Dalradian Announces New Director and Transition of Chairman Role
Marketwired
TORONTO, ONTARIO--(Marketwired - May 14, 2015) - Dalradian Resources Inc. (DNA.TO)(DALR.L) ("Dalradian" or the "Company") announces that Patrick G. Downey has been nominated to join the Company's board of directors at Dalradian's annual and special meeting of shareholders on June 23, 2015. Mr. Downey's appointment remains subject to regulatory approvals and a further announcement will be made when his appointment becomes effective. In addition, Patrick F.N. Anderson, CEO and Director of the Company, has been appointed Chairman of the board of directors, taking over from Thomas Obradovich who has been appointed Lead Independent Director.
Patrick F.N. Anderson, Dalradian's CEO, commented:
"We are delighted that Patrick Downey will be joining our board. He is a native of Northern Ireland and has over 30 years of experience both building mines and building companies, including, most recently, operation of an underground gold mine in Europe.
We appreciate Tom's guidance of the board over the recent period of Dalradian's development and look forward to his continued involvement as lead independent director."
Mr. Downey has over 30 years of international experience in the resource industry. Most recently, he was the President and Chief Executive Officer of Elgin Mining Inc., which was acquired by Mandalay Resources Inc. in June of 2014. Prior to that, Mr. Downey held the position of President, Chief Executive Officer and Director of Aura Minerals Inc. He was also President, Chief Executive Officer and a director of Viceroy Exploration Ltd. before its acquisition by Yamana Gold Inc. in 2006. Mr. Downey also served as President of Oliver Gold Corporation and completed the merger of that company to form Canico Resource Corp., which was subsequently purchased by Vale Corporation for over $800 million. He has held numerous senior engineering positions at several large scale gold mining operations and has also held operating positions at several mining projects for Anglo American Corporation in South Africa. He is currently a director of Claude Resources Inc., Orezone Gold Corporation, Argentex Mining Corporation and Pan Global Resources Inc. Mr. Downey holds a Bachelor of Science (Hon.) degree in Engineering from Queen's University in Belfast, Ireland.
About Dalradian
Dalradian Resources Inc. is a Canadian incorporated gold exploration and development company that is focused on advancing its high-grade Curraghinalt Gold Project located in Northern Ireland, United Kingdom. The Company has a 2015 work program with a fully-funded budget of approximately $30 million and the goal of completing a pre-feasibility study in support of a planning application for construction of an operating mine at Curraghinalt. Components of the program include underground exploration, which incorporates approximately 1,100 metres of development and 20,000 metres of underground drilling, a pre-feasibility study and an environmental impact assessment.
FORWARD-LOOKING INFORMATION
This news release contains "forward-looking information" which may include, but is not limited to, statements with respect to the activities, events or developments that the Company expects or anticipates will or may occur in the future, including, without limitation, test work and confirming results from work performed to date, estimation of mineral resources, completion of the pre-feasibility study, environmental impact assessment and underground program and the realization of the expected economics of Curraghinalt. Often, but not always, forward-looking statements can be identified by the use of words and phrases such as "plans," "expects," "is expected," "budget," "scheduled," "estimates," "forecasts," "intends," "anticipates," or "believes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may," "could," "would," "might" or "will" be taken, occur or be achieved.
Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made and are based on various assumptions, such as continued political stability in Northern Ireland, that permits required for the Company's operations will be obtained in a timely basis in order to permit the Company to proceed on schedule with its planned development and exploration programs, that skilled personnel and contractors will be available as the Company's operations continue to grow, that the price of gold will be at levels that render the Company's mineral project economic, that the Company will be able to continue raising the necessary capital to finance its operations and realize on mineral resource estimates, and that the assumptions contained in the Company's preliminary economic assessment are accurate and complete.
Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others, general business, economic, competitive, political and social uncertainties; the actual results of current exploration activities; actual results of reclamation activities; conclusions of economic evaluations; meeting various expected cost estimates; changes in project parameters as plans continue to be refined; future prices of metals; possible variations of mineral grade or recovery rates; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes and other risks of the mining industry; political instability; delays in obtaining governmental approvals or financing or in the completion of development or construction activities, as well as those factors discussed in the section entitled "Risk Factors" in the Company's annual information form.
Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Forward-looking statements contained herein are made as of the date of this news release and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results, except as may be required by applicable securities laws. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
