Western Troy Announces Appointment of Melvyn Williams to Its Board of Directors, Grants Options
August 11 2011 - 9:51AM
Marketwired Canada
Western Troy Capital Resources (TSX VENTURE:WRY) (Western Troy or the Company)
announced today that its Board of Directors has voted to appoint Melvyn Williams
to the position of Director of Western Troy. Most recently Mr. Williams was
Chief Financial Officer and Senior Vice President, Corporate Development for
Brigus Gold Corporation where he supervised the securing of project financing in
the amount of over $100 million for Brigus Gold's Black Fox Gold Mine in
Ontario. Mr. Williams has over 30 years of experience in the finance and natural
resources businesses. His experience includes project financing, equity raises,
commodities marketing and hedging, capital evaluations, compliance reporting,
risk management, capital and operations cost control, and new business
development.
Western Troy's CEO, Rex Loesby, commented, "Mel is an excellent and timely
addition to Western Troy's Board of Directors. He has a successful track record
in securing project financing for junior mining companies. Western Troy board
members W. Steve Vaughan and Charles E. Stott have both worked with Mel for a
number of years and have recommended him as a strong addition to our Board of
Directors. We expect the final feasibility study for our MacLeod Lake
Copper/Molybdenum Project in Quebec to be completed in the first quarter of
2012. This will be followed by project financing efforts for the remainder of
2012 with the goal of bringing the MacLeod Lake Project into production by 2015
and minimizing shareholder dilution. Mel's experience and contacts in the mining
project financing arena will be particularly beneficial as we move MacLeod Lake
toward production. Western Troy has approximately $3.6 million in cash or about
11 cents per share. Our cash burn rate for overhead is low and we have the
resources to complete the feasibility study in the first quarter of 2012 and
mine permitting by the end of 2012."
As part of the appointment to the Western Troy board, Mr. Williams has been
granted 100,000 options with an exercise price of 18 cents per share and a term
of 5 years. These options are subject to the terms of Western Troy's Stock
Option Plan.
Forward Looking Statements: Statements in this release that are forward-looking
reflect the Company's current views and expectations with respect to its
performance, business, and future events. Such statements are subject to various
risks and assumptions, some, but not necessarily all, are disclosed elsewhere in
the Company's periodic filings with Canadian securities regulators. Such
statements and information contained herein represent management's best judgment
as of the date hereof based on the information currently available; however
actual results and events may vary significantly. The Company does not assume
the obligation to update any forward-looking statement.
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