Candelaria Finalized Board and Management Changes and Provide an Update on Empire Acquisition
February 01 2021 - 8:00AM
Candelaria Mining Corp. (TSXV:CAND, OTC PINK:CDELF) (the
“
Company”
) would like to provide
an update on the acquisition of the interests of Empire Metals Ltd.
(AIM:EEE)(“
Empire”) in the Bolnisi gold and copper
project in the Republic of Georgia (“the
Transaction”) as previously announced on October
26, 2020.
Empire Transaction
The offer from the Company remains in place. The
offer is subject to a right of first refusal (“ROFR”) by the
Empire’s joint venture partners in Georgia, Caucasian Mining Group
(“CMG”). Whilst CMG have indicated an interest in exercising their
right, they have yet to provide Empire with an acceptance of the
offer which gives Empire confidence in receiving the full
consideration offered by the Company as required under the
shareholders agreement. The Company and Empire continues to seek a
resolution to the situation.
New Senior Management
Regardless of the outcome of the Transaction,
the Company is pleased to complete its appointment of senior
management and members of the Board of Directors. Mr. Mike
Struthers will join the Company’s Board of Directors and become the
Company’s newly appointed CEO. Dr. Neil O’Brien will be appointed
to the Board of Directors.
Mr. Struthers was previously
the Chief Executive Officer with Empire, and is a seasoned
professional and Chartered Engineer with 40 years of international
mining experience which includes:
- Executive roles in a London listed
junior mining company, and a private Russian mining company;
- Seven years as Project Manager and
Projects Director with Lundin Mining Corporation (“Lundin”),
responsible for developing and executing a range of strategic
medium and long-term brownfield growth initiatives at Lundin’s
operations in Portugal and Chile.
- In addition to his time at Lundin
Mining Corporation, Mr. Struthers was Chief Operating Officer and
technical director for a Russian minerals development company with
large base and precious metals assets in Siberia, and a director
and principal geotechnical engineer for mining consultancy AMC
Consultants (“AMC”) between 1994 and 2007. At AMC he led teams on a
range of projects for major miners such as Rio Tinto Group and BHP
Billiton, and a wide variety of other mid-tier and junior
companies.
- His experience includes project
management in feasibility and engineering studies, project
development, technical reviews, project and financial evaluations,
strategic planning, mine expansions construction management, and
project due diligence over a wide range of commodities and
jurisdictions including base-metals, gold, and diamonds; in
jurisdiction such as Africa, Australia, North America, South
America, Europe and Russia. Prior to his consulting career he held
operational and management positions in mining operations in Africa
and Australia.
Dr. O’Brien is a consulting
economic geologist and former mining executive with the following
experience:
- Over three decades of mining
industry service including Board of Director roles in public and
private mineral exploration companies;
- International experience on five
continents in all stages of mineral exploration and development of
economic mineral resource projects, mining project evaluation and
strategic corporate development activities;
- Dr. O’Brien retired in 2018 from
Lundin as Senior Vice President, Exploration & New Business
Development after 13 years of service that saw Lundin grow from a
small junior mining company into a leading international
diversified mining company.
Mr. Ramon Perez, President of Candelaria,
commented, “Although we continue to discuss with Empire the
potential acquisition of their assets in Georgia, we are very
pleased and looking forward to having Mr. Struthers and Dr. O’Brien
join our team. They bring very valuable experience and expertise in
exploration and development of precious metals assets on a global
basis to our Company. We look forward to drawing upon this
experience as we continue to build a portfolio of mining projects
and step up the development & exploration activities even
further.”
About Candelaria Mining
Candelaria Mining is a Canadian-based gold
development and exploration company with a portfolio of highly
prospective projects in Mexico, one of the world’s best mining
jurisdictions. Candelaria currently owns 100% of Caballo Blanco
Project and the Pinos Gold Project.
For more information on projects, please see the
technical reports prepared pursuant to NI 43-101 which are
available on the Company’s website at www.candelariamining.com.
ON BEHALF OF THE BOARD,
Ramon PerezPresident
For further information, please
contact:
Investor RelationsEmail:
info@candelariamining.com Phone: 604-349-5992
Cautionary Note Regarding
Forward-looking Statements: This press release contains
certain “forward-looking statements” and “forward-looking
information” under applicable Canadian securities laws concerning
the business, operations and financial performance and condition of
Candelaria Mining Corp. (“Candelaria” or “Candelaria Mining”).
Forward-looking statements and forward-looking information include,
but are not limited to, statements with respect to estimation of
mineral resources at mineral projects of Candelaria;
Forward-looking statements are based on the opinions and estimates
as at the date the statements are made, and are based on a number
of assumptions and subject to a variety of risks and uncertainties
and other factors that could cause actual events or results to
differ materially from those projected in the forward-looking
statements. Many of these assumptions are based on factors and
events that are not within the control of Candelaria and there is
no assurance they will prove to be correct. Factors that could
cause actual results to vary materially from results anticipated by
such forward-looking statements include variations in metal grades,
changes in market conditions, variations in recovery rates,
risks relating to international operations, fluctuating metal
prices and currency exchange rates, changes in project parameters,
the possibility of project cost overruns or unanticipated costs and
expenses, labor disputes and other risks of the mining industry,
failure of plant, equipment or processes to operate as
anticipated.
Neither the 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.
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