Sandspring Resources Ltd. (TSX Venture: SSP, OTCQX: SSPXF)
(“Sandspring” or the “Company”) is pleased to announce the
formation of a Strategic Advisory Board to assist the Board of
Directors and management with corporate and shareholder value
creation. Former Lithium X executives, Paul Matysek and Brian
Paes-Braga, are the founding members.
Mr. Matysek said, “The Toroparu Project
represents a world class opportunity for leveraging gold price
momentum into shareholder value. Its size, at 7.4 million ounces of
gold with significant copper and silver credits, its advanced
development stage status, its potential mine financing from Wheaton
Precious Metals, and its long-term relationship with the Guyanese
government and local population, all provide investors with
substantial opportunity for value creation in this gold
environment. I’m looking forward to working with the refocused and
freshly branded Gold X Board, Management and my fellow
Advisor.”
Mr. Matysek is a serial entrepreneur, geochemist
and geologist with over 40 years of experience in the mining
industry. Since 2004 as CEO or Chairman, Mr. Matysek has primarily
focused on the exploration, development and sale of five publicly
listed companies, in aggregate worth over $2 billion. Most
recently, he was Executive Chairman of Lithium X Energy Corp.,
which was sold to Nextview New Energy Lion Hong Kong Limited for
$265 million in cash. Mr. Matysek was President and CEO of Goldrock
Mines Corp., which sold to Fortuna Silver Mines in July 2016. He
was previously CEO of Lithium One, which merged with Galaxy
Resources of Australia to create a multi-billion-dollar integrated
lithium company. He served as CEO of Potash One, which was acquired
by K+S Ag for $434-million cash in a friendly takeover in 2011. Mr.
Matysek was also the co-founder and CEO of Energy Metals Corp., a
uranium company that grew from a market capitalization of $10
million to approximately $1.8 billion when sold in 2007.
Mr. Paes-Braga said, “It’s an exciting time to
be advancing natural resource projects in Guyana as the country is
experiencing generational growth with the recent discovery of rich
offshore oil fields. Billions of dollars are presently entering the
country via large international energy companies eager to
responsibly develop these resources. As a significant shareholder
and insider, I look forward to working with Paul, the Gold X team,
Guyanese government, Wheaton Precious Metals, and our major
shareholder, Gran Colombia, to advance Toroparu for the benefit of
our shareholders, the local community, and Guyana.”
Mr. Paes-Braga is a Principal at SAF Group,
a leading structured credit and merchant banking firm that builds,
finances and advises high growth companies, providing flexible,
long-term capital solutions to businesses and stable returns for
investors. Previously, Mr. Paes-Braga was Founder and CEO of
Lithium X Energy Corp., a lithium resource company which, within
2.5 years, raised approximately $53 million and was acquired in an
all-cash deal for $265 million. Mr. Paes-Braga is an active
philanthropist, sitting on the Advisory Council of the
International Crisis Group and supporting several charities and
research groups through his private family foundation, Quiet Cove
Foundation. Mr. Paes-Braga is also the Chair of the Board of
Directors of Thunderbird Entertainment, a member of the Board of
Directors of DeepGreen Metals, and a lead investor in Nude Beverage
Group.
Commenting on the formation of the Strategic
Advisory Board, Rich Munson, CEO of the Company, said, “Greg
Barnes, our Executive Vice President Operations, and I are very
excited to gain access to Paul and Brian to move Sandspring and its
flagship Toroparu Project forward. Their unique skillsets, together
with those of our new Executive VP Finance / CFO, Bassam Moubarak,
provides us with a world class team to guide ongoing development of
the world class gold resource at Toroparu. The new focus and
rebranding at this time of renewed interest and strength in the
gold market will significantly enhance and refresh the long term
focus Greg and I have had on unlocking the value of the Toroparu
Project to the benefit of all of our longstanding and new
shareholders.”
The Company further announces an aggregate grant
of 7,275,000 stock options to certain directors, officers,
employees, and consultants of the Company exercisable at $0.27,
expiring 10 years from the date of grant, subject to regulatory
approval.
Name change and share
consolidation
The Company announces its intention to change
its name to Gold X Mining Corp. following its annual general
meeting and to consolidate its shares on an 8 to 1 basis. The
Company’s rationale for consolidating its shares is to become more
accessible to global institutional investors.
About Sandspring Resources
Ltd.
Sandspring Resources Ltd. is a Canadian junior
mining company currently moving toward a feasibility study for the
Toroparu Project in Guyana, South America with 7.4 million ounces
of gold in the Measured and Indicated categories. A Preliminary
Economic Assessment study (Preliminary Economic Assessment Report,
Toroparu Gold Project, Upper Puruni River Area, Guyana, dated July
18, 2019 completed by SRK Consulting (U.S.), Inc., available on
SEDAR (www.sedar.com) and on the Company’s website
(www.sandspringresources.com). Sandspring also holds a 100%
interest in the Chicharrón Project located in the Segovia-Remedios
mining district, Antioquia, Colombia. Additional information is
available at www.sandspringresources.com or by email at
sandspringinfo@sandspringresources.com.
Visit Sandspring’s website at
www.sandspringresources.com.
Contact Sandspring Resources
Ltd.
Richard A. MunsonChief Executive OfficerTel: +1
(303) 991-5683 or via email at
sandspringinfo@sandspringresources.com
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.
Forward-looking Statements
This press release includes certain
forward-looking statements concerning future performance and
operations of the Company, including the expected positive results
from the Toroparu Project based on the estimates and findings
contained in the PEA, as summarized herein, as well as management's
objectives, strategies, beliefs and intentions. Forward-looking
statements are frequently identified by such words as "may",
"will", "plan", "expect", "anticipate", "estimate", "intend" and
similar words referring to future events and results.
Forward-looking statements are based on the current opinions and
expectations of management at the time such statements are made.
All forward-looking statements and information are inherently
uncertain and subject to a variety of assumptions, risks and
uncertainties, including the speculative nature of mineral
exploration and development, fluctuating commodity prices, changes
in project parameters as plans continue to be refined,
uncertainties of project cost overruns or unanticipated costs and
expenses, uncertainties inherent in conducting operations in a
foreign country, uncertainties related to the availability and
costs of financing needed in the future, the risk that the
conclusion of pre-production studies may not be accurate, the
Company's successful advancement of the Toroparu Project toward
feasibility and obtaining positive results from ongoing evaluation
and testing of multiple gold targets located in the Company's
landholdings in Guyana and Colombia, among other risks as described
in our public filings available at www.sedar.com. Actual events or
results may differ materially from those projected in the
forward-looking statements and we caution against placing undue
reliance thereon. Sandspring Resources Ltd. has an ongoing
obligation to disclose material information, as it becomes
available.
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