HALIFAX, April 3 /CNW/ - Gammon Lake Resources Inc. ("Gammon Lake")
(TSX:GAM and AMEX: GRS) is pleased to announce that the Company's Board of
Directors has appointed Mr. Russell Barwick as Chief Executive Office (CEO)
and Director of the Board, effective today. Mr. Barwick will be based out of
Gammon Lake's corporate head office in Halifax, Nova Scotia. With more than
33 years of experience in the mining industry, he brings to Gammon Lake the
experience and skills to grow the Company while maximizing the inherent value
of the existing assets through optimization processes and organic growth.
Mr. Barwick is a high profile executive and mining engineer with
extensive experience planning and developing mining operations. He recently
completed a four year tenure as Executive Vice President and Chief Operating
Officer of Wheaton River Minerals-Goldcorp. Mr. Barwick continued to hold this
position in the new and expanded group, following the merger with Goldcorp
Inc., and was intimately involved in the significant acquisition and organic
growth process of the Wheaton-Goldcorp group since early 2003.
Prior to joining Wheaton River, Mr. Barwick held the position of Managing
Director and CEO of Newcrest Mining; at that time the second largest gold
mining company in Australia. He has also worked for Rio Tinto and for over
16 years with Placer Dome, where he became Managing Director of the then
Placer Business units in Papua New Guinea.
Commenting on Mr. Barwick's appointment, Company Chairman and President,
Mr. Fred George stated, "We are very pleased to have attracted such a high
caliber individual with extensive industry experience and a proven track
record. Mr. Barwick will play a key role in delivering Gammon Lake's
operational strategies and production growth at our Ocampo and El Cubo mining
Mr. Brad Langille will step down as CEO, but will continue to function as
a consultant and advisor to Gammon Lake. The Board of Directors would like to
thank Mr. Langille for his dedication and for the integral role he has played
in the Company's significant growth and operational success during his 10 year
tenure. Since Gammon Lake's inception, Mr. Langille and Mr. George have
successfully advanced the Company from project start up to commercial
production and a market capitalization of more than $2.0 billion.
About Gammon Lake
Gammon Lake Resources Inc. is a Nova Scotia based mid tier gold and
silver producer with properties in Mexico. The Company's flagship Ocampo
Project achieved commercial production in January 2007. Gammon Lake remains
100% unhedged and is targeting production of 400,000 gold equivalent ounces
(200,000 ounces of gold and 10-million ounces of silver) in 2007 from the
Company's Ocampo and El Cubo Mines.
The qualified person responsible for all technical data reported in this
news release is John C. Thornton, Chief Operating Officer.
Cautionary Note to U.S. Investors - Under a Multi Jurisdictional
Disclosure System (the "MJDS") adopted by the United States, Gammon Lake is
permitted to prepare its mining disclosure in accordance with applicable
Canadian securities laws. Consequently, this press release referred to herein,
may contain disclosure that is different than, or in some cases not permitted
by U.S. securities laws. For example, the United States Securities and
Exchange Commission (the "SEC") permits U.S. mining companies, in their
filings with the SEC, to disclose only those mineral deposits that a company
can economically and legally extract or produce. Under Canadian securities
laws, Gammon Lake is permitted to use certain terms, such as "measured,"
"indicated," and "inferred" "resources," that the SEC guidelines strictly
prohibit U.S. registered companies from including in their filings with the
SEC. U.S. Investors are urged to consider closely the disclosure in Gammon
Lake's Annual Report on Form 40-F (File No. 001-31739), which may be obtained
from Gammon Lake, or from the SEC's website at http://www.sec.gov/edgar.shtml.
No stock exchange, securities commission or other regulatory authority
has approved or disapproved the information contained herein.
This News Release includes certain "forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act of 1995 and
"forward-looking information" within the meaning of applicable Canadian
securities legislation. All statements other than statements of historical
fact, included in this release, including, without limitation, statements
regarding the annualized production run rate at the Ocampo and El Cubo Mines,
potential mineralization and reserves, exploration results, and future plans
and objectives of Gammon Lake Resources, are forward-looking statements (or
forward-looking information) that involve various risks and uncertainties.
There can be no assurance that such statements will prove to be accurate and
actual results and future events could differ materially from those
anticipated in such statements. Important factors that could cause actual
results to differ materially from Gammon Lake's expectations include, among
others, risks related to international operations, the actual results of
current exploration activities, conclusions of economic evaluations and
changes in project parameters as plans continue to be refined as well as
future prices of gold and silver, as well as those factors discussed in the
section entitled "Risk Factors" in Gammon Lake's Form 40-F and Annual
Information Form as filed with the United States Securities and Exchange
Commission. Although Gammon Lake has attempted to identify important factors
that could cause actual results to differ materially, there may be other
factors that cause results not to be as anticipated, estimated or intended.
There can be no assurance that such statements will prove to be accurate
as actual results and future events could differ materially from those
anticipated in such statements. Accordingly, readers should not place undue
reliance on forward-looking statements. Gammon Lake does not undertake to
update any forward-looking statements that are included herein, except in
accordance with applicable securities laws.
For further information:
For further information: please visit the Gammon Lake website at
www.gammonlake.com or contact: Bradley H. Langille, Chief Executive Officer,
Gammon Lake Resources Inc., (902) 468-0614; Jodi Eye, Investor Relations,
Gammon Lake Resources Inc., (902) 468-0614