Delta Gold Reports Amendment to Imperial Option Agreement and Announces New Appointments
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VANCOUVER, March 25, 2013 /CNW/ - Delta Gold Corporation ("Delta") (TSXV: DLT) is pleased to report that the option agreement with Goldcorp Inc., which granted the Company the option to acquire the Imperial Project, has been amended.
The Imperial Project is a significant gold deposit at the feasibility and permitting stage, and is located in Imperial County, California.
Effective March 19, 2013, the Imperial Project option agreement was amended to extend the term of the option from June 6, 2017, to December 31, 2017, and all share option payments and work expenditure obligations that were required to be completed by June 6th of each applicable calendar year are now required to be completed by December 31st of each applicable calendar year. The amendment was agreed, without cost to Delta, to reflect the time taken to execute Delta's listing on the TSX.V, which took place on February 19, 2013.
Delta is also pleased to announce the following appointments:
Effective March 15, 2013, John Budreski, a founding director of the company, was appointed as chairman of the board of directors. Mr. Budreski replaces Mr. Colin Benner who is also a founding director of Delta and has been chairman since Delta's inception in 2009. Mr. Benner will continue to act as a director of the company, but has decided to step down as chairman in response to other professional and personal demands on his time.
Effective April 1, 2013, Richard Godfrey will be appointed VP Finance & CFO of Delta. Mr. Godfrey has over 30 years' of domestic and international experience in the mining industry. He has senior financial experience in corporate, project and operational accounting, finance, strategic planning and acquisitions, public reporting and compliance. Most recently he was CFO of Capstone Mining Corp. and Sherwood Copper Corporation, VP Finance of EuroZinc Mining Corporation and Lundin Mining Corporation, and VP Finance & CFO Breakwater Resources Ltd. Mr. Godfrey replaces Harry Sutherland, Delta's founding VP Finance and CFO, who is stepping down to devote more time to his family and other personal interests.
Marco Romero, President & CEO, stated that "Colin and Harry have made valuable contributions to the development of Delta, and I would like to record my appreciation and the gratitude of the company for their hard work and dedication over the past four years. I am delighted that Colin is staying on as a director of Delta and warmly welcome Richard to the management team. The entire Delta team is also very pleased to see John assume a greater role in the development of our company".
On behalf of the Board of Directors
DELTA GOLD CORPORATION
"Marco A. Romero"
President & CEO
FORWARD LOOKING STATEMENTS:
Certain of the statements and information in this press release constitute "forward-looking statements" or "forward looking information" 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. Forward looking statements or information relate to, among other things the Company's listing on the TSX Venture Exchange (the "Exchange") and business plans.
Forward-looking statements or information are subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from those reflected in the forward-looking statements or information, including, without limitation, the need for additional capital by the Company through financings, and the risk that such funds may not be raised; the speculative nature of exploration and the stages of the Company's properties; the effect of changes in commodity prices; regulatory risks that development of the Company's material properties will not be acceptable for social, environmental or other reasons, availability of equipment (including drills) and personnel to carry out work programs, that each stage of work will be completed within expected time frames, that current geological models and interpretations prove correct, the results of ongoing work programs may lead to a change of exploration priorities, and the efforts and abilities of the senior management team. This list is not exhaustive of the factors that may affect any of the Company's forward-looking statements or information. These and other factors may cause the Company to change its exploration and work programs, not proceed with work programs, or change the timing or order of planned work programs. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated, described or intended. Accordingly, readers should not place undue reliance on forward-looking statements or information.
The Company's forward-looking statements and information are based on the assumptions, beliefs, expectations and opinions of management as of the date of this press release, and other than as required by applicable securities laws, the Company does not assume any obligation to update forward-looking statements and information if circumstances or management's assumptions, beliefs, expectations or opinions should change, or changes in any other events affecting such statements or information.
The Exchange has neither approved nor disapproved the contents of this news release. Neither the 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: Delta Gold CorporationFor further information:
Delta Gold Corporation
Marco A. Romero, President & CEO
Tel: 604-681-2020 / Fax: 604-681-1011