MONTREAL, QUEBEC--(Marketwired - Jan. 18, 2017) - Maurice Giroux, director of Stellar AfricaGold Inc. (TSX VENTURE:SPX) ("Stellar" or the "Company") is pleased to announce:
Management Changes
John Cumming has been appointed as a director of the Company. Mr. Cumming will also assume the office of President and Chief Executive Officer of the Company.
Mr. Cumming, a corporate, securities and mining lawyer and businessman, has been active in the Canadian securities markets and resource exploration sector for 40 years. Mr. Cumming was the senior securities and mining law partner at a Vancouver law firm until 1992. Mr. Cumming was a founding shareholder of St. Philips Resources Inc. which, in joint venture with the Hunter Dickinson Group, found the Kemess gold copper mine. Both joint venture companies were sold in 1996 in a $200 million take-over bid. Over its life the mine produced approximately 3 million ounces of gold and 800 million pounds of copper.
Mr. Cumming presently serves as Executive Vice-President and CFO of Merrex Gold Inc., a company that has been active in the West African gold space for over 10 years. In 2014 Merrex's Siribaya Gold Project (50/50 joint venture with IAMGOLD Corporation) discovered the Diakha gold deposit in West Mali. In December 2016 the Merrex management team successfully negotiated the sale of Merrex to IAMGOLD Corporation in a $40 million share transaction expected to close in Q1 2017. (Merrex Gold News Release December 22, 2016)
Mr. Cumming holds Bachelor of Arts and Bachelor of Laws degrees from the University of British Columbia and a Masters in Laws degree with specialty in corporate and commercial law from King's College, University of London. Mr. Cumming has served as a director and officer of numerous public resource corporations since beginning his legal career in 1978.
"I want to welcome Mr. Cumming to Stellar AfricaGold" commented director Maurice Giroux. "Recent years have been difficult for junior exploration companies and Mr. Cumming has successfully helped guide Merrex Gold Inc. through that period. Amongst his first tasks in his role at Stellar the board has asked Mr. Cumming to fully evaluate Stellar's assets, to prepare a near and medium-term corporate plan to advance those assets and to grow the Company, and to report to the board as soon as that assignment is completed. I also want to acknowledge Raymond Cloutier who is resigning as a director and thank him for his service to Stellar and its shareholders."
Other changes to the board and management include: Raymond Cloutier has resigned as a director and Corporate Secretary; Mr. Giroux has resigned as President and CEO and been appointed as Vice President Exploration and Chief Operating Officer overseeing the Company's exploration and property acquisition activities in Canada and Africa; J. François Lalonde has resigned as COO and been appointed as Corporate Secretary and to the newly created office of Vice-President Corporate Development.
Grant of Stock Options
The Company has granted 1,250,000 incentive stock options to directors and officers of the Company. The options are for a five year term exercisable at $0.05 per share, are fully vested and are granted pursuant and subject to the Company's approved Stock Option Plan and required regulatory approvals.
About Stellar AfricaGold Inc.
Stellar AfricaGold Inc. is a Canadian-based mineral exploration company headquartered in Montreal, Quebec, with gold projects in West Africa and Quebec.
The Company is pursuing the promising gold potential of its Balandougou Project in Guinea, with particular focus on the B3 oxide zone which is at an advanced exploration stage, and its early stage Namarana project in southern Mali.
The Company also owns 100% of the Opawica, Eastmain Belt North and South and Terrax Option, all in the Chibougamau and James Bay area of Quebec, Canada.
For further details about the Company's exploration activities visit Stellar's website at www.stellarafricagold.com.
