VANCOUVER, BC, June 10, 2021 /CNW/ - Southern Empire
Resources Corp. ("Southern Empire") (TSXV: SMP) announces the
appointment of P.E. (Ted) Kavanagh
to the board of directors and the resignation of Latika Prasad as a director.
"We would like to thank Latika for her help and guidance in
the formative stages of Southern Empire and we wish her all the
best in her future endeavours" stated Southern Empire's
Chairman Ron Netolitzky.
Southern Empire's CEO, Dale
Wallster stated: "As Southern Empire continues to
explore, develop and expand its exposure in southern North America, the addition of global mine
financing and mergers and acquisitions experience has moved to the
forefront of our governance needs. With the appointment of
Ted Kavanagh, Southern Empire adds
over forty years of significant exploration and mine finance
experience. This is a meaningful step forward in our drive to be a
leading exploration and development company."
Mr. Kavanagh is an accomplished executive who most recently was
Director of Metals & Mining Finance, Americas for Société
Générale where he originated and executed corporate and project
finance facilities, marketed metals and foreign exchange hedging
and trading lines, and provided related advisory services. From
1991 until joining Société Générale in 2013, he acted in a similar
capacity for a series of banks including Standard Americas, Inc.
(Standard Bank), HSBC Securities (USA) Inc., HSBC Securities (Canada) Inc., Republic National Bank of
New York and Mase Westpac Inc.
Prior to 1991, Ted held senior geological and business
development positions with companies including FMC Gold Company,
Meridian Minerals Corporation and Denison
Mines (US) Inc.
Ted holds a Master's degree in Geology from Dartmouth College where his thesis explored
the origin of copper mineralization at the Carr Fork deposit, last
mined by Kennecott Copper Corporation, a subsidiary of Rio Tinto
plc, as part of their Bingham Canyon operations in Utah. He is also a graduate of Western University where he completed his Honours
Bachelor of Science thesis on porphyry copper-type mineralization
in the Chibougamau Complex, Quebec.
Southern Empire also announces that it has granted an aggregate
of 400,000 incentive stock options (the "Options"), having an
exercise price of $0.30 per
share. The Options can be exercised for a period of five
years from the date of grant and are subject to the policies of the
TSX Venture Exchange.
About Southern Empire Resources Corp.
Southern Empire is focused on the acquisition, exploration and
development of metals and minerals deposits in North America.
In the Cargo Muchacho mountains of Imperial County, California, Southern Empire
owns 100 per cent of the historical gold-producing American Girl
mine property and holds options to acquire a 100-per-cent interest
in the adjacent 2,160-hectare (5,338-acre) Oro Cruz property
located approximately 22.5 kilometres (14 miles) southeast of the
operating Mesquite gold mine of Equinox Gold Corp.
At Oro Cruz, extensive historical drilling and large-scale
open-pit and underground mining of the American Girl, Padre y
Madre, Queen and Cross oxide gold deposits by the American Girl
Mining Joint Venture (AGMJV; ultimately owned 53 per cent by MK
Gold Company and 47 per cent by Hecla Mining Company) occurred
between 1987 and 1996. During that time, gold was recovered by
either heap leaching of lower-grade, or milling of higher-grade
ores until AGMJV operations ceased in late 1996 because of
declining gold prices leaving the Oro Cruz property with many gold
exploration targets in addition to the historical inferred resource
estimate, reported In 2011 by Lincoln Mining Corp., totalling
341,800 ounces gold based on 4,386,000 tonnes averaging 2.2 grams
gold per tonne at a cut-off grade of 0.68 g/t Au (4,835,000 tons at
0.07 ounce gold per ton; please refer to the Cautionary Notice
Regarding Historical Resource Estimate below).
On behalf of the Board of Directors of Southern Empire
Resources Corp.,
Dale
Wallster, CEO and Director
Cautionary Notice on Forward-Looking Information
Information provided in this news release may contain
forward-looking information or forward-looking statements that are
based on assumptions as of the date of this news release. Such
information or statements reflect management's current estimates,
beliefs, intentions and expectations and are not guarantees of
future performance. Southern Empire cautions that all
forward-looking statements are inherently uncertain and that actual
performance may be affected by a number of material factors, many
of which are beyond its respective control. Such factors include,
among other things: risks and uncertainties relating to Southern
Empire limited operating history, the need to comply with
environmental and governmental regulations, results of exploration
programs on its projects and those risks and uncertainties
identified in its annual and interim financial statements and
management discussion and analysis. Accordingly, actual and future
events, conditions and results may differ materially from the
estimates, beliefs, intentions and expectations expressed or
implied in the forward-looking information. Except as required
under applicable securities legislation, Southern Empire undertakes
no obligation to publicly update or revise forward-looking
information.
Cautionary Notice Regarding Historical Resource
Estimate
The historical resource estimate outlined above is disclosed in
a technical report dated April 29,
2011, prepared for Lincoln Mining Corp. by Tetra Tech, Inc.
and filed on Canadian Securities Administrators' System for
Electronic Document Analysis and Retrieval (SEDAR). It is termed an
inferred mineral resource, which is a category set out in NI
43-101. It was based on historical reverse circulation and core
drill hole sample, underground channel sample, and blasthole sample
assay results and calculated using ordinary kriging to estimate
gold grades in 10-foot-by-10-foot-by-five-foot blocks. Accordingly,
Southern Empire considers this historical estimate reliable as well
as relevant as it represents key targets for future exploration
work. However, a QP has not done sufficient work to verify or
classify the historical estimate as a current mineral resource and
Southern Empire is not treating this historical estimate as current
mineral resources.
Work Programs During the COVID-19 Pandemic
Timing of Southern Empire's exploration programs will be
contingent on governmental regulations regarding the COVID-19
pandemic and also the availability of exploration-related
personnel, drill contractors, equipment, lodging, et cetera.
Southern Empire will adhere to COVID-19 directives regarding safe
working practices putting worker, community and national safety
first and will proceed with exploration and development work
programs only if potential COVID-19 risks can be effectively
managed.
Neither the TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in the policies of the
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
SOURCE Southern Empire Resources Corp.
