Alder Resources Hires New VP of Exploration and Provides Corporate Update
January 27 2011 - 7:00AM
Marketwired
Alder Resources Ltd. ("Alder" or the "Company") (TSX VENTURE: ALR)
is pleased to announce appointment of Marcelo Albuquerque as the
Vice President, Exploration of the Company. Mr. Albuquerque brings
over twenty years of experience to the Alder team. Prior to joining
Alder, Mr. Albuquerque served as the country manager of Colombia
for Vale SA. Mr. Albuquerque holds a degree in Geology from
Brasilia University, as well as an MBA from Fundacao Dom Cabral.
Mr. Albuquerque is fluent in English, Spanish and Portuguese.
In connection with his appointment, Mr. Albuquerque has been
granted 400,000 stock options of the Company. The options have an
exercise price of $0.30 and will vest in quarterly installments
over a two year period, subject to a statutory four month hold
period. The options will expire on January 26, 2015 and are subject
to receipt of all necessary regulatory approvals, including the
approval of the TSX Venture Exchange.
Mr. Albuquerque replaces Mr. Will Randall, as the former Vice
President, Exploration of the Company. The Company would like to
thank Mr. Randall for his work in this role. Mr. Randall will
remain on the Board of Directors of the Company.
The Company also announces that it has entered into a
non-binding letter agreement with a private party to acquire an 80%
interest in certain claims comprising approximately 2,900 hectares
located in the Antioquia area of Colombia. The asset is located
approximately 32 kilometres from Medellin and already has internal
roads to facilitate exploration logistics. Rene Bharti, President
and CEO of the Company states, "We believe this strategic
acquisition of approximately 2,900 hectares of land in a highly
prospective gold region will greatly complement our existing land
package in Colombia."
The Company has received assay results from five (5) drill holes
drilled at its La Montanita property, being MO-10-01 to MO-10-04
and MO-10-07 which indicated results from five samples within the
range of 0.1 to 0.3 g/t Au and one sample at 2.5 g/t Au. While the
assay results indicate no significant gold mineralization at this
point, the Company is awaiting results of the remaining samples and
will report as soon as they are received.
Alder remains focused on making accretive acquisitions for the
Company to build on its La Montanita asset in Colombia. Management
of the Company believes the addition of Marcelo Albuquerque as its
new Vice President, Exploration will make the Company a well
rounded Colombian player. The Company remains motivated by its
healthy balance sheet and capital structure, which management
believes, will allow the Company to further in increase the scope
of its land package in Colombia in the upcoming months.
In addition, the Company would like to announce that it has
appointed Don Dudek, P.Geo to the Board of Directors of the
Company. Mr. Dudek will be an independent member of the Board. Mr.
Dudek currently serves as the VP Exploration for Avion Gold
Corporation, and brings over 30 years of experience to the board.
In addition, Mr. Dudek has been granted 100,000 stock options of
the Company. The stock options have an exercise price of $0.30 and
will vest immediately, subject to a statutory four month hold
period. The options will expire on January 26, 2015 and remain
subject to receipt of all necessary regulatory approvals, including
the approval of the TSX Venture Exchange.
Will Randall and Marcelo Albuquerque, qualified persons under NI
43-101, have reviewed and approved the scientific and technical
information in this press release.
About Alder Resources
Alder Resources is a Colombian-based company focused on gold
development at its La Montanita property 40 km northeast of
Medellin, as well as accretive acquisitions in the area. The La
Montanita property is approximately 80 km from Continental Gold's
Buritica asset (See Map at
http://media3.marketwire.com/docs/alr0127.pdf).
Cautionary Note Regarding Forward-looking Information
This press release contains "forward-looking information" within
the meaning of applicable Canadian securities legislation.
Forward-looking information includes, without limitation,
statements regarding the commencement of the drill program at the
Property, statements with respect to the development potential and
timetable of the Property; the potential to identify mineral
resources on the Property; the timing and amount of estimated
future exploration, success of mining activities; and receipt of
government approvals. Generally, 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 state that certain actions, events or results "may",
"could", "would", "might" or "will be taken", "occur" or "be
achieved". Forward-looking information is subject to known and
unknown risks, uncertainties and other factors that may cause the
actual results, level of activity, performance or achievements of
the Company to be materially different from those expressed or
implied by such forward-looking information, including but not
limited to: general business, economic, competitive, geopolitical
and social uncertainties; the actual results of current exploration
activities; risks associated with operation in foreign
jurisdictions; ability to successfully integrate the purchased
properties; foreign operations risks; and other risks inherent in
the mining industry. Although the Company has attempted to identify
important factors that could cause actual results to differ
materially from those contained in forward-looking information,
there may be other factors that cause results not to be as
anticipated, estimated or intended. There can be no assurance that
such information will prove to be accurate, as actual results and
future events could differ materially from those anticipated in
such statements. Accordingly, readers should not place undue
reliance on forward-looking information. The Company does not
undertake to update any forward-looking information, except in
accordance with applicable securities laws.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: Alder Resources Ltd. Rene Bharti President and CEO
(416) 861-5913 rbharti@alderresources.ca
rbharti@alderresources.ca
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