Savant Explorations Ltd. Announces Management and Board Changes; Furtherance of Its Strategy to Focus on Its Wholly-Owned Blue Moon Zinc Project
Marketwired
VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 1, 2017) - Savant Explorations Ltd. (TSX VENTURE:SVT) (the "Company") announces several management and board changes in furtherance of its stated strategy to focus on and advance its wholly-owned Blue Moon zinc project. The Blue Moon zinc project is at the development stage with advanced work already performed by the previous owners, including Westmin Mines Limited (now Boliden). The Blue Moon project is subject to a NI 43-101 resource assessment with approximately 2.62 million tons with a grade of 6.01% zinc in the Indicated category and 2.68 million tons with a grade of 5.98% zinc in the Inferred category plus significant values of copper, silver and gold. A report detailing the resource is available on the company's website and filed on SEDAR on February 21, 2008.
Management Changes
David Douglas and Thomas Herdman have agreed to step down as Chief Executive Officer and Chief Financial Officer, respectively, effective immediately. The Company wishes to thank Mr. Douglas and Mr. Herdman for their services to the Company and wish them well in their future endeavors.
Patrick McGrath, who was appointed to the Board of the Company on April 12, 2017, was named Chief Executive Officer and Varun Prasad was appointed Chief Financial Officer. Mr. McGrath is a CPA-CGA with over 15 years' experience as a senior executive of junior resource companies. Mr. McGrath has led corporate reorganizations, mergers and acquisitions, capital raises and joint ventures. Mr. Prasad is a CPA-CGA and has held senior roles with development stage mining companies listed on the TSX and NYSE Market.
Board Changes
The Company wishes to announce the appointment of Douglas Urch and Jack McClintock to the Board replacing directors David Douglas and Lutz Klingmann. Mr. Klingmann is stepping down from the board due to health reasons. The Board wishes to thank Mr. Klingmann for his efforts and leadership in the revitalization of the permitting and mine-building strategy for the Blue Moon project.
Mr. Urch has been the Executive Vice President Finance and Chief Financial Officer of Bankers Petroleum Ltd. ("Bankers") since February 2008 which was acquired in 2016 for total consideration of approximately $575 million. Prior to Bankers, Mr. Urch was the Vice President, Finance and Chief Financial Officer of Rally Energy Corp. which was acquired for total consideration of approximately $898 million in 2007. Mr. Urch is a CPA-CMA and a graduate member of the Institute of Corporate Directors (ICD.D).
Mr. McClintock is a Professional Engineer and is the Chief Executive Officer of Northisle Copper and Gold Inc. Mr. McClintock was a former Exploration Manager with BHP Billiton and has a successful track record of leading and participating in a number of mineral discoveries and acquisitions, including but not limited to, Rio Algom's discovery of the Spence porphyry copper deposit in Chile for which he was awarded the "Prospector of the Year" award by the Prospectors and Developers Association of Canada in 1998, and the acquisition of the Antamina deposit in Peru.
The newly formed board and management team have extensive mining and capital markets experience and own approximately 22% of the Company's outstanding common shares.
The Board and management appointments are subject to regulatory approval.
Technical Advisors
The Company recently retained two professionals in furtherance of its plan to develop and advance the Blue Moon project.
Lawrence O'Connor, Q.P., has extensive experience in permitting and mine start-ups. Mr. O'Connor was VP Operations at Western Goldfields (now New Gold) where he played a key role in the restart of the Mesquite mine in Southern California. Mr. O'Connor was formerly G.M. of Eldorado Gold's La Colorada mine where he completed the feasibility and permitting for a major expansion of operations.
Mike Petrina, P. Eng, played a key role in the start-up (restart) of two underground mines and was also the former COO of Probe Mines Limited and former VP Operations of MAG Silver where managed permitting and feasibility studies of advanced stage mining projects.
Annual General and Special Meeting of Shareholders
The Company will hold its annual general and special shareholder meeting on June 15, 2017 in Vancouver, BC. Amongst other items, shareholders will be asked to adopt new Articles. Upon approval of the new Articles, the Company plans to change its name to "Blue Moon Mining Inc." to better reflect the Company's new strategy and focus. The name change is subject to regulatory approval.
Early Warning Report and Joint Actors
An early warning report press release was issued on February 22, 2017, stating that Mr. McGrath, Mr. McClintock, Mr. Urch and Mr. Klingmann were acting in concert ("Joint Actors") for the purpose of changing the board of directors and senior management of the Company. The Joint Actors role of the named individuals terminated upon the changes to the directors and officer of the Company disclosed in this press release and an early warning report dated May 1, 2017 stating that Mr. McGrath, Mr. McClintock, Mr. Urch and Mr. Klingmann are no longer acting in concert has been filed on May 1, 2017. A copy of the February 22, 2017 and the May 1, 2017 early warning report may be found on www.sedar.com under the profile of Savant Explorations Ltd. To request a copy of these reports, please contact Patrick McGrath at the number listed below.
About Savant
The Company is focused on the wholly-owned advanced stage Blue Moon Zinc project. The Blue Moon project is subject to a NI 43-101 resource assessment with approximately 2.62 million tons with a grade of 6.01% zinc in the Indicated category and 2.68 million tons with a grade of 5.98% zinc in the Inferred category plus significant values of copper, silver and gold. The resource has favourable metallurgy. A report detailing the resource is available on the company's website and filed on SEDAR on February 21, 2008. The Company plans to advance the project to feasibility and permitting.
Jack McClintock, P. Eng, is a qualified person as defined by NI 43-101, has reviewed the scientific and technical information that forms the basis for this press release. Mr. McClintock is not independent of the Company.
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. This release includes certain statements that may be deemed to be forward-looking statements. All statements in this release, other than statements of historical facts that address access to capital, regulatory approvals, exploration and development drilling, exploitation and development activities and events or developments that the Company expects are forward-looking statements. Although the Company 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, exploitation and exploration successes, continuity of mineralization, uncertainties related to the ability to obtain necessary permits, licenses and title and delays due to third party opposition, changes in government policies regarding mining and natural resource exploration and exploitation, and continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Readers are cautioned not to place undue reliance on this forward-looking information, which is given as of the date it is expressed in this press release, and the Company undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. For more information on the Company, investors should review the Company's continuous disclosure filings that are available at www.sedar.com
