Sierra Metals Inc. (TSX: SMT) (BVL: SMT) (NYSE AMERICAN:
SMTS) (“Sierra Metals” or “the Company”) announces the appointment
of Mr. Ricardo Arrarte to the Board of Directors who will fill the
vacancy left by the resignation of Mr. Philip Renaud who is
resigning to focus more of his time on other business ventures.
These changes are effective immediately.
Mr. Arrarte is a Director with an affiliate of the private
equity firm Arias Resource Capital Management LP and is also the
Chief Executive Officer for Cautivo Mining Inc. Mr. Arrarte is a
Mining and Mechanical Engineer with over 20 years’ experience in
management, operations, and consulting for mining companies. Mr.
Arrarte has worked with Hochschild Mining PLC as Operations Manager
in charge of four silver mines in Peru, Compania Minera Caudalosa
SA as Chief Executive Officer, Consorcio Minero Horizonte as
Planning and Engineering Manager, Buenavetura Ingenieros SA – BISA
as an Engineering Consultant, Fosfatos Del Pacifico SA as Mine
Manager, and Cementos Pacasmayo SAA as Geology and Mine Central
Manager. Mr. Arrarte is experienced in mine and plant design,
managing mining operations, production and costs with large teams
of personnel. Mr. Arrarte earned his Mining and Mechanical
Engineering degrees from Pontifica Universidad Catolica Del Peru
and his MBA from the George Washington University in Washington,
D.C.
On his departure, Mr. Renaud commented “It has been a great
pride for me to be part of the growth and value creation process at
Sierra Metals since 2003. I am confident of the strong fundamentals
of the company in the future.”
J. Alberto Arias, Chairman of Sierra Metals, commented: “I want
to express my gratitude to Philip for his many years of
contribution to the Board of Directors of Sierra Metals. Philip’s
commitment, enthusiasm and loyalty to the Company were appreciated
by the Board and Management. I wish him all the best in his future
endeavors.”
He continued, “On behalf of the Board and Management I would
like to welcome Ricardo to the Sierra Metals Board of Directors.
Ricardo’s experience in the Latin American mining industry makes
him a valuable addition to our Board. We believe that Ricardo will
help Sierra Metals realize the considerable growth and strategic
opportunities that the Company presently has available at all of
its properties.”
About Sierra Metals
Sierra Metals Inc. is Canadian based growing polymetallic mining
company with production from its Yauricocha Mine in Peru, and its
Bolivar and Cusi Mines in Mexico. The Company is focused on
increasing production volume and growing mineral resources. Sierra
Metals has recently had several new discoveries and still has
additional brownfield exploration opportunities at all three Mines
in Peru and Mexico that are within or close proximity to the
existing Mines. Additionally, the Company has large land packages
at all three Mines with several prospective regional targets
providing longer term exploration upside and mineral resource
growth potential.
The Company’s Common Shares trade on the Bolsa de Valores de
Lima and on the Toronto Stock Exchange under the symbol “SMT” and
on the NYSE American Exchange under the symbol “SMTS”.
For further information regarding Sierra Metals, please visit
www.sierrametals.com.
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Forward-Looking Statements
This press release contains “forward-looking information” and
“forward-looking statements” within the meaning of Canadian and
U.S. securities laws related to the Company (collectively,
“forward-looking information”). Forward-looking information
includes, but is not limited to, statements with respect to the
Company’s operations, including the anticipated developments in the
Company’s operations in future periods, the Company’s planned
exploration activities, the adequacy of the Company’s financial
resources, and other events or conditions that may occur in the
future. Statements concerning mineral reserve and resource
estimates may also be considered to constitute forward-looking
statements to the extent that they involve estimates of the
mineralization that will be encountered if and when the properties
are developed or further developed. These statements relate to
analyses and other information that are based on forecasts of
future results, estimates of amounts not yet determinable and
assumptions of management. Any statements that express or involve
discussions with respect to predictions, expectations, beliefs,
plans, projections, objectives, assumptions or future events or
performance (often, but not always, using words or phrases such as
“expects”, “anticipates”, “plans”, “projects”, “estimates”,
“assumes”, “intends”, “strategy”, “goals”, “objectives”,
“potential” or variations thereof, or stating that certain actions,
events or results “may”, “could”, “would”, “might” or “will” be
taken, occur or be achieved, or the negative of any of these terms
and similar expressions) are not statements of historical fact and
may be forward-looking information.
Forward-looking information is subject to a variety of risks and
uncertainties, which could cause actual events or results to differ
from those reflected in the forward-looking information, including,
without limitation, risks inherent in the mining industry including
environmental hazards, industrial accidents, unusual or unexpected
geological formations, floods, labour disruptions, explosions,
cave-ins, weather conditions and criminal activity; commodity price
fluctuations; higher operating and/or capital costs; lack of
available infrastructure; the possibility that future exploration,
development or mining results will not be consistent with the
Company's expectations; risks associated with the estimation of
mineral resources and the geology, grade and continuity of mineral
deposits and the inability to replace reserves; fluctuations in the
price of commodities used in the Company's operations; risks
related to foreign operations; changes in laws or policies, foreign
taxation, delays or the inability to obtain necessary governmental
permits; risks relating to outstanding borrowings; issues regarding
title to the Company's properties; risks related to environmental
regulation; litigation risks; risks related to uninsured hazards;
the impact of competition; volatility in the price of the Company's
securities; global financial risks; inability to attract or retain
qualified employees; potential conflicts of interest; risks related
to a controlling group of shareholders; dependence on third
parties; differences in U.S. and Canadian reporting of mineral
reserves and resources; potential dilutive transactions; foreign
currency risks; risks related to business cycles; liquidity risks;
reliance on internal control systems; credit risks, including risks
related to the Company's compliance with covenants with respect to
its BCP Facility; uncertainty of production and cost estimates for
the Yauricocha Mine, the Bolivar Mine and the Cusi Mine; and other
risks identified in the Company's filings with Canadian securities
regulators and the U.S. Securities and Exchange Commission ("SEC"),
which filings are available at www.sedar.com and www.sec.gov,
respectively.
This list is not exhaustive of the factors that may affect any
of the Company's forward-looking information. Forward-looking
information includes statements about the future and are inherently
uncertain, and the Company's actual achievements or other future
events or conditions may differ materially from those reflected in
the forward-looking information due to a variety of risks,
uncertainties and other factors. The Company's statements
containing forward-looking information are based on the beliefs,
expectations, and opinions of management on the date the statements
are made, and the Company does not assume any obligation to update
forward-looking information if circumstances or management's
beliefs, expectations or opinions should change, other than as
required by applicable law. For the reasons set forth above, one
should not place undue reliance on forward-looking information.
Note Regarding Reserve and Resource Estimates
All reserve and resource estimates reported by the Company are
calculated in accordance with the Canadian National Instrument
43-101 - Standards of Disclosure for Mineral Projects and the
Canadian Institute of Mining and Metallurgy Classification system.
These standards differ significantly from the requirements of the
SEC. The differences between these standards are discussed in our
SEC filings. Mineral resources which are not mineral reserves do
not have demonstrated economic viability.
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version on businesswire.com: https://www.businesswire.com/news/home/20190405005453/en/
Mike McAllisterV.P., Corporate DevelopmentSierra Metals
Inc.+1 (416) 366-7777Email: info@sierrametals.com
Igor GonzalesPresident & CEOSierra Metals Inc.+1(416)
366-7777
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