South Star Mining Announces CEO Change as it Advances the Santa Cruz Graphite Project
TSX VENTURE: STS
Vancouver, B.C. - TheNewswire - June 17th, 2019 - South Star Mining Corp. ("South Star" or the "Company") (TSXV: STS) (OTCQB: STSBF) would like to announce that, as part of the Company's ongoing transition to become a leading producer of flake graphite, it has named Mr. Richard L. Pearce Jr. as its new President and Chief Executive Officer. Mr. Eric Allison will step down as CEO while continuing to assist the Company as a member of the Board of Directors.
Mr. Pearce, a Director of STS since June of 2018, is an engineer, economist and a founding principal of Brasil Insight Capital and Frontera Minerals. He has over 20 years of experience in planning and managing complex operations including technical design, project development, business administration, deal origination, market studies, risk assessment and corporate advisory. Mr. Pearce is a Qualified Person (QP) as defined by National Instrument 43-101. A graduate of the Colorado School of Mines, he is based in Sao Paulo, Brazil and is fluent in English, Portuguese and Spanish. In connection with his new appointment, Mr. Pearce has been granted 90,000 five-year options to purchase shares of the Company at a price of C$0.15 per share.
Dave McMillan, Chairman of South Star stated "We are very excited to have someone of Richard's caliber to lead us through the next critical phases of Santa Cruz as we complete our pre-feasibility study, obtain all necessary permits and licenses, and build and commission the mine. His mine-building experience and thorough understanding of operating in Brazil will be invaluable." Mr. McMillan added "We would also like to thank Eric for his vision, commitment and tireless work throughout the early stages of South Star. He was instrumental in the development of the Company's strategy, its initial financing and the acquisition of Santa Cruz. We look forward to his continuing contribution to the Company as a member of the Board."
The Company also wishes to announce that Mr. Allen Ambrose, a Director since May 2017, has decided to retire and is resigning from the Board. South Star would like to thank Allen for his service and valuable contributions to its growth and success. The Company wishes him the best in his future endeavors.
ABOUT SOUTH STAR MINING CORP.
South Star Mining Corp. is focused on the acquisition and development of near-term mine production projects in Brazil to maximize shareholder value. The Company is currently developing the Santa Cruz Graphite Project in the Brazil state of Bahia. The Project lies within the Aracuai Belt which hosts several productive mines with over 70 years of continuous flake graphite production. The mineralized deposits are at or near surface and hosted in amphibolite grade paragneiss along a NW-SE trending sinistral thrust fault. The saprolitic host rock is free-digging and the mine will require no drilling or blasting. Over 60% of the contained graphite flakes are classified as jumbo, extra-large and large. The Project is 5 km from the town of Itabela and has direct access to all needed infrastructure, labor and equipment. The Company intends to complete a Pre-feasibility Study ("PFS") and file all necessary applications and information for a Guia de Utilizacao or Trial Mining License. An updated Mineral Resource Estimate will be released this month. Completion of the PFS report and all license filings is forecast for Q3 2019. To learn more, please visit the Company website at www.southstarmining.com.
Richard L. Pearce is a Qualified Person as defined by National Instrument 43-101 and is responsible for the preparation and approval of the technical information disclosed in this news release.
On behalf of the Board,
Mr. Dave McMillan
Ph: +1 (778) 773-4560
For additional information, please contact:
Mr. Kris Kottmeier
VP Corp Communications
Ph: +1 604 506-2502
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
This news release and the PEA contain references to inferred resources. The PEA is preliminary in nature and includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves. There is no certainty that the PEA will be realized.
This news release contains "forward-looking information" within the meaning of applicable securities laws. Generally, any statements that are not historical facts may contain forward-looking information, and forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or indicates that certain actions, events or results "may", "could", "would", "might" or "will be" taken, "occur" or "be achieved". Although the Company believes in light of the experience of its officers and directors, current conditions and expected future developments and other factors that have been considered appropriate, that the expectations reflected in this forward-looking information are reasonable, undue reliance should not be placed on them because the Company can give no assurance that they will prove to be correct. Readers are cautioned to not place undue reliance on forward-looking information. Actual results and developments may differ materially from those contemplated by these statements.