TORONTO, Jan. 23, 2012 /CNW/ - Armistice Resources Corp. (TSX: AZ) today announced the appointment of Stephen C. Akerfeldt to its Board of Directors. Mr. Akerfeldt succeeds James O'Donnell who is retiring from the Board.
"With Armistice moving towards becoming Ontario's and Canada's newest gold producer, we are very pleased to have been able to attract to our Board an individual with Mr. Akerfeldt's broad business, finance, and accounting experience," said Todd J. Morgan, President and Chief Executive Officer. "Mr. Akerfeldt, who is a chartered accountant, has held senior executive and Board positions in various industries, including at Magna International Inc., where his responsibilities included serving as Vice-Chairman and Chief Financial Officer.
"At the same time, we regret losing to retirement Mr. O'Donnell who has provided us valuable advice as a director of our company for the past four years as we worked to bring our McGarry gold mine into production and expand our land position with the strategic acquisition of the adjacent Kerr-Addison property. We thank Mr. O'Donnell for his valuable counsel during these past four years to Armistice Resources," Mr. Morgan continued.
Since 1999, Mr. Akerfeldt has served as a director and President of Ritz Plastics, Inc., a privately owned company that produces plastic parts primarily for the automotive industry. In January 2003, he joined the Board of Directors of Jura Energy Corporation, a TSX-listed international energy company engaged in exploration development, and production of petroleum and natural gas properties. He served as Jura's Chairman from January 2003 until March 2007 and also acted as its interim President and Chief Executive Officer from February 2003 until May 2005.
Since June 2011, Mr. Akerfeldt also has been a director of KOV, an international oil and gas exploration company. He has provided consulting services to various companies and was a director and Chairman of Firstgold Corp from June 2007 until February 2011. Mr. Akerfeldt holds a B.A. degree from the University of Waterloo and became a chartered accountant in 1970. After joining Coopers & Lybrand, he rose to become a partner in the accounting firm.
About Armistice Resources Corp.
Armistice Resources, a Canadian-based exploration and development company began hoisting and stockpiling operations in December 2011 from its McGarry gold mine in the Kirkland Lake area of northeastern Ontario. The McGarry Mine is located in Virginiatown on the prolific Larder Lake-Cadillac Break that extends 200 km east-west straddling the Ontario and Quebec border and that has produced 95 million ounces of gold. The McGarry Mine is adjacent to the former Kerr-Addison Gold Mine that produced more than 11 million ounces of gold. Armistice has signed a definitive five-year option agreement for the purchase of up to 100 percent of the mineral rights on the Kerr-Addison property. The McGarry Mine consists of 33 contiguous patented mining claims, including three licenses of occupation, totaling 484 hectares. Armistice Resources is listed on the Toronto Stock Exchange (Symbol: AZ) and currently has 184,960,971 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.
For further information:
President, CEO and Chairman
Todd J. Morgan
Armistice Resources Corp.
Investor and Media Relations
Richard W. Wertheim
Wertheim + Company Inc.
416-594-1600 ext. 223