Marimaca
Announces Changes to Board
and Senior
Management Team
Vancouver,
British Columbia, April
26,
2021 --
InvestorsHub NewsWire -- Marimaca
Copper
Corp. ("Marimaca
Copper"
or the "Company") (TSX:
MARI) is pleased to
announce
several changes
to the structure of its board and
senior
management team as it positions itself for the transition from
explorer to developer and, eventually, copper
producer.
Highlights
-
Mr. Mike
Haworth transitions from Executive to Non-Executive
Chair
-
Current
President,
Mr.
Hayden
Locke,
to assume
the role of Chief
Executive Officer and join the Board
of Directors
-
Ms.
Petra
Decher
to assume
the role of Chief
Financial Officer and step down
from the Board of
Directors
-
Mr. Colin
Kinley to succeed Ms. Decher
as Lead
Independent Director and Chair
of the Audit Committee
-
Creation
of the role of Chief Operating Officer, to be assumed by
Mr.
Luis
Tondo
-
Appointment
of Ms. Laura Rich as General Counsel and Corporate
Secretary
-
Mr.
Clive
Newall
appointed as a member of the Audit Committee and
Compensation & ESG Committee
-
Final
assay results from Marimaca
Sulphide
Target drilling expected to be
received at the
end of April
Mike Haworth,
Chair
of
the Board of Directors of
Marimaca
Copper,
commented:
"As we move forward with the development of the
Marimaca
Oxide Deposit
("MOD"), we are entering an exciting but often challenging
transition phase in any junior mining company's development. These
difficulties are exacerbated by the restrictions on travel caused
by the pandemic, which has limited the ability of our team to
travel to and from Chile.
"There will be an increasing focus on corporate development and
finance outside of Chile as these aspects become more critical in
the lead up to financing the MOD. The role of our Chile-based
executive team also becomes even more important in building our
base management processes, expanding our technical team and setting
the culture for our future operations.
"Hayden, Petra and Laura are
all
experienced mining executives with deep capital markets and
corporate experience and have been part of management teams
navigating this transition several times. Their financial and
corporate skill sets are complemented by Luis's, an experienced
project executor and mine operator, who will transition to a role
that will allow him to focus on the execution of our development
strategy and the critical day-to-day management of our Chilean
operations.
"Marimaca
is a unique project, and we are committed to its progression
towards development and ultimately production. In parallel, we are
continuing our exploration efforts to grow our current mineral
resource inventory and we continue to be extremely excited by the
results we see in the various exploration programs underway.
The assays for the last holes at the
Marimaca
Sulphide Target are expected towards the end of this week.
"We would like to thank Luis for his contribution and leadership
over the last four years, during which we
have
drilled out the MOD to a significant mineral resource and delivered
a
compelling
PEA which indicated it has fantastic potential
once
in operation. 2021 and 2022 will be pivotal years for
Marimaca
Copper and the changes we have made to our executive team
strengthen our transition beyond explorer and developer to our
eventual goal of producing copper."
General
Operational Update
The
Company continues to make progress with the various technical
workstreams associated with the MOD including the Phase 5
metallurgical test work program, geohydrology and hydrology,
geotechnical studies, and investigations and engagement on power
and water. In addition, it continues to complete various surface
exploration programs including geochemical sampling and mapping
across its large land package. Finally, the Company will imminently
commence a detailed option trade-off study, which will assist the
Company to define the basis of design that will be taken into the
Feasibility Study, which is expected to commence in the second half
of 2021.
Marimaca
Copper
continues to monitor the situation with respect to COVID-19 in
Chile and has implemented systems and processes to ensure the
safety of its people and assets during this challenging
period. The
Company continues to make good progress on the various technical
workstreams it had planned for 2021 and does not expect any
material delays to its development timelines at this
stage.
Contact
Information
For further
information please visit www.marimaca.com or contact:
Tavistock
+44 (0)
207 920 3150
Jos
Simson/Emily Moss
marimaca@tavistock.co.uk
Forward
Looking Statements
This news
release includes certain "forward-looking statements" under
applicable Canadian securities legislation. There can be no
assurance that such statements will prove to be accurate, and
actual results and future events could differ materially from those
anticipated in such statements. Forward-looking statements reflect
the beliefs, opinions and projections on the date the statements
are made and are based upon a number of assumptions and estimates
that, while considered reasonable by Marimaca
Copper, are
inherently subject to significant business, economic, competitive,
political and social uncertainties and contingencies. Many factors,
both known and unknown, could cause actual results, performance or
achievements to be materially different from the results,
performance or achievements that are or may be expressed or implied
by such forward-looking statements and the parties have made
assumptions and estimates based on or related to many of these
factors. Such factors include, without limitation: risks related to
share price and market conditions, the inherent risks involved in
the mining, exploration and development of mineral properties, the
uncertainties involved in interpreting drilling results and other
geological data, fluctuating metal prices, the possibility of
project delays or cost overruns or unanticipated excessive
operating costs and expenses, uncertainties related to the
necessity of financing, the availability of and costs of financing
needed in the future as well as those factors disclosed in the
annual information form of the Company dated March 29, 2021, the
final short form base prospectus and other filings made by the
Company with the Canadian securities regulatory authorities (which
may be viewed at www.sedar.com).
Accordingly, readers should not place undue reliance on
forward-looking statements. Marimaca
Copper
undertakes no obligation to update publicly or otherwise revise any
forward-looking statements contained herein whether as a result of
new information or future events or otherwise, except as may be
required by law.
Neither the
Toronto Stock Exchange nor the Investment Industry Regulatory
Organization of Canada accepts responsibility for
the adequacy or accuracy of this release.
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