Ridgemont Appoints Former Iron Ore Company General Manager as CEO
November 07 2011 - 8:30AM
Marketwired
Ridgemont Iron Ore Corp. (TSX VENTURE:RDG)(OTCQX:RIOOF)(PINK
SHEETS:RIOOF) ("Ridgemont") is pleased to announce the appointment
of Brian Penney as President and Chief Executive Officer, effective
as of December 1, 2011, at which time Mr. Mark Morabito will assume
the role of Executive Chairman.
Mr. Penney brings significant iron ore experience to Ridgemont,
having worked for the Iron Ore Company of Canada ("IOC"), a Rio
Tinto subsidiary, for more than 15 years. During his tenure with
IOC, Mr. Penney held many senior roles including: General Manager
of all Processing Facilities, General Manager of Mining Operations
and General Manager of Integrated Planning.
Mr. Penney's twenty years of experience in the mining sector has
also included senior operating and environmental positions in the
gold industry. He is a professional engineer, graduating from
Technical University of Nova Scotia (TUNS) with a degree in
Metallurgy.
Mark Morabito, current President and CEO of Ridgemont states, "I
am very excited that we have been able to add someone of Brian's
calibre to the Ridgemont team. His iron ore experience and
expertise will be invaluable as we work to advance the Redford
project and broaden Ridgemont's portfolio." Mr. Morabito will
transition with Mr. Penney and continue to be involved with
Ridgemont as Executive Chairman of its Board of Directors.
Ridgemont has granted Mr. Penney, under the terms of its stock
option plan, options to purchase up to 400,000 common shares at a
price of $0.59 per share. The options are subject to vesting over a
two year period and have an expiry date of November 4, 2016.
About Ridgemont
Ridgemont is an exploration and development company in Canada
and has an option to acquire up to 75% interest in the Redford iron
ore property, comprised of 26 claims covering 10,821 hectares and
located 22 kilometres northeast of Ucluelet, in the Alberni Mining
Division, Vancouver Island, British Columbia.
Further details about Ridgemont can be found at:
www.ridgemontiron.com.
RIDGEMONT IRON ORE CORP.
On behalf of the Board
Mark J. Morabito, President & CEO
Cautionary Note Regarding Forward-Looking Information
Information set forth in this news release may involve
forward-looking statements under applicable securities laws.
Forward-looking statements are statements that relate to future,
not past, events. In this context, forward-looking statements often
address expected future business and financial performance, and
often contain words such as "anticipate", "believe", "plan",
"estimate", "expect", and "intend", statements that an action or
event "may", "might", "could", "should", or "will" be taken or
occur, or other similar expressions. All statements, other than
statements of historical fact, included herein including, without
limitation; statements about the advancement of the Redford
Property are forward-looking statements. By their nature,
forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause our actual results,
performance or achievements, or other future events, to be
materially different from any future results, performance or
achievements expressed or implied by such forward-looking
statements. Such factors include, among others, the following
risks: the need for additional financing; operational risks
associated with mineral exploration; fluctuations in commodity
prices; title matters; environmental liability claims and
insurance; reliance on key personnel; the potential for conflicts
of interest among certain officers, directors or promoters with
certain other projects; the absence of dividends; competition;
dilution; the volatility of our common share price and volume and
the additional risks identified the management discussion and
analysis section of our interim and most recent annual financial
statement or other reports and filings with the TSX Venture
Exchange and applicable Canadian securities regulations.
Forward-looking statements are made based on management's beliefs,
estimates and opinions on the date that statements are made and
Ridgemont undertakes no obligation to update forward-looking
statements if these beliefs, estimates and opinions or other
circumstances should change, except as required by applicable
securities laws. Investors are cautioned against attributing undue
certainty to forward-looking statements.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) has reviewed or accepts responsibility for the
adequacy or accuracy of this release.
Contacts: Ridgemont Iron Ore Corp. Konstantine Tsakumis Investor
Relations 604-681-8030 x 232 604-681-8039
(FAX)info@ridgemontiron.comwww.ridgemontiron.com
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