SASKATOON, Saskatchewan, April 02, 2018 (GLOBE NEWSWIRE) -- GFG Resources Inc. (TSX-V:GFG) (OTCQB:GFGSF) (“GFG” or the “Company”) is pleased to announce the appointment of Mr. Rob Mackie as Vice President, Exploration Canada effective immediately. Mr. Mackie will be responsible for leading the Company’s exploration program at its recently acquired Pen Gold and Dore Gold projects located west of the prolific Timmins gold district in Ontario, Canada.
“We are pleased to welcome Rob and his expertise in greenfield targeting and exploration to our leadership team,” stated Brian Skanderbeg, President and CEO. “Rob’s significant experience in applying modern exploration techniques to identify and prioritize drill targets will be valuable at our highly prospective Ontario gold projects.”
Mr. Mackie is a registered professional geologist with over 12 years of experience in mineral exploration with major, mid-tier, and junior mining companies. Prior to joining GFG, he was a principal consultant geologist with CSA Global and a senior project geologist with Anglo American. Through these roles, Mr. Mackie has built a strong foundation in the operational and technical aspects of designing and executing exploration programs in many jurisdictions in Canada. Mr. Mackie has a strong background in the interpretation of geochemical data and considerable experience in data integration and multi-disciplinary targeting. He holds a Bachelor of Science (Geology) from the University of Manitoba and a Master of Science (Geology) from the University of British Columbia.
In connection with Mr. Mackie’s appointment and pursuant to the Company’s stock option incentive plan, the Company granted Mr. Mackie incentive stock options to purchase 200,000 common shares of the Company. These stock options vest over three years and are exercisable for a period of five years at a price of C$0.33 per common share.
The Company also announces that the Company’s President and CEO and its Board of Directors have reduced their annual cash compensation in a continued effort to expand the Company’s in-the-ground exploration expenditures. In lieu of the reduced cash compensation, the Company will grant the President and CEO and its Board of Directors stock options to purchase up to an aggregate of 257,400 common shares of the Company. These stock options vest over three quarters and are exercisable for a period of 5 years at a price of C$0.33 per common share.
The stock options are subject to the terms of the Company’s stock option plan and regulatory approval.
About GFG Resources Inc.
GFG Resources is a North American precious metals exploration company headquartered in Saskatoon, Saskatchewan, Canada, whose shares trade on the TSX Venture Exchange (GFG) and on the OTCQB (GFGSF). The Company controls 100% of the Rattlesnake Hills Gold Project, a district scale gold exploration project located approximately 100 kilometres southwest of Casper, Wyoming, U.S. The geologic setting, alteration and mineralization seen in the Rattlesnake Hills are similar to other gold deposits of the Rocky Mountain alkaline province which, collectively, have produced over 50 million ounces of gold. The Company also owns 100% of two large and highly prospective gold properties west of the prolific gold district of Timmins, Ontario, Canada. The Ontario properties are comprised of the 44,500-hectare Pen Gold Project (including the West Porcupine property) and the 12,000-hectare Dore Gold Project.
CAUTION REGARDING FORWARD-LOOKING INFORMATION
All statements, other than statements of historical fact, contained in this news release constitute “forward-looking information” within the meaning of applicable Canadian securities laws and “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 (referred to herein as “forward-looking statements”). Forward-looking statements include, but are not limited to, the future price of gold, success of exploration activities and metallurgical test work, permitting time lines, currency exchange rate fluctuations, requirements for additional capital, government regulation of exploration work, environmental risks, unanticipated reclamation expenses, title disputes or claims and limitations on insurance coverage. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate” or “believes”, or the negative connotation thereof or variations of such words and phrases or state that certain actions, events or results, “may”, “could”, “would”, “will”, “might” or “will be taken”, “occur” or “be achieved” or the negative connotation thereof.
All forward-looking statements are based on various assumptions, including, without limitation, the expectations and beliefs of management, the assumed long-term price of gold, that the Company will receive required permits and access to surface rights, that the Company can access financing, appropriate equipment and sufficient labour, and that the political environment within Canada and the United States will continue to support the development of mining projects in Canada and the United States. In addition, the similarity or proximity of other gold deposits to the Rattlesnake Hill Gold Project, the Pen Gold Project and the Dore Gold Project is not necessary indicative of the geological setting, alteration and mineralization of the Rattlesnake Hills Gold Project, the Pen Gold Project and the Dore Gold Project.
Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of GFG to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: actual results of current exploration activities; environmental risks; future prices of gold; operating risks; accidents, labour issues and other risks of the mining industry; delays in obtaining government approvals or financing; and other risks and uncertainties. These risks and uncertainties are not, and should not be construed as being, exhaustive.
Although GFG has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. In addition, forward-looking statements are provided solely for the purpose of providing information about management’s current expectations and plans and allowing investors and others to get a better understanding of our operating environment. Accordingly, readers should not place undue reliance on forward-looking statements.
Forward-looking statements in this news release are made as of the date hereof and GFG assumes no obligation to update any forward-looking statements, except as required by applicable laws.
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Source: GFG Resources Inc.