TORONTO, April 9 /CNW/ - BRC Diamond Corporation (the "Company" or "BRC")
(TSX-V - "BRC") is pleased to announce that Dr. Michiel 'Mike' de Wit will be
joining the Company as President and Chief Executive Officer, effective May 1,
2007, subject to receipt of TSX Venture Exchange approval.
Dr. de Wit has extensive experience in the diamond industry, having begun
his career as an exploration geologist for the Geological Survey in South
Africa prior to joining De Beers for whom he worked for 29 years. Dr. de Wit
managed various exploration programs for De Beers in Africa which led to a
number of kimberlite discoveries. Prior to his most recent appointment as
general manager for De Beers in the Democratic Republic of the Congo ("DRC"),
Dr. de Wit was responsible for all exploration programs for De Beers in
Africa. In addition to MSc degrees in geophysics and sedimentology from the
Universities of Pretoria and Reading (UK) respectively, Dr. de Wit holds a PhD
degree from the University of Cape Town where he focused on the alluvial
diamond distribution of western South Africa. He brings some 31 years of
exploration experience to the Company.
Lloyd Bardswich will be stepping down as the Company's President and
Chief Executive Officer on May 1, 2007, but will remain a director of the
Company. The Company thanks Mr. Bardswich for his valued contribution.
In connection with Dr. de Wit's appointment, the Company has granted to
Dr. de Wit, pursuant to the terms of the Company's stock option plan, stock
options to purchase 300,000 common shares of the Company exercisable at a
price of Cdn$5.50 per share for a period of five years. The Company has also
agreed to issue to Dr. de Wit 3.33% of the equity in a new entity, to be
incorporated by the Company, which will hold all of the Company's diamond
assets. This equity will vest over a three year period, and will be converted
into common shares of the Company as it vests (the conversion may happen
earlier at the discretion of the Company's board of directors).
BRC was one of the first companies to identify emerging diamond
opportunities in the DRC. Today, the Company has a commanding land position in
the DRC, directly controlling 5,021 square kilometres and retaining a further
11,100 square kilometres through option agreements on three separate
exploration properties. These properties are located in some of the most
prospective diamond regions of the country.
Dr. de Wit will be based out of the Kinshasa, DRC office and will
initially focus on increasing the existing exploration team to advance current
projects and also on identifying and evaluating new properties for
acquisition. Mike de Wit commented: "I am very much looking forward to the new
challenges that lie ahead with BRC Diamond Corporation and building on the
solid foundation that has been established in the DRC at this point in time."
Simon Village, a Director of BRC, said, "Mike's wealth of expertise in
the diamond industry and specific exploration knowledge of the DRC will
complement the in-country expertise of the Company. The appointment comes at a
time when BRC is ready to increase its exploration of the significant
portfolio of diamond projects that it has secured in the DRC."
BRC is a Canadian-based diamond exploration company active principally in
the DRC. Led by a management team with extensive experience in the DRC, the
Company is active in some of the most prospective diamond regions of the
country. Banro Corporation, the Company's largest shareholder with a 27.5%
interest in BRC, is a mineral exploration company focused on the DRC.
This press release contains forward-looking statements. All statements,
other than statements of historical fact, that address activities, events or
developments that the Company believes, expects or anticipates will or may
occur in the future (including, without limitation, statements relating to the
Company's plans with respect to the exploration of its DRC properties) are
forward-looking statements. These forward-looking statements reflect the
current expectations or beliefs of the Company based on information currently
available to the Company. Forward-looking statements are subject to a number
of risks and uncertainties that may cause the actual results of the Company to
differ materially from those discussed in the forward-looking statements, and
even if such actual results are realized or substantially realized, there can
be no assurance that they will have the expected consequences to, or effects
on the Company. Factors that could cause actual results or events to differ
materially from current expectations include, among other things, changes in
equity markets, political developments in the DRC, changes to regulations
affecting the Company's activities, uncertainties relating to the availability
and costs of financing needed in the future, the uncertainties involved in
interpreting exploration results and the other risks involved in the mineral
exploration business. Any forward-looking statement speaks only as of the date
on which it is made and, except as may be required by applicable securities
laws, the Company disclaims any intent or obligation to update any
forward-looking statement, whether as a result of new information, future
events or results or otherwise. Although the Company believes that the
assumptions inherent in the forward-looking statements are reasonable,
forward-looking statements are not guarantees of future performance and
accordingly undue reliance should not be put on such statements due to the
inherent uncertainty therein.
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this press release.
For further information:
For further information: Arnold T. Kondrat, Executive Vice President, or
Martin D. Jones, Vice President, Corporate Development, at (416) 366-2221