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MarketScreener Homepage  >  Equities  >  TSX VENTURE EXCHANGE  >  Spanish Mountain Gold Ltd.    SPA   CA8464811097

SPANISH MOUNTAIN GOLD LTD.

(SPA)
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Spanish Mountain Gold : Further Strengthens its Technical Team

10/26/2020 | 10:14am EST

Vancouver - Spanish Mountain Gold Ltd. ('Spanish Mountain' or the 'Company') (TSX-V: SPA) is pleased to announce further enhancements to its technical team as the Company rapidly advances the Spanish Mountain gold project (the 'Project') in British Columbia, Canada.

Two highly experienced technical professionals are joining the Company's project team and a Technical Review Panel, comprised of four veterans in mining, has been formed recently to provide technical oversight and expert advice to management.

Project Director

Ray Mah, P. Eng., has been appointed Project Director with the overall responsibility for delivering on project objectives, which initially includes the completion of a Preliminary Feasibility Study and subsequent Feasibility Study on time and on budget. Mr. Mah has 40 years of work experience in engineering, construction and mining including successfully completing numerous mine developments in Canada, USA, Chile, and other countries. He was Project Manager with Placer Dome Inc. for 20 years until its acquisition by Barrick Gold Corporation. Subsequently, he installed and led the project team at Yukon Zinc Corp. taking a late stage exploration project through the feasibility study, design and construction and into operation. Since 2012, Mr. Mah had been engaged to offer his expertise on several multi-billion-dollar projects as Independent Consultant. He assumed such diverse roles as Owners Representative and Senior Advisor providing executive management oversight and technical support for projects in various stages of their implementation, encompassing feasibility/optimization studies, detailed design & engineering, planning and construction.

Mineral Resource Estimate

Marc Jutras, P.Eng.; M.A.Sc. is a highly experienced geostatistician and has been retained to independently review the Mineral Resource Estimate for the Project. Mr. Jutras is the Principal of Ginto Consulting Inc. providing mineral resource services to a number of mining companies around the world. He was previously Senior Geostatistician for 17 years with global gold miners including Placer Dome Inc. and Barrick Gold Corp. From 2009 to 2015, he was Director of Mineral Resources for Alamos Gold Ltd. He founded Ginto Consulting Inc. in 2015.

Larry Yau, CEO commented: 'I have been a big fan of Ray for 20 years and am delighted he's assuming a leadership role within our project team. Ray is one of the most experienced mine builders/ project managers from the legendary Placer Dome project development team. He has executed dozens of high profile projects in Canada and around the world and has been involved in the building of more than 20 mines during his career. He is well connected in the mining community and is sought after globally as a senior project advisor for a number of advanced stage projects.'

'Marc possesses a rare combination of strong technical skills and operational experience in the area of mineral resources. As we work to define a Mineral Reserve and to expand the overall Mineral Resource Estimate for our Project in the months ahead, we can clearly benefit from Marc's expertise.'

Technical Review Panel

The Company has formed a Technical Review Panel, comprised of four veterans in the industry, two of whom are Directors of the Company. The Panel has an unparallel depth of experience and expertise to provide technical oversight and guidance to management and to ensure the best-in-industry practice as the Company advances the Project to its full potential.

W. Terry McLean, Panel Chair

Mr. MacLean is a graduate in Mining Engineering from the University of British Columbia in 1973. Since that time he has had extensive operating experience in Canada, the US, and Russia with open pit mines at all levels of management including four mine start-ups, a major mine turn around and start-up General Manager of a foreign mine.

Morris Beattie, PhD

Dr. Beattie is a 1971 graduate of the University of British Columbia in Mining and Mineral Process Engineering and where he completed his Ph.D. in 1983. He has an engineering background in all aspects of mine development including metallurgical development and feasibility studies. He previously served as COO and CEO of Spanish Mountain, CEO of International Molybdenum Plc, Director of various public mining companies including Galahad Gold Plc and Northern Dynasty Minerals as well as in 2008 as Vice President - Project Evaluation with Quadra Mining Ltd.

Kenneth Pickering, P.Eng

Mr. Pickering is a graduate of the University of British Columbia (B.A.Sc.) in Mineral Engineering and the Harvard Business School Advanced Management Program. Mr. Pickering is a professional engineer and mining executive with 45 years' experience in the natural resources industry, building and operating major mining operations in Canada, Chile, Australia, Peru and the US. He is currently a private consultant in international mining operations and project development. Prior to this role he held a number of senior positions worldwide over a 39 year career with BHP Billiton Base Metals including President of Minera Escondida Ltd. and Vice President Major Projects, Closed Mines and North American Assets. Mr. Pickering is currently a Non-Executive Director at Teck Resources, Endeavour Silver, Northern Dynasty Mines and Taseko Mines.

Douglas Horswill, P.Eng

Doug Horswill, a professional engineer, graduated in Mineral Engineering from the University of British Columbia in 1971 and in 1975 obtained a Masters Degree in Economics. He is a former Deputy Minister Finance and Corporate Relations, British Columbia and served as a member of a four-member Expert Panel to undertake the review of federal environmental assessment processes. Over the period from 1992 to 2011 he held various positions with Cominco and Teck Resources, serving as the Senior Vice President of Sustainability and External Affairs for Teck Resources Limited from 2001 to 2011. In this position, he was responsible for sustainability, safety, environmental programs, investor relations, communications, government relations, as well as community investment and affairs. He has been Chair of both the Mining Association of BC and the Mining Association of Canada.

About Spanish Mountain Gold

Spanish Mountain Gold Ltd. is focused on advancing its multi-million ounce Spanish Mountain gold project in southern central British Columbia. The Project is well funded to pursue the dual objectives of fast tracking Phase 1 of the Project to be 'shovel ready' and actively expanding the mineral resource. Phase 1 focuses on the pit-delineated high-grade core of the deposit that is potentially expected to sustain a stand-alone operation of at least 11 years. The potential viability of Phase 1 has been demonstrated in a Preliminary Economic Assessment. The PEA illustrates the project potential with a combination of modest capital requirements (US$270m) and low operating cost (AISC $549/oz) over its mine life.

Contact:

Larry Yau

Tel: (604) 601-3651

Email: info@spanishmountaingold.com

Web: www.spanishmountaingold.com

FORWARD LOOKING STATEMENTS

Certain of the statements and information in this press release constitute 'forward-looking statements' or 'forward-looking information', including statements regarding the completion of the Preliminary Feasibility Study on the Spanish Mountain Project. Further, any statements or information that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as 'expects', 'anticipates', 'believes', 'plans', 'estimates', 'intends', 'targets', 'goals', 'forecasts', 'objectives', 'potential' or variations thereof or stating that certain actions, events or results 'may', 'could', 'would', 'might' or 'will' be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-looking statements or information.

This news release contains forward-looking information, which involves known and unknown risks, uncertainties and other factors that may cause actual events to differ materially from current expectation. Important factors that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time to time on SEDAR. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The company disclaims any intention or obligation, except to the extent required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

(C) 2020 Electronic News Publishing, source ENP Newswire

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BARRICK GOLD CORPORATION -0.36% 30.26 Delayed Quote.28.48%
SPANISH MOUNTAIN GOLD LTD. 0.00% 0.365 Delayed Quote.300.00%
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Financials
Sales 2019 - - -
Net income 2019 -0,79 M -0,62 M -0,62 M
Net cash 2019 0,59 M 0,46 M 0,46 M
P/E ratio 2019 -26,6x
Yield 2019 -
Capitalization 118 M 91,5 M 91,6 M
EV / Sales 2018 -
EV / Sales 2019 -
Nbr of Employees -
Free-Float 81,1%
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Managers
NameTitle
Larry Yau Chief Executive Officer
Morris J. V. Beattie Chairman
Sharon Ng Chief Financial Officer
Christopher R. Lattanzi Independent Director
James Clare Independent Director
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