Trading Symbol: RRO - TSX-V
Shares Outstanding: 112,127,290
HALIFAX, Feb. 19 /CNW/ - Royal Roads Corporation (TSX-V: RRO) ("Royal Roads" or the "Corporation") announced, effective February 19, 2010, the resignation of its President and Chief Executive Officer, Mr. Will Felderhof. Mr. Felderhof has advised the board that he plans to focus on other business and private interests.
Mr. Terry Coughlan, a Director of the Corporation, also resigned as of February 19, 2010 to pursue other business interests.
Mr. David Felderhof, Vice President and a Director, also resigned as of February 19, 2010 to pursue other business interests, however Mr. Felderhof has agreed to provide consulting services to the Corporation for the next three months.
The Corporation wishes to thank Messrs Felderhof, Coughlan and Felderhof for their services and wish them well in their future pursuits.
The Corporation wishes to advise the appointment of Mr. Peter Lee as Chairman of the Corporation. Mr. Lee is the President and Chief Executive Officer of Acadian Mining Corporation, Chief Financial Officer and Secretary of Legend International Holdings, Inc. ("Legend") and has over 30 years of experience in mining and exploration companies both in Australia and overseas. Prior to joining Legend, he spent six years with an international firm of chartered accountants in Melbourne and Papua New Guinea. Mr. Lee is a member of the Institute of Company Directors in Australia, a member of the Institute of Chartered Accountants in Australia and a fellow of Chartered Secretaries Australia.
Mr. Menachem Vorchheimer has been appointed acting President and Chief Executive Officer whilst a replacement for Mr Felderhof is sourced. Mr. Vorchheimer, of Melbourne, Australia, has significant experience in corporate structuring; repositioning; M&A's; and grassroots projects both in Australia and North America. Mr. Vorchheimer is a director of Acadian Mining Corporation.
The board of directors of Royal Roads will now comprise Mr. Peter Lee, Chairman, Mr. Menachem Vorchheimer, Acting President and Chief Executive Officer, Mr. Edmund Merringer and Mr. Steven Poad, Independent Directors.
The Royal Roads board intends to commence the search for a new Chief Executive Officer immediately.
About Royal Roads
Royal Roads is a Canadian based junior exploration company primarily focused on exploring and developing mineral properties in Newfoundland and Labrador Canada, including its flagship project located within the historic Buchans mining camp. Acadian Mining Corporation (ADA-TSX) owns 29.18% of Royal Roads. For additional information on Royal Roads' properties and activities, please visit www.royalroadscorp.ca.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
SOURCE ROYAL ROADS CORP.
For further information: For further information: Mr. Paul Smith, (902) 444-3637; www.royalroadscorp.ca