Shares Issued and Outstanding: 46,906,970
TORONTO, April 6, 2016 /CNW/ - Kennady Diamonds Inc. ("Kennady Diamonds", the "Company") (TSX-V: KDI) is pleased to announce the appointment of Dr. Rory Moore to the positions of president, CEO and director of Kennady Diamonds with effect from May 1, 2016. Dr. Moore will succeed Patrick Evans who has been president and CEO since the Company's incorporation in 2012.
Jonathan Comerford, chairman of Kennady Diamonds, commented: "Over the past six months the Company has advanced the governance separation of Kennady Diamonds from its former parent Mountain Province Diamonds with the appointment of two new independent directors. The appointment of a new president and CEO who is independent of Mountain Province is the next key step in this process."
Dr. Moore brings more than 30 years of diamond experience to Kennady Diamonds having held a number of positions in the industry, including as CEO of the Mineral Services Group of Companies, president and CEO of Canabrava Diamond Corp. and manager of diamond exploration for BHP Minerals. Dr. Moore has a Ph.D. in Geochemistry from the University of Cape Town and is a registered professional geoscientist in the Province of British Columbia.
Mr. Comerford added: "In welcoming Dr. Moore to Kennady Diamonds we also extend our thanks and appreciation to Patrick Evans for his leadership of the Company over the past four years. At a time when most believed that the Kennady North project had few prospects, Patrick assembled a team to resume exploration at Kennady which has resulted in the discovery of four kimberlite pipes within the Kelvin – Faraday corridor. The methodical advancement of the project has brought Kennady to an advanced stage now requiring the time and attention of a dedicated CEO. We wish Patrick the very best as he continues as president and CEO of Mountain Province Diamonds."
Kennady Diamonds has awarded Dr. Moore stock options to purchase up to 200,000 common shares of its capital stock at a price of $3.30 per share, exercisable for a period of ten years.
About Kennady Diamonds
Kennady Diamonds Inc. controls 100 percent of the Kennady North diamond project located in Canada's Northwest Territories immediately adjacent to the Gahcho Kué diamond mine currently under development by De Beers and Mountain Province Diamonds (T:MPV, NASDAQ: MDM).
Kennady Diamonds aims to identify a resource along the Kelvin – Faraday kimberlite corridor of between 13 million and 16 million tonnes at a grade of between 2 and 2.5 carats per tonne and also to identify new kimberlites outside of the corridor. The Kelvin – Faraday corridor is a target for further exploration. The tonnage estimate is based on the drilling completed to date. The potential quantity is conceptual in nature as there has been insufficient drilling to define a mineral resource and it is uncertain if further exploration will result in the target being delineated as a mineral resource.
This news release has been prepared under the supervision of Dr. Tom McCandless, P.Geo., who serves as the qualified person under National Instrument 43-101.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) has reviewed or accepts responsibility for the adequacy or accuracy of this release.
FORWARD LOOKING INFORMATION
This news release includes certain information that may constitute "forward-looking information" under applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, the Company's strategic plans, future operations, future work programs and objectives. Forward-looking information is necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. All forward-looking information contained in this press release is given as of the date hereof and is based upon the opinions and estimates of management and information available to management as at the date hereof. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.
SOURCE Kennady Diamonds Inc.
For further information: Kennady Diamonds Inc., Patrick Evans, President and CEO, (416) 640-1111, email@example.com