TORONTO, Aug. 11 /CNW/ - Geoinformatics Exploration Inc. (TSX-V: GXL)
("Geoinformatics" or the "Company") announced today with regret that
Dr. Nicholas Archibald has tendered his resignation as Executive
Vice-Chairman, Chief Executive Officer ("CEO") and a director of
Geoinformatics due to personal and family reasons, effective immediately. Dr.
Archibald will remain with the Company for a 90-day notice period in a
Dr. Archibald was the founder of Geoinformatics and has been the driving
force behind the Company since 1991 when he brought together a strong software
development team with a range of geoscience experts to develop the FracSIS
Product Suite, one of the first spatial database and 3-D visualization
software packages for exploration and mining. This initial work developed into
a sophisticated and multi-faceted methodology and process of exploration now
known as the Geoinformatics Process. Dr. Archibald has dedicated over fifteen
years to Geoinformatics and the advancement of exploration science providing
innovative thinking, guidance and leadership as the Company evolved from a
private consulting enterprise to a publicly-held global exploration company.
The board of directors extends its sincere thanks and gratitude to
Dr. Archibald for his years of service and commitment.
On July 16, 2008, the Company announced that Mr. Kevin L. Snook,
Chairman, would assume the additional role of CEO following the closing of a
$25 million private placement with Geologic Resource Partners LLC. Due to the
termination of that private placement announced on August 1, 2008, Mr. Snook
has advised the board he is no longer a candidate for the role of CEO and the
Company will begin a search for a replacement for Dr. Archibald. Other members
of senior management and the board of directors will assume the CEO duties in
the interim until a successor is named.
Geoinformatics is a North American-focused minerals exploration company
which has developed a unique approach to exploration applying innovative and
The Company announced an independent NI 43-101-compliant mineral resource
estimate with an Indicated Resource of 840,000 ounces of gold and an Inferred
Resource of 2.7 million ounces on the initial discovery zone at the Whistler
Project in southern Alaska. The Indicated category contains 30 million tonnes
grading 0.87 g/t gold, 2.46 g/t silver and 0.24% copper and the Inferred
category contains 155 million tonnes grading 0.62 g/t gold, 2.15 g/t silver
and 0.19% copper. Significant copper and silver mineralization increases the
Indicated gold-equivalent mineral resource to 1.3 million ounces and the
Inferred mineral resource to 4.4 million ounces.
Geoinformatics is also exploring several advanced projects located in
Sinaloa (Mexico), Utah, the Cortez Trend region of Nevada, and British
Columbia. Geoinformatics has an extensive portfolio of other direct and
indirect property interests, joint ventures, and royalties covering a wide
range of minerals in Mexico, Australia, New Zealand and North America.
This news release includes certain forward-looking statements concerning
the future performance of Geoinformatics' business, operations and financial
performance and condition, as well as management's objectives, strategies,
beliefs and intentions. Forward-looking statements are frequently identified
by such words as "may", "will", "plan", "expect", "anticipate", "estimate",
"intend" and similar words referring to future events and results.
Forward-looking statements are based on the current opinions and expectations
of management. All forward-looking information is inherently uncertain and
subject to a variety of assumptions, risks and uncertainties, including the
speculative nature of mineral exploration and development, fluctuating
commodity prices, competitive risks and the availability of financing, as
described in more detail in Geoinformatics' securities filings available at
www.sedar.com. Actual events or results may differ materially from those
projected in the forward-looking statements and the reader is cautioned
against placing undue reliance thereon. We assume no obligation to revise or
update these forward-looking statements.
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.
For further information:
For further information: Ms. Petra Decher, President & Chief Financial
Officer, Tel: (416) 861-1300 x225, Email: firstname.lastname@example.org,
Geoinformatics Exploration Inc., 330 Bay Street, Suite 1109, Toronto, Ontario,
M5H 2S8, www.geoinformex.com