VANCOUVER, Oct. 23, 2019 /CNW/ - Trilogy Metals Inc.
(TSX / NYSE American: TMQ) ("Trilogy Metals" or the "Company")
announces the Company has signed an employment agreement with
James (Jim) Gowans who was appointed
on September 4, 2019 as Chief
Executive Officer ("CEO") and President on an interim basis.
Mr. Gowans has been engaged to perform such services and duties as
are normally provided by a President and CEO of a company in a
business and of a size to Trilogy Metals, and such other services
and duties as may reasonably be required from time to time.
The agreement is retroactive to September 4, 2019 and will terminate on
February 28, 2020, unless extended by
the mutual written agreement. The Company's Board of
Directors has approved the grant of 550,000 stock options pursuant
to the Company's stock option plan as compensation to Mr. Gowans
for his services as Interim President and CEO. Mr. Gowans
will be receiving his compensation as Interim President and CEO in
the form of equity only. He will continue to receive his
director compensation during the term of his employment
agreement. The Board of Directors of the Company will
commence a search for a permanent CEO shortly.
About Jim Gowans
Mr. Gowans is a director of the Company and was President and
CEO of Arizona Mining Inc. from 2016 to 2018 when Arizona Mining
was purchased by South32 Limited. Previously he was a Senior
Advisor to the Chairman, Co-President and EVP and COO at Barrick
Gold Corporation from 2014 to 2015. Mr. Gowans has extensive
experience in Alaska. He completed
the feasibility study for the Red Dog Mine, oversaw the design and
construction of that mine and then operated Red Dog for three years
after commissioning.
About Trilogy Metals
Trilogy Metals Inc. is a metals exploration company focused on
exploring and developing the Ambler mining district located in
northwestern Alaska. It is one of
the richest and most-prospective known copper-dominant districts
located in one of the safest geopolitical jurisdictions in the
world. It hosts world-class polymetallic volcanogenic massive
sulphide ("VMS") deposits that contain copper, zinc, lead, gold and
silver, and carbonate replacement deposits which have been found to
host high grade copper mineralization. Exploration efforts have
been focused on two deposits in the Ambler mining district - the
Arctic VMS deposit and the Bornite carbonate replacement deposit.
Both deposits are located within the Company's land package that
spans approximately 143,000 hectares. The Company has an agreement
with NANA Regional Corporation, Inc., a Regional Alaska Native
Corporation, that provides a framework for the exploration and
potential development of the Ambler mining district in cooperation
with local communities. Our vision is to develop the Ambler mining
district into a premier North American copper producer.
Cautionary Note Regarding Forward-Looking
Statements
This press release includes certain "forward-looking
information" and "forward-looking statements" (collectively
"forward-looking statements") within the meaning of applicable
Canadian and United States
securities legislation including the United States Private
Securities Litigation Reform Act of 1995. All statements, other
than statements of historical fact, included
herein, are forward-looking statements, including
statements regarding the anticipated timing regarding the search
for a permanent CEO. Forward-looking statements are
frequently, but not always, identified by words such as "expects",
"anticipates", "believes", "intends", "estimates", "potential",
"possible", and similar expressions, or statements that events,
conditions, or results "will", "may", "could", or "should" occur or
be achieved. Forward-looking statements involve various risks and
uncertainties. There can be no assurance that such statements will
prove to be accurate, and actual results and future events could
differ materially from those anticipated in such statements.
Important factors that could cause actual results to differ
materially from the Company's expectations include the process for
the CEO search established by the Board and other risks and
uncertainties disclosed in the Company's Annual Report on Form 10-K
for the year ended November 30, 2018
filed with Canadian securities regulatory authorities and with the
United States Securities and Exchange Commission and in other
Company reports and documents filed with applicable securities
regulatory authorities from time to time. The Company's
forward-looking statements reflect the beliefs, opinions and
projections on the date the statements are made. The Company
assumes no obligation to update the forward-looking statements or
beliefs, opinions, projections, or other factors, should they
change, except as required by law.
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SOURCE Trilogy Metals Inc.