Vancouver, British Colimbia (FSCwire) - VANGOLD RESOURCES LTD. (TSXV:VAN) (OTC:VNGRF) (the "Company" or "Vangold") is pleased to announce the appointments of Mr. Mark Ashley, Mr. Hernan Dorado Smith and Mr. Cameron Scott King to the Board of Directors of Vangold.
Mr. Ashley, who is joining the board as a non-executive director, is a successful resource executive with over 30-years’ experience in asset selection, mine development and corporate and strategic optimizations. Vangold will be relying on Mr. Ashley to bring his in-depth knowledge of the technical, commercial, and financial aspects to the development of the El Pinguico Mine. As CEO of LionOre Mining International based in Australia, Mr. Ashley led the successful growth of the company culminating in its takeover by Norilsk Nickel in 2007 for US$7 Billion. He has held senior executive roles with several internationally listed entities including Normandy Mining, Cluff Resources, Kagara Zinc and Apex Minerals. Mr. Ashley was also a director of the Australian Gold Council, the Royal Flying Doctor Service (Western Australia) and a Council Member for Curtin University (in West Australian). He has significant international corporate finance experience in the mining and resource sector and has worked for extensive periods in China, Turkey, UK and Australia. Mr. Ashley is a Fellow of the Chartered Institute of Management Accountants.
Mr. Hernan Dorado Smith is a 5th generation mining engineer and possesses 15 years of underground and open pit mining experience. He has in-depth and local knowledge of the El Pinguico mine and the surrounding geological formation. Hernan has worked with several world class producers on major projects, such as, New Gold at Peak Mine, Australia and Rainy River, Canada; Panamerican Silver at Navidad, Argentina and La Preciosa, Mexico. His experience at the various stages of mining, pre-feasibility, feasibility, construction and operations bring considerable value to Vangold. Hernan graduated as a Mining Engineer from Universidad de Guanajuato in 2003, received an Executive MBA from Escuela Europea de Negocios, Salamanca in 2013, and is a member of the Mining of the Mineral and Metallurgical Society of America (MMSA).
In addition, Vangold is also pleased to announce the appointment of Mr. Cameron King as a Director and Vangold’s new President and CEO. Mr. King brings over 25 years’ experience in investment banking strategy, mergers and acquisitions and building corporate development relationships. Mr. King was a member of the Corporate Banking team with the Bank of Nova Scotia specializing in M&A and Senior VP Mid-Market Finance with Jendens Financial, London UK. Throughout Mr. King`s career, he has held director positions with Petro Novus AG, Endeavor Energy, Quest Oil and Holloman Energy Corporation. Mr. King founded the mining engineering firm Camline Mining Wear Technologies Ltd. in 1994, specializing in mineral processing, operations and efficiencies. Mr. King obtained his MBA in 1991 from Lake Superior State University, Michigan and holds a degree in Chemical Engineering and Bachelor of Commerce from McMaster University.
Mr. Dal Brynelsen has stepped down as President and CEO, but will remain as a director and Chairman of the Board. Vangold is extremely grateful for his almost 30 years of dedication to Vangold, and we will continue to rely on Dal`s guidance, experience and success. He is a founding director of Griffin Mining Limited (LSE:GFM), which is one of the few western mining companies operating in China.
Mr. Keith Anderson has also resigned as director of the Company. Vangold would like to thank Mr. Keith Anderson for his continued support and wishes him the very best in his future endeavours.
Vangold Closes Non-Brokered Private Placements
The company is pleased to announce that it has closed the final tranche of its $500,000 non-brokered private placement of $0.05 units (the “$0.05 Placement” – see news release dated December 13, 2016) and its $500,000 non-brokered private placement of $0.09 units (the “$0.09 Placement” – refer news release dated February 23, 2017).
The final tranche of the $0.05 Placement consisted of 3,500,000 units at a price of $0.05 per unit for gross proceeds of $175,000 (for unit terms, see news release dated December 13, 2016). The securities issued in the final tranche have a hold period expiring August 25, 2017.
The $0.09 Placement consisted of 5,555,556 units at a price of $0.09 per unit for gross proceeds of $500,000 (for unit terms, see news release dated February 23, 2017). Finder’s fees were paid in the amount of $10,500 and 116,667 finder’s warrants. All securities issued in the $0.09 Placement have a hold period expiring August 25, 2017.
ABOUT THE COMPANY
Vangold is a development stage silver company, focused on silver and gold production in Mexico and is aggressively pursuing its business plan of becoming a senior producer through the development of its existing mineral property assets and the pursuit through acquisition of additional mineral assets which contribute to Vangold achieving its aggressive corporate growth objectives.
