Copper Reef Mining Corporation (CNSX: CZC) regrets to announce the departure of Ed Thompson as a director of Copper Reef Mining Corporation. Ed brought enormous strength, experience and depth to our board and his wise counsel, no nonsense approach and humour provided invaluable insight in our exploration ventures and prudent guidance as a public corporation.
Ed is resigning from the board of all his junior public companies, in part in protest to the present conditions that have rendered almost 800 junior exploration companies essentially dead or in critical condition. Overregulation, the demise of the mid and small brokerage houses (squeezed out by the large bank owned brokerage firms), lack or oblivious government support, aboriginal blockage of timely permitting, over extended majors unable to help support or fund juniors and mandated overhead costs that have gone through the roof have created a perfect storm for the junior explorers.
Essentially there is little or no money out there for most junior exploration companies and this may be the new normal. The fact that regulators, be they government agencies doing the permitting, aboriginal groups, security commissions and/or stock exchanges are either ignorant or oblivious of the impending consequences of the long term effect of the essential death of our vibrant industry in Canada suggests that a recovery will be slow.
Ed, through his years of leadership at the PDAC, has been a strong advocate of our industry and his departure as an acting director is a sign of a whole industry in deep trouble. On behalf of management and the Board we wish Ed good health and happiness in his future endeavours and thank him sincerely for his great service and personal friendship to our company and our industry.
ABOUT COPPER REEF MINING CORPORATION
Copper Reef is a Canadian junior mineral exploration company with a specific focus on mineral properties in Northwest Manitoba and Northeast Saskatchewan, Canada. All of the Issuer's properties are currently at the exploration stage. The Issuer has no long-term debt and has assembled a portfolio of base metal and precious metal prospects, including strategic locations in the Provinces of Manitoba and Saskatchewan.
Copper Reef Mining Corporation
Stephen L. Masson M.Sc. P.Geo.
President & CEO
No stock exchange or securities regulatory authority has reviewed or accepted responsibility for the adequacy or accuracy of this release. Some of the statements contained in this release are forward-looking statements, such as estimates and statements that describe the Issuer's future plans, objectives or goals, including words to the effect that the Issuer or management expects a stated condition or result to occur. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties.
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