THEMAC Resources Group Appoints New Chief Executive Officer
(firmenpresse) - VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 08/29/11 -- THEMAC Resources Group Limited ("THEMAC" or "the Company") (TSX VENTURE: MAC) is pleased to announce that Mr. Andre Douchane has accepted the position of Chief Executive Officer of the Company, effective immediately. Mr. Douchane is replacing Mr. Barrett Sleeman who is retiring but will remain as an executive director until the Annual General Meeting to be held on 21 December, 2011.
Mr. Douchane holds Bachelor of Science, Mining Engineering granted by the New Mexico Institute of Mining and Technology and has over 35 years' experience in the mining industry, most recently employed in the role of President & CEO of Starfield Resources Inc. He is also Chairman of North American Palladium Ltd.
Mr. Douchane has had extensive experience at all levels within the mining industry and when employed by Franco-Nevada Mining Corporation was responsible for the team that permitted, designed, engineered, developed, constructed and managed the operations of Franco-Nevada's underground gold mine and mill located in Midas, Nevada.
Mr. Sleeman has served as CEO for the past ten years and will hand over responsibility for managing the Copper Flat project to Mr. Douchane so that amongst other priorities he can concentrate on finalizing the audit transition from GAAP to IFRS statutory financial statements.
In connection with his appointment, the Company granted Mr. Douchane 1,000,000 stock options pursuant to the Company's Share Option Plan. The options are exercisable for five years at a price of $0.80 per share. The grant is subject to regulatory approval.
About the Copper Flat Project
Copper Flat is a former producing mine located approximately 20 miles southwest of Truth or Consequences in Sierra County, State of New Mexico, USA. Permitting for a return of the project to production is at an advanced stage, and a prefeasibility study is in progress and targeted for completion during 2011.
The Copper Flat project is a porphyry copper-molybdenum-gold-silver deposit. The deposit has NI43-101 Indicated Mineral Resources of 107 million short tons grading 0.303% copper and 0.01% molybdenum for 645 million lbs copper and 21.4 million lbs molybdenum, plus Inferred Mineral Resources of 46 million short tons grading 0.24% copper and 0.006% molybdenum for 222 million lbs copper and 5.6 million lbs molybdenum.
The gold and silver content of the deposit is evidenced by historic production and metallurgical test work, and gold and silver are targeted for incorporation into the deposit's NI43-101 Mineral Resource statement following completion and interpretation of a re-assay program using historic drill sample pulps.
An NI43-101 Preliminary Economic Assessment ("PEA") dated June 30, 2010 and updated February 25, 2011 has been completed for Copper Flat and can be viewed on SEDAR.
Civil infrastructure in place at Copper Flat includes a tailings dam, largely pre-stripped open pit, power lines, water well field and pipeline, access roads, diversion channels and building foundations. The project land package comprises in excess of 1,200 hectares. For more information visit .
About THEMAC Resources Group Limited
THEMAC is a copper development company with a strong management team and as of May 18, 2011, a 100% ownership interest in the Copper Flat copper-molybdenum-gold-silver project in New Mexico, USA. We are committed to bringing the closed copper mine, Copper Flat, in Sierra County, New Mexico back into production with innovation and a sustainable approach to mining development and production, local economic opportunities and the best reclamation practices for our unique environment. The Company is listed on the TSX Venture Exchange (ticker: MAC) and has issued share capital of 74,117,622 common shares (fully diluted share capital 134,523,241).
For more information please visit or review the Company's filings on SEDAR ().
Neither the TSX Venture Exchange (the "TSXV") nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) has reviewed, nor do they accept responsibility for the adequacy or accuracy of, this release.
Contacts:
THEMAC Resources Group Limited
Kevin Maloney
Chairman
+61 (0) 418 275 602
(604) 806-6112 (FAX)
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Datum: 29.08.2011 - 13:00 Uhr
Sprache: Deutsch
News-ID 60031
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VANCOUVER, BRITISH COLUMBIA
Kategorie:
Mining & Metals
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