TORONTO, Oct. 26 /CNW/ - Loncor Resources Inc. (the "Company") (TSX-V: LN) is pleased to announce the appointment of Peter Cowley as President and Chief Executive Officer of the Company. Mr. Cowley has also been appointed to the Board of Directors of the Company.
Mr. Cowley is a geologist with 40 years international experience in the minerals industry, mainly in Africa, including in the Democratic Republic of the Congo (the "DRC"). From June 2004 to March 2008, Mr. Cowley was President of Banro Corporation, where he led the exploration program that delineated one of the largest undeveloped gold deposits in Africa. He was also the CEO of Banro until September 2007 and remains a director of that company. Prior to joining Banro, Peter was Managing Director of Ashanti Exploration, where he played a major role in the discovery and development of the Geita mine in Tanzania, one of the largest open-pit gold mines in Africa. Mr. Cowley is also a director of Cluff Gold plc. He holds an M.Sc from the Royal School of Mines, an MBA from the Strathclyde Business School and is a Fellow of the Institute of Materials, Minerals and Mining.
The Company also announces that Kevin Baker is stepping down as President and Chief Executive Officer of the Company, but will remain a non-executive director of the Company. Arnold Kondrat has been appointed Executive Vice President of the Company and has relinquished the title of Chairman of the Board.
Mr. Kondrat said: "We are delighted that Peter is joining the Company. With his outstanding track record in Africa and his success in working in the DRC, he is the ideal candidate to lead Loncor's future growth as a gold and platinum explorer in the DRC. We also thank Kevin for his past contributions to the Company and look forward to his future contributions as a director."
The Company has granted to Mr. Cowley, pursuant to the terms of the Company's stock option plan, 750,000 stock options, each such stock option entitling the holder to purchase one common share of the Company at a price of Cdn$1.00 for a period of five years. 35,000 of these options are subject to receipt of certain TSX Venture Exchange and shareholder approvals.
In connection with Mr. Cowley's appointment as a director of the Company, Geoffrey Farr has stepped down as a director of the Company, but will remain Corporate Secretary of the Company.
Loncor Resources Inc. is a gold and platinum exploration company focused on the DRC. The Company owns or controls 55 exploration permits in the DRC near the eastern city of Butembo, totaling approximately 18,000 square kilometers, and three exploration permits in Bas Congo province, approximately 250 kilometres southwest of the capital city of Kinshasa.
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that term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
SOURCE LONCOR RESOURCES INC.
For further information: For further information: please visit our website at www.loncor.com or contact Arnold T. Kondrat, Executive Vice President, Toronto, Ontario, or Martin Jones, Vice President, Corporate Development, Toronto, Ontario, Tel: (416) 366-2221 or 1-800-714-7938.