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TORONTO, Sept. 2, 2011 /CNW/ - Karmin Exploration Inc. ("Karmin") (TSXV: KAR) announced today that the Board of Directors of Karmin has
approved the appointment of four new directors to fill vacancies among
the Board of Directors as well the addition of a new director to the
Board of Directors. David Brace, Ed Guimaraes, Larry Ciccarelli,
Richard Faucher and Terence Ortslan have all agreed to join the Board
of Directors, subject to the approval of the TSX Venture Exchange ("TSXV"). The new directors will serve until the next annual meeting of
shareholders of Karmin and will be nominated for appointment at the
Karmin also announced the appointment of David Brace as Chief Executive
Officer of Karmin to replace William Fisher, who tendered his
resignation as Chief Executive Officer and director of Karmin to pursue
Each of the new directors and CEO has extensive experience in the mining
sector and has served on the board of directors of other mining
companies listed on the Toronto Stock Exchange (the "TSX") or the TSXV.
Mr. Brace served as the Chief Executive Officer and as a director of
GlobeStar Mining Corporation ("GlobeStar"), formerly a TSX listed company, until Perilya Limited completed its
take-over of GlobeStar in December 2010. Mr. Brace was previously
employed as Executive Vice President of Business Development at Aur
Resources Inc. ("Aur").
Mr. Guimaraes is a Chartered Accountant who held progressive management
positions with Aur between 1995 and 2007, ultimately serving as
Executive Vice-President, Finance and Chief Financial Officer of Aur
until December 2007. Aur was acquired by Teck Resources Limited in
August 2007. Since 2007, Mr. Guimaraes has worked as a consultant to
the resources industry and is currently a director of Nuinsco Resources
Limited, Aldridge Minerals Inc. and Giyani Gold Corp.
Mr. Ciccarelli founded Globestar and served as Chairman of the board of
directors and a member of the Technical and Environment, Health and
Safety Committee from 2002 until its take-over in 2010. Mr. Ciccarelli
is also the Vice President of Karr Securities Inc., a private
investment firm which holds 35.5% of all of the issued and outstanding
shares of Karmin.
Mr. Faucher served as a director of GlobeStar from July 2005 until its
take-over in 2010. As a director of GlobeStar, he was a member of the
Audit Committee, Compensation Committee, Corporate Governance and
Nominating Committee and the Technical and Environment, Health and
Safety Committee. Mr. Faucher acted as the Chief Executive Officer of
Canadian Royalties Inc., a TSX listed company, from 2005 to 2008 and
held management positions in several mining companies including
President and General Manager of Falconbridge Dominicana, S.A. from
1992 to 1994. He presently sits on the board of various companies and
is responsible for business development at Neomet Technologies.
Mr. Ortslan currently serves as a director of a number of public
companies, including Plexmar Resources Inc. and Silvermet Inc., both
TSXV listed companies. Mr. Ortlsan served as a director of GlobeStar
from October 2004 until its take-over in 2010. As a director of
GlobeStar, he was a member of the Audit Committee, Compensation
Committee, Corporate Governance and Nominating Committee and the
Technical and Environment, Health and Safety Committee. Mr. Ortslan
has been the Managing Director of TSO & Associates, an independent
mining research firm, since 1995 and has had various positions as a
mining engineer and a financial mining analyst with national and
international investment dealers.
Karmin also announced today the resignations of Robert Ciccarelli, A.
Douglas McCallum and Matthew Manson from the Board of Directors of
The new directors have appointed Mr. Faucher, Mr. Orstlan and Mr.
Guimaraes to the Audit Committee, with Mr. Guimaraes serving as chair
of the committee.
Mr. Faucher, Mr. Ciccarelli and Mr. Ortslan have been appointed to the
Corporate Governance Committee. Mr. Ortslan will serve as chair of the
The mandate of the newly comprised Board of Directors will be to pursue
various strategic transactions in order for Karmin to achieve its
As a sign of each of the new directors commitment to the success of
Karmin, each of the new directors intends to participate in a
non-brokered private placement of shares of Karmin, details of which
will be announced in due course.
The common shares of Karmin are listed on the TSXV and trade under the
symbol "KAR". The principal business of Karmin is to acquire and
explore resource properties. Karmin's main project is located at
Aripuanã, Brazil. Karmin owns 30% of the Aripuanã zinc project, one of
the largest undeveloped zinc projects in Brazil. Aripuanã covers a
complete mineralized massive sulphide district, with five areas of
mineralization (Arex, Ambrex, Babacu, Massaranduba and Mocoto) over a
25 kilometre strike length. Karmin also owns 100% of the Aripuanã
gold-silver project which includes the gold and silver mineralization
associated with the near surface oxidized portions of the massive
SOURCE Karmin Exploration Inc.
For further information:
| David Brace |
Chief Executive Officer
Tel: (416) 276-6169
| || || or || || || John Iannozzi |
Chief Financial Officer
Tel: (519) 337-5302