VANCOUVER, April 8, 2015 /CNW/ - Gold Reach Resources Ltd.
(the "Company") (GRV: TSX-V) is pleased to announce the
appointment of Mr. Dwayne L. Melrose
as President and Chief Executive Officer.
"We are very pleased to have Mr. Melrose join the Gold Reach
team", commented Conrad Swanson,
Chairman of Gold Reach. "As we work towards transitioning Gold
Reach from an exploration company to a development company, Mr.
Melrose's experience in taking projects from exploration through
development stage will provide great benefits for Gold Reach and
its shareholders. He has respect within the capital markets in both
North America and Europe, which will provide further benefits. I
look forward to working with Dwayne as leader of the management
team and the Board of Directors".
Mr. Melrose has over 30 years' experience in the mining industry
where he has been very successful in advancing the companies from
exploration into development stage. As President/CEO of True
Gold Mining Inc., True Gold progressed from an exploration
(pre-Preliminary Economic Assessment) company into a fully
permitted and financed company that is in mine construction, in
just over 3 years. Mr. Melrose was instrumental in re-focusing the
project from a high Capex project into a low Capex high margin,
heap leach project.
He spent plus twenty years with Cameco Corporation/Centerra Gold
Inc. in Canada, the USA, Kyrgyzstan and Kazakhstan. Mr. Melrose was responsible for
the exploration team and all programs at the Kumtor Gold Mine in
the Kyrgyz Republic where he was
responsible for the discovery of the high grade SB Zone, which
significantly increased the reserves and resources at the mine.
Mr. Melrose joined the Minco Mining Group in 2007, where the
company successfully progressed from exploration into development
stage and greatly increased in shareholder value. Mr. Melrose was
directly responsible for defining the Fuwan silver deposit (157
million ounces).
Mr. Melrose said: "Joining Gold Reach at this pivotal stage of
the company's progress is very exciting given my recent experience
taking previous companies from the exploration to the development
stage. The Ootsa project is a flexible project with different
aspects that can be pursued. I'm looking forward to enhancing
the company's Team, the community stakeholders and
shareholders."
Mr. Melrose has been granted 600,000 options at an exercise
price of $0.32 per share, which will
vest in accordance with the Company's Stock Option Plan.
Mr. Swanson has relinquished his CEO position but will continue
to serve as Chairman of the Board. Dr. Shane Ebert has resigned as President of the
Company to become Vice – President of Exploration, together Mr.
Melrose and Dr. Ebert will form the nucleus of the development
team.
Private Placement
On another matter, the Company announces it has arranged a
non-brokered private placement offering (the "Offering") of
1,000,000 units ("Units") at a price of $0.25 per Unit raising gross proceeds of
$250,000. Each Unit is
comprised of one common share of the Company and one
non-transferable common share purchase warrant. Each warrant
entitles the holder thereof to purchase one common share of the
Company, for 5 years, at an exercise price of $0.40 per share after the closing date of the
Offering.
Each Warrant will be subject to accelerated expiry provisions
which provide that if at any time after the date of closing of the
Offering, the Company's common shares trade on the TSX Venture
Exchange at or above a weighted average trading price of
$0.75 per share for 10 consecutive
trading days, the Company may give notice to the holders that each
Warrant will expire 30 days from the date of providing such notice
if the Warrant has not been duly exercised by the holder.
The proceeds of the private placement will be used for the
purpose of carrying out the exploration programs on the Company's
British Columbia property and for
general working capital.
The Company may issue finder's fees in connection with this
Offering.
The Offering and finder's fees are subject to the acceptance of
the TSX Venture Exchange.
ON BEHALF OF THE BOARD OF DIRECTORS
"Conrad Swanson"
Chairman
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release. This News Release contains
forward-looking statements, which relate to future events. In some
cases, you can identify forward-looking statements by terminology
such as "will", "may", "should", "expects", "plans", or
"anticipates" or the negative of these terms or other comparable
terminology. These statements are only predictions and involve
known and unknown risks, uncertainties and other factors that may
cause the Company's actual results, level of activity, performance
or achievements to be materially different from any future results,
levels of activity, performance, or achievements expressed or
implied by these forward-looking-statements. Such uncertainties and
risks may include, among others, that the Offering will not
complete, actual results of the Company's exploration activities
being different than those expected by management, delays in
obtaining or failure to obtain required government or other
regulatory approvals or financing, inability to procure equipment
and supplies in sufficient quantities and on a timely basis,
equipment breakdown and bad weather.
While these forward-looking statements, and any assumptions
upon which they are based, are made in good faith and reflect the
Company's current judgment regarding the direction of its business,
actual results will almost always vary, sometimes materially, from
any estimates, predictions, projections, assumptions or other
future performance suggests herein. Except as required by
applicable law, the Company does not intend to update any
forward-looking statements to conform these statements to actual
results.
SOURCE Gold Reach Resources Ltd.