue to fund near term preparations for development of the Company’s existing hard-rock gold resource, on-going hard-rock exploration to expand the current NI 43-101 resource and to meet the Company’s sustaining capital needs.
The Company is engaged in the acquisition, exploration, development, and production of properties for gold, metals and diamonds in South America, initially focussing on exploration and production of gold from its properties in Guyana. The Company presently holds 100% interest in approximately 850 sq. km of mineral properties in Guyana, including the Million Mountain Property which hosts an NI 43-101 compliant hard-rock resource of 12,119,285 tonnes grading 1.0 g/t Au Measured, and 2,175,278 tonnes grading 0.9 g/t Au Indicated for a total 451,000 tr oz Au combined. The Company has offices in Vancouver, Canada and Georgetown, Guyana. More information about the Company is available at www.scminerals.com.
ON BEHALF OF THE BOARD OF DIRECTORS OF
SACRE-COEUR MINERALS, LTD.
“Gregory B. Sparks”
Gregory B. Sparks, P. Eng.
President & CEO
For further information, contact:
Gregory Sparks, President and CEO
Don Mosher-B&D Capital, Corporate Consultant
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release may contain “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 or “forward-looking information” within the meaning of applicable Canadian securities laws, which we will refer to as “forward-looking information”. Often, but not always, forward-looking information can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “believes” or the negatives thereof or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking information includes, but is not limited to, statements pertaining to the timing of, revenue/cash flow from and costs of current and proposed operations and production.
We can give no assurance that the forward-looking information will prove to be accurate. Forward-looking information by its nature is based on assumptions and involves known and unknown risks, uncertainties and other factors, including those discussed in the Company’s quarterly and annual management discussion and analysis, which are available at www.sedar.com under the Company’s profile, any of which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. The forward-looking information is based on a number of assumptions that management believes are reasonable, including but not limited to assumptions about the statements contained herein: the price of gold; the financial condition of the Company; anticipated costs and expenditures; estimated production; mineral resources or reserves; and metallurgical recoveries; general business conditions; and the ability to achieve our goals. The forward-looking information is also subject to certain risks, uncertainties and other factors associated with our business, including but not limited to: gold price volatility; risks of not meeting production and cost targets; discrepancies between actual and estimated production; mineral reserves and resources and metallurgical recoveries; mining operational and development risk; litigation risks; regulatory restrictions, including environmental regulatory restrictions and liability; risks of sovereign investment and operating in foreign countries; currency fluctuations; speculative nature of gold exploration; global economic climate; dilution; share price volatility; competition; loss of key employees; additional funding requirements; and defective title to mineral claims or property, as well as those factors discussed in the Company’s quarterly and annual management discussion and analysis. Should underlying assumptions prove incorrect, or should one or more of the risks, uncertainties or other factors materialize, actual results may vary materially from those expressed or implied in the forward-looking information.
Forward-looking information is designed to help you understand management’s current views of our near and longer term prospects, and it may not be appropriate for other purposes. Forward-looking information is based on the reasonable beliefs, estimates and opinions of management at the date the statements are made and is subject to change without notice. These factors should be carefully considered and viewers are cautioned not to place undue reliance on forward-looking information, which speaks only as of the date of this news release. We will not necessarily update this information unless we are required to by applicable securities laws.
Email Sign Up
Enter your info to receive our monthly email updates