Calais Resources Appoints New Chief Financial Officer

Date : 10/28/2011 @ 10:00AM
Source : Business Wire
Stock : Calais Resources, Inc. (CAAUF)
Quote : 0.05  0.0 (0.00%) @ 12:00AM

Calais Resources Appoints New Chief Financial Officer

Calais Resources, Inc. (“Calais” or the “Company”) (Pink Sheets: CAAUF), a development stage mineral exploration company, would like to take this opportunity to update our shareholders and the market on recent developments for the Company.

Calais is pleased to announce the appointment of Brent E. Timmons as the new Vice President of Finance and Chief Financial Officer for the Company. Mr. Timmons, a Certified Public Accountant, has an extensive background in accounting, finance, regulatory compliance and accounting requirements for US GAAP, Canadian GAAP and the new IFRS filing requirements for mining companies. Mr. Timmons will be in charge of all accounting as well as government filing and reporting requirements for the Company. Mr. Timmons graduated from Brigham Young University with a Master of Accountancy.

Calais would also like to announce that the Company has negotiated an additional extension to its loan agreement with Brigus Gold Corp. (“Brigus Gold”), which loan is secured by the Company’s Colorado assets. A payment of US$200,000 was made towards the accrued interest owing towards the loan with the maturity date of the loan extended until December 1, 2011 when the current full principal and interest amount of approximately US$10,400,000 together with outstanding interest thereon becomes due.

In commenting on the recent activities of the Company, R. David Russell, Chairman and CEO stated, “We have made significant progress towards completing our financial filings to bring the Company into compliance with its reporting requirements. The note extension with Brigus Gold will assist the Company in its financial restructuring. The addition of Brent Timmons as our new CFO to the Calais management team will assist the Company in meeting its corporate accounting and internal controls and complying with the Company’s reporting requirements. I appreciate the continued confidence of our recent investors as well as the long term shareholders of the Company.”

About Calais

Calais Resources is an exploration and development company which owns and operates the Cross and Caribou gold and silver mine operations in Colorado and the White Caps mine operation in Manhattan, Nevada. The Company is currently in the initial stages of reviewing the reopening of the fully permitted Cross Mine, which includes resuming underground exploration and preliminary production activities in Colorado and surface exploration in Nevada. A test mining and processing program has been implemented at the Cross Mine. Calais’ common stock is currently quoted on the OTC Pink under the symbol CAAUF.

NOTE REGARDING FORWARD-LOOKING STATEMENTS

Certain statements contained herein and subsequent oral statements made by and on the behalf of the Company may contain “forward-looking statements”. Such forward-looking statements may be identified by words such as “intends,” “anticipates,” believes,” “expects,” and “hopes” and include, without limitation, statements regarding the Company’s ability to repay the indebtedness owing to Brigus Gold. Factors that could cause actual results to differ materially include, among others, those set forth in the Company’s Annual Report on Form 10-k for the fiscal year ended May 31, 2011 and other filings with the Securities Exchange Commission (SEC) and SEDAR under the caption of “Risk Factors.” Many of these factors are outside the control of the Company. Investors are cautioned not to put undue reliance on forward-looking statements, except as otherwise required by applicable securities statutes or regulations.



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