VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 11/26/12 -- The following corrects and replaces the release issued earlier today. This release was issued with incorrect stock symbols listed.
Vangold Resources Ltd. ("Vangold" or the "Company") (TSX VENTURE:VAN) is pleased to announce that John Robins has been appointed as Chairman of the Board and Bruce Counts has been appointed as President and a member of the Board. In addition, Michael Cooney has been appointed to the Board.
In conjunction with these appointments the Company has agreed to complete a private placement of 3,525,000 units of the Company at $0.115 per unit. Each unit consists of a share and one half of a one-year share purchase warrant entitling the holder to purchase an additional share at $0.25 per share.
Vangold has a 95% interest in three highly prospective gold properties in Papua New Guinea: Allemata, Fergusson, and Mt. Penck. The presence of gold has been drill confirmed on each of the projects and planning for the 2013 drill programs are underway.
Dal Brynelsen, who remains as Chief Executive Officer, stated, "I am absolutely delighted to have gentlemen of this calibre, experience, and expertise assume senior positions with the Company. We are looking forward to continuing with exploration and development of Vangold's gold projects in Papua New Guinea. I am confident that Bruce's past experience with the culture and customs of Papua New Guinea, along with the technical and management expertise of both John and Bruce, will be a true game-changer for the Company."
"I am pleased to join Vangold's management team," commented Bruce Counts. "The Projects assembled in the Company's portfolio are exciting and I am eager to contribute to their advancement."
Mr. Robins is a Professional Geologist based in Vancouver, BC, with over 25 years of experience as an independent mineral explorer and entrepreneur. A 1984 graduate of the University of British Columbia with a Bachelor of Science in Geology, Mr. Robins initially worked as a self-employed prospector and geologist in BC and Northern Canada. In 1988, he founded Hunter Exploration Group, one of Canada's most successful private exploration companies. Mr. Robins has also been active in starting several successful public exploration and development companies culminating in 2011 when he founded the Aurora Mineral Resource Group. His experience in everything from grass roots exploration to production is complemented by his success in the capital markets and financing activities. Mr. Robins sits on the Boards of several successful publicly traded exploration companies including Kaminak Gold Corporation, Kivalliq.
Bruce Counts has been involved in the mineral exploration industry for more than 25 years. Between 1992 and 1997 he was employed by BHP Minerals Canada Ltd. and was an integral member of the team responsible for the discovery and development of the Ekati Diamond Mine(TM). In 1997 Bruce joined Dia Met Minerals Ltd. and was senior consultant on their international portfolio of projects until the sale of the company in 2001. Following this, Bruce consulted to junior exploration companies until 2004, when he became President and CEO of Bluestone Resources Inc. Bruce is also founder and Director of West Melville Metals Inc. Bruce holds a degree in Geological Engineering from the University of British Columbia and is a Professional Geophysicist.
In addition to his experience in mineral exploration, Bruce also has a unique background in Papua New Guinea having lived and spent significant amounts of time in there over a 35 year period while his parents conducted anthropological research. As such he is very familiar with all aspects of Papua New Guinea life, culture, customs and government and retains a number of active contacts in that country.
Mr. Cooney has been Chairman of NEMI Northern Energy & Mining Inc. since March 2009 after successfully leading a proxy contest at NEMI's 2009 Annual General Meeting and CEO since May 2010. Prior to that, he was a private investor who worked for 15 years as an independent market maker on both the Pacific Options Exchange in San Francisco and the Chicago Board Options Exchange. He holds a BSc in Mechanical Engineering from University of Michigan and a BA in Physics from Kalamazoo College in Michigan.
In order to accommodate the new appointments, Michael Mackey has resigned as a director but will remain as a consultant to the Board. We thank him tremendously for his many years of service. Douglas Hutchison P.Geo has resigned from the Board of Vangold. Doug will become a director and officer of the wholly owned operating subsidiary in Papua New Guinea, Vangold (PNG) Ltd. He will remain as an active member of the team advancing the company's projects in Papua New Guinea.
On Behalf of the Board of VANGOLD RESOURCES LTD.
Dal Brynelsen, CEO
Disclaimer for Forward-Looking Information
Statements containing forward-looking information express, as at the date of this news release, the Company's plans, estimates, forecasts, projections, expectations, or beliefs as to future events or results and are believed to be reasonable based on information currently available to the Company.
Forward-looking statements and information are based on assumptions that financing and personnel will be available when required and on reasonable terms, and all necessary regulatory approvals and shareholder approval will be obtained, none of which are assured and are subject to a number of other risks and uncertainties.
There can be no assurance that forward-looking statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. Readers should not place undue reliance on forward-looking information.
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.
Vangold Resources Ltd.