TORONTO, Oct. 2, 2013 /CNW/ - Armistice Resources Corp. (TSX: AZ), operator of the McGarry gold mine in Ontario's Kirkland Lake area, announces the resignation of Todd J. Morgan as President, Chief Executive Officer, and a Director of the company and has appointed 30-year mining industry veteran Greg Gibson as the Chief Executive Officer and President of the company effective immediately. In addition, Mr. Gibson will be joining the company's board of directors.
"Greg Gibson brings to Armistice more than three decades of mining industry experience and an extensive record of accomplishments in exploration, development, operations, and financing," said Todd J. Morgan.
"We are very pleased that Greg has accepted the opportunity to lead Armistice through the next stages of the company's growth" Mr. Morgan continued.
"I am very excited to be joining Armistice at this stage of its development," said Mr. Gibson. "I have been closely following the challenging work that Todd Morgan and his team have carried out, assembling an impressive footprint of contiguous gold mining assets in the heart of one of most historically important mining camps in Canada.
"While Armistice has made considerable progress, I believe the company is still in its infancy and I am convinced it has a great future. The McGarry Mine is an excellent project, but I consider the potential for the Kerr-Addison property unparalleled and I intend to focus on moving it ahead as quickly as capital allows us to do so. We will also continue to search for opportunities to add attractive Canadian gold mining assets to our portfolio," Mr. Gibson added.
Mr. Gibson's career in the mining industry has encompassed working as a mine manager in gold and copper mines in Australia, a nickel mine in Timmins, Ontario, and a gold mine in British Columbia. He has held positions with JS Redpath in Canada and in the United States, Dynatec Mining Ltd. In Canada and the United States, Yilgarn Star Gold Mine in Australia and Copper Mines of Tasmania in Australia. He recently held the position of President and CEO of Northern Gold Mining Inc. which raised $28 million during his tenure. Mr. Gibson also successfully led Trelawney Mining and Exploration Inc. as President and CEO and a director, to a $608 million plan of arrangement with IAMGOLD Corporation in June 2012. He also acts as Chairman and a director of Temex Resources Corp. and is a director of Mag Copper Ltd., SGX Resources and San Gold Corporation.
The company also announces the resignation of Erik Andersen as Chief Operating Officer and Director. Mr. Andersen has played a significant role in the development of the McGarry Mine Project and will remain as a consultant to the company.
Armistice is also pleased to announce that Messrs. Chris Irwin and George Cole will be joining the board of directors along with Mr. Gibson.
Mr. Irwin practices securities and corporate/commercial law and has been the managing partner of Irwin Lowy LLP since January 2010. Previously, he was the President of Irwin Professional Corporation from August 2006 to December 2009 and prior thereto he was an associate at Wildeboer Dellelce LLP from January 2004 to July 2006. Mr. Irwin advises a number of public companies, board of directors and independent committees on a variety of issues. Mr. Irwin is a director and/or officer of a number of public companies, including: the Secretary of Canada Lithium Corp., a TSX-listed issuer currently developing and commissioning an open-pit lithium carbonate mine and processing plant near Val d'Or, Quebec. Mr. Irwin is a former Director of Trelawney Mining and Exploration Inc. And former Director of Southern Star Resources Inc., which was formerly listed on the TSX prior to becoming Gold Eagle Mines Ltd. and being taken over by Goldcorp Inc. in a $1.5 billion transaction.
George Cole has more than 30 years of exploration, property evaluation, business development, and corporate management experience in the United States and internationally. Mr. Cole retired from the Cominco (Teck Cominco) organization in 2001 as Vice-President of Exploration for Cominco American where he was responsible for all U.S. exploration and business development activity. During his tenure at Teck Cominco, Mr. Cole helped to more than double the resource base on the Red Dog Zinc Mine property in NW Alaska. Since 2002, George has been a Director, and held various senior executive positions with a number of junior mining-exploration companies including director of Trelawney Mining and Exploration Inc.
About Armistice Resources Corp.
Armistice Resources, a Canadian-based exploration and development company, is the owner of the McGarry gold mine in Ontario's Kirkland Lake area. Including the McGarry Mine property, Armistice has established a sizeable footprint of contiguous gold properties in Virginiatown on the prolific Larder Lake-Cadillac Break that extends 200 km east-west straddling the Ontario and Quebec border and that have produced 95 million ounces of gold in past operations. The McGarry Mine consists of 33 contiguous patented mining claims, including three licenses of occupation, totaling 484 hectares. The McGarry Mine is fully permitted and all equipment and systems at the site have been brought up to standards.
In addition, in December 2010, Armistice signed a definitive five-year option agreement for the purchase of up to 100 percent of the mineral rights on the Kerr-Addison property, which is adjacent to the McGarry Mine. The Kerr-Addison Gold Mine was one of Canada's largest gold producers, producing more than 11 million ounces of gold during a 58-year operating life from 1938 to 1996. In December 2012, Armistice completed the purchase of the mineral rights on 18 mining claims totaling 627 acres (the Barber-Larder Property) located on the western boundary of the McGarry Mine.
Armistice Resources is listed on the Toronto Stock Exchange and currently has 234,017,608 common shares issued and outstanding. To find out more about Armistice Resources, please visit the company's website at www.armistice.ca.
This news release contains forward-looking statements, including current expectations on the timing of the commencement of production and the rate of production, if commenced. These forward-looking statements entail various risks and uncertainties that could cause actual results to differ materially from those reflected in these forward-looking statements. Such statements are based on current expectations, are subject to a number of uncertainties and risks, and actual results may differ materially from those contained in such statements. These uncertainties and risks include, but are not limited to, the strength of the Canadian economy; the price of gold; operational, funding, and liquidity risks; the degree to which mineral resource estimates are reflective of actual mineral resources; and the degree to which factors which would make a mineral deposit commercially viable are present; the risks and hazards associated with underground operations. Risks and uncertainties about Armistice Resources' business are more fully discussed in the company's disclosure materials, including its annual information form and MD&A, filed with the securities regulatory authorities in Canada and available at www.sedar.com and readers are urged to read these materials. Armistice Resources assumes no obligation to update any forward-looking statement or to update the reasons why actual results could differ from such statements unless required by law.
SOURCE: Armistice Resources Corp.
For further information:
President and CEO
Armistice Resources Corp.
Investor and Media Relations
Richard W. Wertheim
Wertheim + Company Inc.