VANCOUVER, Aug. 8, 2012 /CNW/ - Copper North Mining Corp. ("Copper North" or the "Company") (TSX.V: COL) announces the appointment of Messrs. Bill LeClair and Bill Koutsouras to the Company's Board of Directors (the "Board") and the resignation of Dr. Robert Gayton.
Mr. LeClair is a Fellow Chartered Accountant with the Institute of Chartered Accountants of British Columbia and the former Chief Executive Officer of Crew Gold Corporation ("Crew Gold"). Crew Gold was a London-based mining company with global operations, which was subject to a takeover bid between Endeavour Financial Corporation ("Endeavour Financial") and the Severstal Group in 2010. During Mr. LeClair's tenure as Chief Executive Officer, Crew Gold produced approximately 250,000 ounces of gold per year from its LEFA mine in Guinea, West Africa.
Mr. Koutsouras is a member of the Canadian Institute of Chartered Accountants, a Chartered Financial Analyst, and the former Executive Vice President and Chief Financial Officer of Endeavour Financial. Endeavour Financial is a financial advisory firm specialising in the natural resource sector. During Mr. Koutsouras' tenure, Endeavour Financial was involved in the restructuring, financing and transformation of numerous companies, including but not limited to; Wheaton River Minerals (acquired by Goldcorp), Bema Gold Corporation (acquired by Kinross Gold), and Pacific Rubiales Energy.
Mr. Dale Corman, Chairman of Copper North stated "I am delighted to announce the appointment of Mr. LeClair and Mr. Koutsouras to the Copper North board. Mr. LeClair and Mr. Koutsouras each have extensive experience in the financial management, operation and strategic direction of large public resource companies. In recent years, both individuals have been involved in successful mining transactions". Mr. Corman further stated "I would like to express my gratitude to Dr. Robert Gayton for his dedication to the Board during the Company's initial growth phase following last year's Plan of Arrangement". Dr. Gayton will remain an advisor to the Company.
The Board of Directors of Copper North has authorized the issuance of stock options to Messrs. LeClair and Koutsouras to purchase 200,000 common shares each, subject to the terms of the Company's stock option plan. The stock options will vest over a two year period: with one third vesting on the date of grant, one-third on the first anniversary date and one-third on the second anniversary date. The stock options have a five year term and allow the holder to purchase one common share of the Company at a price of $0.10 per share until August 7, 2017.
About Copper North
Copper North is a Canadian mineral exploration and development company. Copper North's assets include the Carmacks Copper Project located in the Yukon, and the high-grade, stratiform-copper Redstone Property, located in the Northwest Territories. Copper North trades on the TSX Venture Exchange under the symbol COL.
Please visit www.coppernorthmining.com.
On behalf of the Board of Directors:
Mr. Dale Corman
Chairman of the Board
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE: Copper North Mining Corp.
For further information:
Peter Oates, Manager, Investor Relations
Renmark Financial Communications