GT Gold Announces Changes to Management Team and Board of Directors
VANCOUVER, British Columbia, June 14, 2018 (GLOBE NEWSWIRE) -- GT Gold (TSX.V:GTT) (the "Company" or "GT Gold") is pleased to announce that Steve Burleton has been appointed President and CEO of GT Gold. Mr. Burleton replaces Kevin Keough, the current President and CEO who will be stepping down from that role and from the Board, effective immediately. Mr. Keough has agreed to stay on as a consultant for a minimum period of three months to assist with the transition and will continue to support the Company as needed. Also, effective immediately, the Company is pleased to announce that Renaud Adams, P.Eng., will be joining the Board of Directors.
"It has been a pleasure serving as a key member of the team that created GT Gold and delivered the potentially world-class Saddle gold-copper discovery," said Kevin Keough. "My interests and skills lie with early stage corporate setup and exploration. I am greatly encouraged that Steve and Renaud have agreed to join the Company, as it confirms management's belief in the substance of the discovery, the merit of the project, and the likelihood that the Saddle discovery will warrant being taken toward development. In my view Steve and Renaud have the requisite skills and connections to execute this effort successfully. I am very happy to hand off to them, and to continue to assist going forward to the best of my abilities."
Steve Burleton, CFA, MBA, is an experienced mining executive with significant experience in capital raising, corporate development and strategy. He served most recently as Vice President, Business Development, at Richmont Mines Inc. prior to Richmont being acquired by Alamos Gold Inc. for US$770 million. Mr. Burleton was responsible for the financing at Richmont and worked closely with its executive team in determining the Company's strategic direction. He has over 18 years of experience in the Canadian investment banking industry advising and executing debt and equity financing for companies in the mining, fertilizer and industrial products sectors. Mr. Burleton is a CFA Charterholder and has an MBA from York University.
Renaud Adams, P.Eng., served as President and Chief Executive Officer of Richmont until its acquisition by Alamos in November 2017, and has 25 years of experience as an executive and operator in the mining industry. Prior to his tenure with Richmont, Mr. Adams was President and Chief Operating Officer of Primero Mining Corp. from November 2011 to October 2014; Senior Vice-President, Operations Americas of IAMGold Corp. from February 2010 to October 2011; and, prior thereto, Vice President and General Manager of the Rosebel Gold Mine in Suriname for IAMGold Corp.. He also has served as a member on several Boards of mining companies. Mr. Adams holds a Bachelors of Engineering in Mining and Mineral Processing from Laval University.
Ashwath Mehra, Executive Chairman of GT Gold, stated, "On behalf of the Board of Directors, I would like to thank Kevin for his vision and dedication which resulted in great success for GT in our first year and has positioned the Company for significant growth. We are very excited about bringing on Steve and Renaud, who were an important part of the successful Richmont team that created tremendous value for Richmont shareholders. The skill-sets that these two gentlemen bring to GT Gold will allow us to take the Saddle discovery and related projects to the next level, and in that process we expect to continue to create significant shareholder value."
"I am thrilled to be joining the GT Gold team - a team which has made great strides in advancing the Saddle discovery since going public over a year ago," stated Steve Burleton. "I am also excited to be working with Renaud Adams, my former colleague from Richmont, who will join me on the Board of Directors. The Saddle discovery is a very exciting and prospective gold property situated within the expansive Tatogga property located in the Golden Triangle in Northern B.C. I look forward to this season's drilling, our second at Saddle South, which is about to get underway."
Renaud Adams stated, "I am very excited to be working with Steve and the GT Gold team as the Company embarks on its new phase of unlocking the full potential of the Saddle discovery and advancing the discovery, which is located in a mining friendly jurisdiction, into a world class asset with significant upside."
The Company further announces, pursuant to the Company’s stock option plan, the granting effective June 13, 2018, of 1,500,000 five-year stock options to directors and officers of the Company. The options vest in three equal tranches at exercise prices as follows: one-third in three months from the date of grant at $0.86, an additional third at $0.96 fifteen months from the date of grant, and the final third at $1.06 twenty-seven months from the date of grant.
About GT Gold
GT Gold Corp. is a new company focused on exploring for gold in the geologically fertile terrain of British Columbia's renowned Golden Triangle. The Company's flagship asset is the wholly-owned, 42,500-hectare Tatogga property, located near Iskut, B.C., very close to roads and grid power. In 2017 the Company achieved a major new high-grade epithermal gold-silver vein system discovery at its Saddle South prospect and, in the last holes of the season close by at Saddle North, a largely-covered porphyry copper-gold-silver system. Geophysical surveying suggests that both may be large in scale, and early drill results suggest that Saddle North bears similarities to the nearby Red Chris deposit, currently being mined by Imperial Metals, and among the richest copper-gold-silver deposits in North America. In November 2017 the Saddle discovery was internationally recognized for its significance, winning the Mines and Money "Exploration Discovery Award". The Company has the backing of major institutions and key Canadian investors and is presently executing a fully funded, 18,000-metre program of expansion drilling on these exciting new discoveries.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
For more information please contact:
GT Gold Corp.
President and CEO
Tel: (613) 622-1916
GT Gold Corp.
Charles J. Greig
Vice President, Exploration
Tel: (250) 492-2331
Cautionary Statement Regarding Forward Looking Statements
This news release contains forward-looking statements and forward-looking information (together, "forward-looking statements") within the meaning of applicable securities laws. All statements, other than statements of historical facts, are forward-looking statements. Generally, forward-looking statements can be identified by the use of terminology such as "plans", "expects", "estimates", "intends", "anticipates", "believes" or variations of such words, or statements that certain actions, events or results "may", "could", "would", "might", "will be taken", "occur" or "be achieved". Forward-looking statements involve risks, uncertainties and other factors disclosed under the heading "Risk Factors" and elsewhere in the Company's filings with Canadian securities regulators, that could cause actual results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking statements. Although the Company believes that the assumptions and factors used in preparing these forward-looking statements are reasonable based upon the information currently available to management as of the date hereof, actual results and developments may differ materially from those contemplated by these statements. Readers are therefore cautioned not to place undue reliance on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed times frames or at all. Except where required by applicable law, the Company disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.