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First Source Resources and CB Gold Announce that Mr. Hernan Martinez Torres-Former Colombian Minister of Mines and Energy-Will Join the Board of Directors of CB Gold Inc.

01.09.2010  |  Marketwired
VANCOUVER, Sept. 1, 2010 - First Source Resources Inc. (TSX VENTURE: FSR) (“First Source“) and CB Gold Inc. (“CB Gold“), a privately held British Columbia company, are pleased to announce that Mr. Hernan Martinez Torres, has agreed to join the Board of Directors, effective following its previously announced amalgamation with First Source, with the newly amalgamated company being named CB Gold Inc. (and referred to in this news release as “New CB Gold“). Mr. Martinez will bring significant business and institutional experience to the Board of New CB Gold having been the Colombian Minister of Mines and Energy for the last 4 years, and prior to that the President and CEO of Exxon Mobil Colombia.

Fabio Capponi, President & CEO of CB Gold, noted, “We are extremely pleased that Mr. Martinez will join the New CB Gold Board and look forward to working closely with him as we develop our Colombian Projects with the intent of delivering best value to our shareholders and bringing development and employment in the areas and communities where we operate. He will bring excellent experience to the Board and complement the strong business and institutional relationships of New CB Gold's Management, Directors and Advisory Board members.“

Mr. Martinez served as the Minister of Mines and Energy of Colombia from July 2006 to August 2010. He has also been a member of the Board of Directors of Ecopetrol SA. from July 2006 to August 2010. Prior to his ministerial appointment, his business career included President and Chief Executive Officer of Exxon Mobil Colombia S.A., President of International Colombia Resources Corporation (INTERCOR) and Manager of Corporate Planning for Esso Colombiana S.A.

Mr. Martinez has also been the Council President and Representative of the President of Colombia at the National Hydrocarbons Agency (ANH). He has been a member of Board of Directors of various public and private companies, including: Interconexion Electrica S.A. ESP (ISA), Transmision Electrica S.A. (TRANSELCA), Inversura S.A., and Chairman of Carton Colombia S.A. (SMURFIT – KAPPA)

Mr. Martinez holds a degree in Chemical Engineering from Universidad Pontificia Bolivariana, and specialised in Petroleum Engineering at Northwestern University.

For further information about First Source, please refer to First Source's filings on SEDAR ( or its website at

Cautionary Note Regarding Forward-Looking Statements

Statements contained in this news release that are not historical fact, such as management's assessment of the future plans and operations of First Source, CB Gold and New CB Gold and completion of the Amalgamation and all related transactions, are forward-looking information as that term is defined under the provisions of Canadian securities laws (“forward-looking statements“). Such forward-looking statements are subject to risks and uncertainties which could cause actual results to differ materially from estimated results. Such risks and uncertainties include, but are not limited to, changes in economic conditions or financial markets; the ability to raise sufficient capital; uncertainties related to exploration results; changes in industry conditions; changes in prices for mineral products or increases in costs; currency fluctuations; environmental risks; competition from other industry participants; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; technological or operational difficulties; inability to obtain permits encountered in connection with exploration activities; labour relations matters; the inability to complete the subscription receipt offering; the inability to complete the Amalgamation; and the inability to complete planned property acquisitions. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The actual results, performance or achievement of First Source, CB Gold and New CB Gold could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do, what benefits New CB Gold will derive therefrom. First Source, CB Gold and New CB Gold disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities laws.

Completion of the Amalgamation is subject to a number of conditions, including TSXV acceptance. The Amalgamation cannot close until all such conditions are satisfied. There can be no assurance that the Amalgamation will be completed as proposed or at all.

Investors are cautioned that, except as disclosed in the information circular to be prepared in connection with the Amalgamation, any information released or received with respect to the Amalgamation may not be accurate or complete and should not be relied upon. Trading in the securities of First Source, CB Gold and New CB Gold should be considered highly speculative.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any securities in the United States. The securities of each of First Source, CB Gold and New CB Gold have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act“) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

The TSXV has in no way passed upon the merits of the proposed Amalgamation or subscription receipt offering and has neither approved nor disapproved the contents of this news release. Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.


Contact Information

First Source Resources Inc.
Peter Smith, President and CEO
778.999.7030 or

CB Gold Inc.
Fabio Capponi, President and Chief Executive Officer
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