2012-09-17 20:07:46 -
Vancouver, British Columbia - Sacre-Coeur Minerals, LTD. (the "Company") today announced that it has appointed Mr. Bipin Ghelani, C.A., as an interim Director until he stands for election by the shareholders at the Company's next AGM on October 19, 2012. The board has also voted unanimously to appoint Mr. Ghelani as Chairman of its Audit Committee. In addition, Mr. Irwin A. Olian has now resigned as a Director as of the same date, in order to pursue other personal, family and professional interests.
In connection with his appointment to the board of directors, and in consideration of his service as Chairman of its Audit Committee, Mr. Ghelani has been granted incentive stock options, subject to regulatory approvals, to purchase up to
250,000 common shares of the Company's Common Stock. The options are exercisable for a term of three years at a price of CAD $0.145 per share. As with all members of the board, he will receive no other compensation for his services as a director.
Mr. Ghelani has been a self-employed Chartered Accountant since 1988. Prior to that, Mr. Ghelani held senior positions with several international accounting firms including Deloitte and PricewaterhouseCoopers. He has served and continues to serve on the boards of numerous companies which are listed on the TSX Venture Exchange.
Mr. Olian has served on the board of directors of the Company since it was founded in 2004. The Company thanks Mr. Olian for his role as a founding member of the Company, and for the years he served as a director and senior officer. Mr. Olian previously served as the Company's President, CEO and Chairman of the Board. We are very grateful to Mr. Olian for his exceptional leadership over the past years with the Company.
We are delighted to welcome Mr. Ghelani onto the board of directors, and into the role of Chairman of the Company's Audit Committee.
The Company is engaged in the acquisition, exploration, development, and production of properties for gold, metals and diamonds in South America, initially focussing on exploration and production of gold from its properties in Guyana. The Company presently holds 100% interest in approximately 850 sq. km of mineral properties in Guyana, including the Million Mountain Property which hosts an NI 43-101 compliant hard-rock resource of 12,119,285 tonnes grading 1.0 g/t Au Measured, and 2,175,278 tonnes grading 0.9 g/t Au Indicated for a total 451,000 tr oz Au combined. The Company has offices in Vancouver, Canada and Georgetown, Guyana. More information about the Company is available at www.scminerals.com
ON BEHALF OF THE BOARD OF DIRECTORS OF
SACRE-COEUR MINERALS, LTD.
"Gregory B. Sparks"
Gregory B. Sparks, P. Eng.
President & CEO
For further information, contact:
Gregory Sparks, President and CEO
Don Mosher-B&D Capital, Corporate Consultant
Neither 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 release.
This news release may contain "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 or "forward-looking information" within the meaning of applicable Canadian securities laws, which we will refer to as "forward-looking information". Often, but not always, forward-looking information can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "believes" or the negatives thereof or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking information includes, but is not limited to, statements pertaining to development activities, commissioning of environmental studies, application for necessary permits for production operations, metallurgical studies, commissioning of a third party feasibility study, arrangement of financing for development, formal production decisions, business combinations.
We can give no assurance that the forward-looking information will prove to be accurate. Forward-looking information by its nature is based on assumptions and involves known and unknown risks, uncertainties and other factors, including those discussed in the Company's quarterly and annual management discussion and analysis, which are available at www.sedar.com under the Company's profile, any of which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. The forward-looking information is based on a number of assumptions that management believes are reasonable, including but not limited to assumptions about: the price of gold; the financial condition of the Company; anticipated costs and expenditures; estimated production; mineral resources or reserves; and metallurgical recoveries; general business conditions; and the ability to achieve our goals. The forward-looking information is also subject to certain risks, uncertainties and other factors associated with our business, including but not limited to: gold price volatility; risks of not meeting production and cost targets; discrepancies between actual and estimated production; mineral reserves and resources and metallurgical recoveries; mining operational and development risk; litigation risks; regulatory restrictions, including environmental regulatory restrictions and liability; risks of sovereign investment and operating in foreign countries; currency fluctuations; speculative nature of gold exploration; global economic climate; dilution; share price volatility; competition; loss of key employees; additional funding requirements; and defective title to mineral claims or property, as well as those factors discussed in the Company's quarterly and annual management discussion and analysis. Should underlying assumptions prove incorrect, or should one or more of the risks, uncertainties or other factors materialize, actual results may vary materially from those expressed or implied in the forward-looking information.
Forward-looking information is designed to help you understand management's current views of our near and longer term prospects, and it may not be appropriate for other purposes. Forward-looking information is based on the reasonable beliefs, estimates and opinions of management at the date the statements are made and is subject to change without notice. These factors should be carefully considered and viewers are cautioned not to place undue reliance on forward-looking information, which speaks only as of the date of this news release. We will not necessarily update this information unless we are required to by applicable securities laws.
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