TORONTO, May 9, 2022
/CNW/ - Karora Resources Inc. (TSX: KRR) (OTCQX: KRRGF) ("Karora"
or the "Corporation") is pleased to announce the appointment of Mr.
Tony Makuch to the role of Special
Advisor to the Corporation. Mr. Makuch brings extensive gold
industry management, technical and operating experience, most
recently as former CEO and director of Agnico Eagle Mines
Limited.
Paul A Huet, Chairman and CEO of Karora, commented "I am
thrilled to welcome Tony Makuch to
the Karora team. Having worked with Tony personally in the past, I
am honoured we will have his guidance as we move forward. Tony's
willingness to join the Karora team is a strong endorsement of the
Company we have built at Karora as well as its promising growth
potential. Tony has a strong track record of growing mining
companies as demonstrated during his extremely successful tenure
leading Kirkland Lake Gold as CEO
from 2016 until its merger with Agnico in early 2022. He also has
led several very successful mining operations during his 35+ year
career in mining. I look forward to Tony's contributions to Karora
and am very excited to benefit from his experience, insights and
guidance which will be invaluable as we continue to unlock Karora's
full potential."
Tony Makuch added, "The Board of
Directors and Paul's team at Karora have done an excellent job in
both growing the operational base and building significant value
for shareholders. I look forward to working with Paul and
supporting him in the next stages of the strategic growth for
Karora."
Tony Makuch has over 35 years of
mining industry experience and was
previously President, CEO and Director of
Kirkland Lake Gold Ltd ("Kirkland"). During his five-year tenure as
CEO of Kirkland, Mr. Makuch led the transformation of the company,
with annual gold production increasing from 315,000 oz to over
1,400,000 oz, the market capitalization of the company increasing
from approximately $1 billion to over
$13 billion and Kirkland's share
price increasing over 530%. These milestones were achieved on the
back of two successful acquisitions, industry-leading operational
performance and significant exploration success and ultimately
culminated in Kirkland's merger with Agnico Eagle Mines Limited in
2022.
Prior to joining Kirkland, Mr. Makuch was President and CEO at
Lake Shore Gold Inc., from 2008 until its acquisition by Tahoe
Resources Inc. in 2016, when he became the Executive Vice-President
and President of Canadian Operations. From 2006 to 2008 Mr. Makuch
was Senior Vice President and Chief Operating Officer for FNX
Mining Company Inc. From 1998 to 2005 he held progressively senior
positions with Dynatec Corporation, including VP Operations. From
1992 to 1998, Mr. Makuch worked with Kinross Gold Corporation at a
number of their Canadian operations.
Mr. Makuch is a Professional Engineer (P.Eng) and holds a Bachelor of Science Degree
(Honours Applied Earth Sciences) from the University of Waterloo (Ontario), and both a Master of Science Degree
in Engineering and a Master of Business Administration from
Queens University (Ontario) and has
obtained the Institute of Corporate Directors ICD.D designation
from the University of Toronto Rotman
School of Business.
About Karora Resources
Karora is focused on increasing gold production to a targeted
range of 185,000-205,000 ounces by 2024 at its integrated Beta Hunt
Gold Mine and Higginsville Gold Operations ("HGO") in Western Australia. The Higginsville treatment
facility is a low-cost 1.6 Mtpa processing plant, expanding to a
planned 2.5 Mtpa by 2024, which is fed at capacity from Karora's
underground Beta Hunt mine and Higginsville mines. At Beta Hunt, a
robust gold Mineral Resource and Reserve is hosted in multiple gold
shears, with gold intersections along a 4 km strike length
remaining open in multiple directions. HGO has a substantial
Mineral gold Resource and Reserve and prospective land package
totaling approximately 1,900 square kilometers. The Company also
owns the high grade Spargos Reward project, which came into
production in 2021. Karora has a strong Board and management team
focused on delivering shareholder value and responsible mining, as
demonstrated by Karora's commitment to reducing emissions across
its operations. Karora's common shares trade on the TSX under the
symbol KRR and also trade on the OTCQX market under the symbol
KRRGF.
Cautionary Statement Concerning
Forward-Looking Statements
This news release contains "forward-looking information"
including without limitation statements relating to the timing for
the completion of technical studies, liquidity and capital
resources of Karora, production guidance, the completion of the HGO
mill expansion and the potential of the Beta Hunt Mine,
Higginsville Gold Operation and the Spargos Gold MIne and the
timing for production at the Spargos Gold Mine.
Forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance or achievements of Karora to be materially different
from any future results, performance or achievements expressed or
implied by the forward-looking statements. Factors that could
affect the outcome include, among others: future prices and the
supply of metals; the results of drilling; inability to raise the
money necessary to incur the expenditures required to retain and
advance the properties; environmental liabilities (known and
unknown); general business, economic, competitive, political and
social uncertainties; results of exploration programs; accidents,
labour disputes and other risks of the mining industry; political
instability, terrorism, insurrection or war; or delays in obtaining
governmental approvals, projected cash operating costs, failure to
obtain regulatory or shareholder approvals. For a more detailed
discussion of such risks and other factors that could cause actual
results to differ materially from those expressed or implied by
such forward-looking statements, refer to Karora 's filings with
Canadian securities regulators, including the most recent Annual
Information Form, available on SEDAR at www.sedar.com.
Although Karora has attempted to identify important factors
that could cause actual actions, events or results to differ
materially from those described in forward-looking statements,
there may be other factors that cause actions, events or results to
differ from those anticipated, estimated or intended.
Forward-looking statements contained herein are made as of the date
of this news release and Karora disclaims any obligation to update
any forward-looking statements, whether as a result of new
information, future events or results or otherwise, except as
required by applicable securities laws.
SOURCE Karora Resources Inc.