Calais Resources Appoints New Chief Financial Officer
October 28 2011 - 6:00AM
Business Wire
Calais Resources, Inc. (“Calais” or the “Company”)
(Pink Sheets: CAAUF), a development stage mineral
exploration company, would like to take this opportunity to update
our shareholders and the market on recent developments for the
Company.
Calais is pleased to announce the appointment of Brent E.
Timmons as the new Vice President of Finance and Chief Financial
Officer for the Company. Mr. Timmons, a Certified Public
Accountant, has an extensive background in accounting, finance,
regulatory compliance and accounting requirements for US GAAP,
Canadian GAAP and the new IFRS filing requirements for mining
companies. Mr. Timmons will be in charge of all accounting as well
as government filing and reporting requirements for the Company.
Mr. Timmons graduated from Brigham Young University with a Master
of Accountancy.
Calais would also like to announce that the Company has
negotiated an additional extension to its loan agreement with
Brigus Gold Corp. (“Brigus Gold”), which loan is secured by the
Company’s Colorado assets. A payment of US$200,000 was made towards
the accrued interest owing towards the loan with the maturity date
of the loan extended until December 1, 2011 when the current full
principal and interest amount of approximately US$10,400,000
together with outstanding interest thereon becomes due.
In commenting on the recent activities of the Company, R. David
Russell, Chairman and CEO stated, “We have made significant
progress towards completing our financial filings to bring the
Company into compliance with its reporting requirements. The note
extension with Brigus Gold will assist the Company in its financial
restructuring. The addition of Brent Timmons as our new CFO to the
Calais management team will assist the Company in meeting its
corporate accounting and internal controls and complying with the
Company’s reporting requirements. I appreciate the continued
confidence of our recent investors as well as the long term
shareholders of the Company.”
About Calais
Calais Resources is an exploration and development company which
owns and operates the Cross and Caribou gold and silver mine
operations in Colorado and the White Caps mine operation in
Manhattan, Nevada. The Company is currently in the initial stages
of reviewing the reopening of the fully permitted Cross Mine, which
includes resuming underground exploration and preliminary
production activities in Colorado and surface exploration in
Nevada. A test mining and processing program has been implemented
at the Cross Mine. Calais’ common stock is currently quoted on the
OTC Pink under the symbol CAAUF.
NOTE REGARDING FORWARD-LOOKING
STATEMENTS
Certain statements contained herein and subsequent oral
statements made by and on the behalf of the Company may contain
“forward-looking statements”. Such forward-looking statements may
be identified by words such as “intends,” “anticipates,” believes,”
“expects,” and “hopes” and include, without limitation, statements
regarding the Company’s ability to repay the indebtedness owing to
Brigus Gold. Factors that could cause actual results to differ
materially include, among others, those set forth in the Company’s
Annual Report on Form 10-k for the fiscal year ended May 31, 2011
and other filings with the Securities Exchange Commission (SEC) and
SEDAR under the caption of “Risk Factors.” Many of these factors
are outside the control of the Company. Investors are cautioned not
to put undue reliance on forward-looking statements, except as
otherwise required by applicable securities statutes or
regulations.