Vancouver, BC / ACCESSWIRE / July 3rd, 2014 / True Grit Resources Ltd. (NEX-TGI.H) ("True Grit" or "the Company") is pleased to announce that effective July 1st, 2014 Mr. Allan Williams has stepped down as President and CEO of the Company, and Mr. Doug Fulcher, a current Director of the Company, will assume the responsibilities of President and CEO. Mr. Williams has agreed to remain as Chairman of the Board and a Director of the Company.
Mr. Fulcher has over thirty years of experience in mineral exploration and management of junior exploration companies, and has worked with numerous senior and junior private and publicly traded mining companies, both domestically and internationally. He is currently the President and CEO of Burnstone Ventures Inc. and serves on the Boards of Directors of Redstar Gold Corp. and Maritime Resources Corp. From 1993 until 2010, he was a Director, and from 2003 until 2010 the President and CEO, of Abacus Mining & Exploration Corporation, where he was instrumental in the development of the Afton Ajax project. He previously served as President of Spanish Mountain Gold Ltd. (formerly Skygold Ventures Ltd.) and Director of Niblack Mining Corp. (a spinout of Abacus Mining & Exploration Corporation).
The Company also announces that Mr. Kim Phillips has stepped down as a Director, and that Mr. Andrew Pooler has joined the Board. The Company would like to thank Mr. Phillips for his many years working with the Company and his dedication to its success.
Mr. Pooler holds a Bachelor of Science degree in Mining Engineering from the University of Idaho and has more than 30 years of experience as a mining engineer and operations executive, working in North, Central and South America. His most recent role was as Chief Operating Officer of Esperanza Resources Corp., prior to which he served as the Chief Executive Officer of PanTerra Gold Limited. Mr. Pooler spent 5 years with Abacus Mining and Exploration Corp. as Chief Operating Officer, where he was key to the advancement of the Ajax deposit. He also spent 5 years as Senior Vice President, Mine Operations for Pan American Silver Corporation, where he was responsible for the production performance of six operating mines located in Mexico, Peru, Argentina and Bolivia.
Mr. Fulcher commented: "We are very pleased to have a professional of Mr. Pooler's caliber join the Company's Board. I worked very closely with Andy during his years with Abacus and I look forward to working with him again on our Nevada projects, where he will be a significant asset as we move those projects ahead"
ABOUT TRUE GRIT NEVADA ASSETS
True Grit's Nevada projects include both sediment- and volcanic-hosted gold systems on important mineralized trends, including the Carlin and Cortez trends. High-priority projects include Cooks Creek, a sediment-hosted system eight miles west of the world-class Pipeline deposits being mined by Barrick Gold. An 8 hole drill program is planned for 2014 that will follow up on historic drilling that intersected 21.3m (70 feet) grading 2.317 g/t gold (0.068 opt) from 18.3 to 39.6m as well as on the recently-discovered, undrilled Dinner Zone which has yielded surface rock-chip values to 2.45 ppm Au.
Other projects include Seven Devils, a volcanic-hosted epithermal gold system along the "Western Nevada Rift" trend that includes the Goldbanks (Kinross Gold), Sandman (Newmont Mining) and Sleeper (Paramount Gold and Silver) deposits. The gold system at Seven Devils is at least 6,000 feet long and contains surface gold values to 3.47 ppm. The Oasis project near the Goldfield district in western Nevada contains a porphyry gold system with extensive low-grade gold mineralization open at depth and along strike (e.g., 96.1m grading 0.26 ppm Au and 30.5m grading 0.4 ppm Au) and increasing copper at depth with the gold. The Gold Cloud project along the southeastern portion of the Cortez trend contains a 2-km-long zone of carbonate veins and silicification (jasperoid) with gold to 2.8 ppm. The mineralization occurs at a range front and appears to represent the upper-most or lateral edges of a larger gold system yet to be explored at depth or under the pediment alluvial cover in the adjacent valley that is known from geophysics to be shallow.
Dr. Jake Margolis is working with True Grit on the existing Nevada projects, as well as on the generation of new projects. Dr. Margolis previously worked for AngloGold-Ashanti and was instrumental in developing and advancing the Nevada projects which True Grit has under option agreement. Dr. Jake Margolis, a qualified person as defined by National Instrument 43-101, has reviewed this news release.
On behalf of the Board of Directors,
TRUE GRIT RESOURCES LTD.
President and CEO
This release includes certain statements that may be deemed to be "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. All statements in this release, other than statements of historical facts, that address future production, reserve potential, exploration and development activities and events or developments that the Company expects, are forward-looking statements. Although management believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploration and development successes, continued availability of capital and financing, and general economic, market or business conditions. Please see our public filings at www.sedar.com
SOURCE: True Grit Resources Ltd.
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