VANCOUVER, BC, April 15, 2024 /CNW/ - 1911 Gold Corporation ("1911 Gold" or the "Company") (TSXV: AUMB) (OTCBB: AUMBF) is pleased to announce the appointment of Gary O'Connor to the Board of Directors as Executive Chair with immediate effect. Mike Hoffman, the outgoing Independent Chair, will continue to serve as a Director of the Company and stand for re-election at the upcoming annual general meeting.
"On behalf of myself and the other Directors, I am pleased to extend a warm welcome to Gary as the latest member of the 1911 Gold Board and management team." Shaun Heinrichs, President, and CEO stated, "Working closely with Gary these last several months has shown me the strength of his analytical and technical skills, as well as the leadership he provides as we identify and develop the key opportunities for 1911 Gold. The combination of Gary and the recently hired VP Exploration, Michele Della Libera, provide the right experience and background we need to transform the Rice Lake belt into a profitable, long term gold producer."
"I am looking forward to continuing to work with the 1911 Gold team in executing on advancing and progressing the significant gold assets and infrastructure held within the Company. In the last several months we have identified significant resource and value upside and are now advancing the plan to realize this value for all our stakeholders", commented Gary O'Connor. "Our initial focus has been the review and redevelopment of True North gold resources to be followed by the review of new resources within the True North mine footprint and the 100% owned Rice Lake greenstone gold belt."
Gary O'Connor has over 40 years of diverse experience as a mineral exploration and development professional in the management of successful resource projects as well as the evaluation and technical due diligence of large mineral exploration and development projects within various geologic settings and locations covering a variety of metals and minerals. Mr. O'Connor was recently CEO and President of Moneta Gold Inc. Previously he worked as Vice-President of Dundee Resources for 10 years, responsible for the technical due diligence of resource projects for investment purposes for the corporation and managed funds. In previous roles he worked as the Vice-President, Exploration of Gabriel Resources and European Goldfields in Romania, and as District Exploration Manager for Freeport-McMoRan Copper & Gold in Indonesia.
Pursuant to the Company's stock option plan, a total of 350,000 stock options have been issued to Gary O'Connor as well as an additional 200,000 stock options to Michele Della Libera and another 325,000 stock options to employees and consultants to the company. The options have an exercise price of $0.11 per common share, vest as to one-third immediately and one-third after the first and second anniversaries of the date of grant, and expire on April 15, 2029.
The Company will also issue a total of 79,545 deferred share units ("DSUs") to three independent directors under the Company's Deferred Share Unit plan. Each DSU entitles the holder to receive one share of the Company, or in certain circumstances a cash payment equal to the value of one share of the Company, at the time the holder ceases to be a director of the Company. Going forward, the Company intends to issue DSUs at the end of each quarter in lieu of cash for a portion of each director's fees.
1911 Gold is a junior explorer that holds a highly prospective, consolidated land package totalling more than 63,000 hectares within and adjacent to the Archean Rice Lake greenstone belt in Manitoba, and also owns the True North mine and mill complex at Bissett, Manitoba. 1911 Gold believes its land package is a prime exploration opportunity, with potential to develop a mining district centred on the True North complex. The Company also owns the Apex project near Snow Lake, Manitoba and the Denton-Keefer project near Timmins, Ontario, and intends to focus on organic growth and accretive acquisition opportunities in North America.
1911 Gold's True North complex and exploration land package are located within the traditional territory of the Hollow Water First Nation, signatory to Treaty No. 5 (1875-76). 1911 Gold looks forward to maintaining open, co-operative and respectful communication with the Hollow Water First Nation, and all local stakeholders, in order to build mutually beneficial working relationships.
ON BEHALF OF THE BOARD OF DIRECTORS
Shaun Heinrichs
President and CEO
This news release may contain forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or describes a "goal", or variation of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved.
All forward-looking statements reflect the Company's beliefs and assumptions based on information available at the time the statements were made. Actual results or events may differ from those predicted in these forward-looking statements. All of the Company's forward-looking statements are qualified by the assumptions that are stated or inherent in such forward-looking statements, including the assumptions listed below. Although the Company believes that these assumptions are reasonable, this list is not exhaustive of factors that may affect any of the forward-looking statements.
Forward-looking statements involve known and unknown risks, future events, conditions, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, prediction, projection, forecast, performance or achievements expressed or implied by the forward-looking statements. All statements that address expectations or projections about the future, including, but not limited to, statements with respect to the terms of the Offering, the use of proceeds of the Offering, the timing and ability of the Company to close the Offering, the timing and ability of the Company to receive necessary regulatory approvals, the tax treatment of the securities issued under the Offering, the timing for the Qualifying Expenditures to be renounced in favour of the subscribers, and the plans, operations and prospects of the Company, are forward-looking statements. Although 1911 Gold has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
All forward-looking statements contained in this news release are given as of the date hereof. The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except in accordance with applicable securities laws.
Neither 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.
SOURCE 1911 Gold Corporation
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