TORONTO, Dec. 21, 2012 /CNW/ - Miocene Metals Limited
(TSX-V: MII) (the "Company" or "Miocene Metals") today
announced the resignation of the current President and CEO,
Bruce Jago, as officer of the
Company to be effective January 1,
2013. Mr. Jago will remain on the Board of Directors of the
Company, and will be available to provide technical advisory
services to the Company. The duties of the Chief Executive Officer
will be assumed by the Company's Executive Chairman, Mr. Alar
Soever on an interim basis. Mr. Soever is also Executive Chairman
of the Company's largest shareholder, Wallbridge Mining Company
Limited (TSX:WM). Mr. James J.
Jackson has been appointed Lead Independent Director.
The Company would like to thank Mr. Jago for his
service and valuable contribution to the Company and wishes him
well in his future endeavours.
The Company also announced that, in view of the
current economic climate, it has implemented measures to reduce
corporate overhead costs. These include renegotiation of key
contracts and consolidation of its Vancouver office with that of its major
shareholder, Wallbridge Mining Company Limited, which provides the
Company with accounting and administrative services and with whom
it shares a Chief Financial Officer. As part of the cost
cutting measures the Company has terminated the investor relations
services of SummitRG effective December 31,
2012.
The Company continues to enjoy the support of
its major shareholder, Wallbridge and is in the process of
renegotiating the terms of the line of credit facility ("LOC") with
Wallbridge (see press release dated June 14,
2012 for terms of this facility). As an interim step,
1) Wallbridge has agreed to provide an additional loan of
$50,000 to be drawn in Quarter 1,
2013 on a dollar for dollar basis against equity injections; 2) the
LOC will carry an interest rate of 12% effective January 1, 2013.
The Company continues in its efforts to secure
major partner funding for its exploration efforts on its
British Columbia properties.
Large mineralized porphyry copper-gold systems have been identified
on both the Mackenzie and Rogers Creek properties, and these
properties will be the focus of future exploration programs.
About Miocene Metals Limited
Miocene Metals is focused on the exploration of
six porphyry copper-gold-molybdenum properties in south-western
British Columbia that occur within
the Tertiary-aged Cascade Magmatic Arc. The Cascade Arc shares many
geological characteristics with Tertiary-age porphyry belts that
stretch the length of Chile and
Peru in South America and hosts some of the world's
largest porphyry copper-gold-molybdenum deposits. The Cascade
Magmatic Arc hosts a number of significant porphyry Cu-Au and Mo
deposits in Washington State, and
Alaska (Glacier Peak and Margaret,
and Quartz Hill respectively) but remains largely unexplored in
British Columbia.
Neither the TSXV nor its Regulation Services
Provider (as that term is defined in the policies of the TSXV)
accepts responsibility for the adequacy or accuracy of this
release.
FORWARD-LOOKING STATEMENTS
This news release contains forward-looking
information that involves substantial known and unknown risks and
uncertainties, most of which are beyond the control of the
Corporation, including, without limitation, those listed under
"Risk Factors" and " Forward-Looking Statements" in the
Corporation's Final Prospectus (collectively, "forward-looking
information"). Forward-looking information in this news release
includes, but is not limited to, information concerning the
Corporation's expectations and estimates regarding the
Corporation's drilling program. The Corporation cautions investors
about important factors that could cause actual results to differ
materially from those projected in any forward-looking statements
included in this news release. Any statements that express, or
involve discussions as to, expectations, beliefs, plans,
objectives, assumptions or future events or performance are not
historical facts and may be forward-looking and may involve
estimates, assumptions and uncertainties which could cause actual
results or outcomes to differ materially from those expressed in
such forward-looking statements. No assurance can be given that the
expectations set out in the Corporation's Final Prospectus or
herein will prove to be correct and accordingly, prospective
investors should not place undue reliance on these forward-looking
statements. These statements speak only as of the date of this
press release and the Corporation does not assume any obligation to
update or revise them to reflect new events or circumstances. The
Corporation disclaims any intention or obligation to update or
revise any forward-looking statements, whether as a result of new
information, future events or otherwise, save and except as may be
required by applicable securities laws.
SOURCE Miocene Metals Limited