Emgold Appoints New Independent Director
May 22 2012 - 8:30AM
Marketwired Canada
Emgold Mining Corporation (TSX VENTURE:EMR)(OTCQB:EGMCF)(FRANKFURT:EML)
("Emgold" or the "Company") is pleased to announce the appointment of Mr. Andrew
MacRitchie, C.A. as an independent Director of the Company. Mr. MacRitchie holds
a B.S.C. Honors degree from the University of British Columbia and received his
Chartered Accountant designation in 2003 while articling with
PricewaterhouseCoopers. Between 2003 and 2007 he worked for Quorum Management
Services as Corporate Controller. Quorum provides accounting services for a
group of exploration stage companies (including Emgold) with corporate offices
in Vancouver, B.C. and gold, silver, and base-metal projects located in North
and South America. In 2007, Andrew joined Helio Resource Corp., a gold
exploration company with projects located in Africa, as Chief Financial Officer.
Mr. MacRitchie is a Director of the Kidney Foundation of Canada. He will bring
to Emgold's Board over 10 years of accounting experience in the mining industry
and will serve as Chair of Emgold's Audit Committee.
Mr. MacRitchie has been granted a total of 200,000 incentive stock options,
exercisable at CDN$0.15 per share for a five-year period and expiring May 22,
2017. The stock options were issued in accordance with the Company's 10% rolling
stock option plan ("the Plan") adopted by the Company's shareholders on June 8,
2005. The Plan is approved annually by shareholders and was last approved on
September 6, 2011.
About Emgold Mining Corporation
Emgold is in the process of completing an Environmental Impact Report ("EIR")
for the Idaho-Maryland Project in California, with a targeted completion date of
2013, subject to financing. The Idaho-Maryland Mine produced 2.4 million ounces
of gold at an average recovered grade of 0.43 ounces per ton between 1862 and
1956. Once the EIR is complete and permits are obtained, the Company plans to
dewater and rehabilitate the historic underground workings, conduct underground
exploration, and ultimately construct a high grade underground gold operation
capable of producing over 200,000 ounces of gold per year. Emgold has delineated
a National Instrument 43-101 compliant mineral resource at Idaho-Maryland as
shown in Table 1 below (Technical Report available at www.emgold.com).
Table 1
Idaho-Maryland Project Resources
----------------------------------------------------------------------------
Resource Short Tons Gold Grade Gold
Type (millions) (ounces per ton) Ounces
----------------------------------------------------------------------------
Measured 1.10 0.21 212,000
----------------------------------------------------------------------------
Indicated 0.57 0.48 259,000
----------------------------------------------------------------------------
Measured and Indicated 1.67 0.28 472,000
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Inferred 2.57 0.39 1,002,000
----------------------------------------------------------------------------
Management believes the exploration target at Idaho-Maryland is 3 to 5 million
ounces of gold, subject to additional diamond drilling that will be completed
from underground once the mine is permitted and dewatered. Note that this target
is conceptual in nature, and there has been insufficient exploration to define a
mineral resource other than as disclosed in the table above, and it is uncertain
if further exploration will result in any further delineation of a mineral
resource. The target is based on projecting historic production and current
resources to a depth of 5,000 feet.
Emgold has several other early to mid stage exploration properties. These
include the Buckskin Rawhide and Koegel Rawhide gold properties in Nevada and
the Stewart and Rozan poly-metallic properties in British Columbia where it is
conducting exploration activities.
Note that technical information in this press release has been reviewed and
approved by Mr. Robert Pease, P.Geo., a Qualified Persons as defined in National
Instrument 43-101. Mr. Pease is responsible for supervising the technical work
related to the Idaho-Maryland Project.
On behalf of the Board of Directors
David G. Watkinson, P.Eng., President & CEO
This release was prepared by the Company's management. For more information on
the Company, investors should review the Company's filings that are available at
www.sedar.com or the Company's website at www.emgold.com. This news release
includes certain statements that are "forward-looking statements" within the
meaning of applicable securities laws including statements regarding the timing
of completion of the Final EIR on the Idaho-Maryland Project, the Company's
planned work programs, exploration potential, expected results, and other
statements. Forward-looking statements are based on certain assumptions of the
Company, including that the City of Grass Valley and its consultants, which are
funded by Emgold, will complete the EIR in a reasonable timeframe, the City of
Grass Valley will certify the EIR as complete, and the City of Grass Valley will
approve the Conditional Use Permit for the mine and approve other entitlements
under their authority. They assume other permitting agencies overseeing the
project on a local, state and federal level will grant the permits needed for
mining construction and operation. They assume that actual results of
exploration, development, and production activities are consistent with
management's expectations, that assumptions relating to mineral resource
estimates and exploration targets are accurate, and that necessary financing is
available to complete the required exploration work. They include assumptions
about production rates, production grades, and gold recoveries. Although the
Company believes the expectations expressed in such forward-looking statements
are based on reasonable assumptions, such statements are not guarantees of
future performance and actual results or developments may differ materially from
those in the forward-looking statements. Factors that could cause actual results
to differ materially from those in forward-looking statements include
exploration results that are different than those anticipated, inability to
raise or otherwise secure capital to fund planned permitting, exploration, mine
construction and development, and mine operations. Other risk factors include
changes in metal prices, the price of the Company's shares, the costs of labour,
the cost of equipment, the cost of supplies, actual development and mining
operation successes, exploitation and exploration successes, approvals by
federal, state, and local agencies, permitting delays, legal challenges to
permits, general economic, market or business conditions, and other factors
beyond the control of the Company. Investors are cautioned that any such
statements are not guarantees of future performance and actual results or
developments may differ materially from those projected in the forward-looking
statements. The Company does not intend to update or revise any forward-looking
information whether as to a result of new information, future events or
otherwise, except as required by law.
U.S. 20-F Registration: 000-51411
Emergent Metals (TSXV:EMR)
Historical Stock Chart
From Jan 2025 to Feb 2025
Emergent Metals (TSXV:EMR)
Historical Stock Chart
From Feb 2024 to Feb 2025
