Update on Mining: Eldora Gold Resources Canada News
Eldora Gold Resources Canada News: Update on Mining - VANCOUVER, Oct. 21 /CNW/ - PMI Gold Corporation (TSX.V:PMV) ("PMI Gold" or "the Company") announces that Mr. Peter Buck and Mr. Ross Ashton have agreed to join the Board of PMI Gold as Independent Non-Executive Directors subject to and following its proposed Australian co-listing.
Commenting on the appointments of Messrs. Buck and Ashton (Members AUSIMM), PMI Gold CEO, Douglas MacQuarrie stated "PMI Gold is pleased to be able to attract such experienced and respected Australian Directors to join the Board of the Company following its proposed Australian listing. Mr. Buck has been associated with the discovery and development of a number of mineral deposits in Australia and Brazil, and Mr. Ashton was the founding Managing Director of Red Back Mining Inc., which was recently the subject of a merger with Kinross Gold Corporation which valued Red Back at US$7.1B. Their wealth of exploration and development experience will be invaluable for PMI Gold as the Company progresses development at its Obotan and Kubi Gold Projects in Ghana."
Mr. Buck worked with WMC Resources for 23 years in a variety of senior exploration and production roles, before joining Forrestania Gold as Exploration Manager in 1994. Forrestania Gold was subsequently acquired by LionOre Mining International with whom he was the Director of Exploration & Geology until mid-2006. He managed the highly successful exploration team that discovered several nickel deposits and the two million ounce Thunderbox gold deposit in Western Australia. Also, he played key senior management role in progressing these deposits through feasibility studies to production. Mr. Buck also played key senior advisory roles in indigenous relations in Australia, LionOre's African operations and new business development. During this period Mr. Buck was also a non-Executive Director with Gallery Resources (now IAMGOLD), and Breakaway Resources.
In 2006, Mr. Buck played a key role in managing the divestment of a large portion of LionOre's nickel exploration portfolio into Breakaway Resources. Following this transaction, Mr. Buck became the Managing Director and CEO of Breakaway. In 2009 Mr. Buck left Breakaway to pursue other professional and personal interests.
Mr. Buck is currently Vice President of The Association of Mining and Exploration Companies (AMEC) and a Board Member of the Centre for Exploration Targeting established at the University of Western Australia and Curtin University.
Mr. Ashton has been involved in the exploration, consulting, financing and development of international resource projects since 1972. Most recently in his capacity as Managing Director and subsequently Chair of Red Back Mining Inc., Mr. Ashton was responsible for identifying the prospectivity and leading the team which discovered the multi million ounce Chirano gold deposit in Ghana. In 2004 Mr. Ashton re-domiciled Red Back from the ASX to the TSX with a new Canadian CEO, management and board. In 2005 Mr. Ashton resigned as Red Back Chair. In September, 2010 Red Back, as a +400,000 ounce per year gold producer, was the subject of a merger with Kinross Gold Corporation which valued that company at US$7.1B.
Mr. Ashton is a Non Executive Director of Brockman Resources Limited, an ASX listed iron ore explorer/developer with a market cap of ~$500 million.
With the appointment of Messrs. Buck and Ashton to the Board of PMI Gold, subject to and following the proposed Australian co-listing, Mr. Len Dennis will resign as a board member but will remain with the Company as a consultant.
On behalf of the Board,
"Douglas R. MacQuarrie"
President & CEO
Neither the 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.
Eldora Gold Resources Canada News: Update on Mining - This news release contains forward-looking statements which involve known and unknown risks, delays and uncertainties not under the Company's control which may cause actual results, performance or achievements of the Company to be materially different from the results, performance or expectations implied by these forward-looking statements. We Seek Safe Harbour.
Eldora Gold Resources Canada News: Update on Mining - About PMI Gold. Mining analysts have recently stated that West Africa will soon become the World's second largest gold producing region after China, with Ghana by far the largest gold producer in West Africa. PMI Gold controls four previous operating mines on 85 kilometres of Ghana's major gold belts all located near the centre of near 200 million ounces of historical gold production and current resources. Our Kubi Gold Project (NI43-101 mineral resource estimate of 604,000 ounces @3.66 g/t gold Indicated; 315,000 ounces @1.88 g/t gold Inferred, see SEDAR) adjoins the 60 million ounce AngloGold Ashanti Obuasi mine, the largest underground mine in West Africa with a 113 year, continuous mining history. At Obotan, where previous mining yielded 730,000 ounces of gold at a grade of 2.2 g/t, we recently announced a maiden +1 million ounce gold mineral resource estimate, and the commencement of an aggressive drilling campaign.
Eldora Gold Resources Canada was founded by a group of experts in the mineral recovery and mining industry, whose focus is to provide accurate information, state of the art equipment and outstanding customer service. Eldora Gold has developed and is offering a proprietary separation technique for extracting mineral content from mining tailings.
Eldora Gold Resources LTD.
10079 Winona Station,
+1 905 361 6450
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