VANCOUVER, June 27, 2012 /CNW/ - Fire River Gold Corp. [TSXV: FAU | OTCQX: FVGCF | FSE: FWR] (the "Company") today announced that it has appointed R. David Russell, the Company's Non-Executive Chairman, as Interim President and CEO while the Company finalizes its review process and discussions with potential CEO candidates.
Mr. Russell will assume the full responsibilities of a chief executive officer until such time as a permanent president and CEO is recruited. Mr. Russell has over 35 years' experience in the mining industry including a variety of operating, executive and board positions. Mr. Russell's previous positions include, Founder, President and CEO of the former Apollo Gold Corporation, (now, Brigus Gold Corp. after the June 24, 2010, Apollo Gold and Linear Gold Merger). Mr. Russell was Vice President and COO for Getchell Gold Corporation, a Nevada gold producer, with production of 200,000 ounces of gold. Getchell Gold was acquired by Placer Dome Inc. in 1999 for $1.1 Billion. Prior to working at Getchell, Mr. Russell was VP of US Operations for LAC Minerals Ltd. and, after their acquisition by Barrick Gold Corporation.
"We are very pleased that Mr. Russell has stepped in as Interim President and CEO while the Company transitions through these management changes", said Fred Sveinson, Director of the Company.
Separately, R. David Russell and the board of directors has determined it is in the best interest of the Company to postpone and re-evaluate the previously announced equity offering as noted in a press release issued on June 11, 2012. Once the Company's financial requirements are fully reviewed a decision may be taken to reactivate an equity offering at a future date.
The Company anticipates issuing several company updates over the next several weeks.
On behalf of the Board of Directors
Certain information regarding the Company including management's assessment of future plans and operations, may constitute forward-looking statements under applicable securities laws and necessarily involve risks associated with mining exploration and development, volatility of prices, currency fluctuations, imprecision of resource estimates, environmental and permitting risks, access to labour and services, competition from other companies and ability to access sufficient capital. As a consequence, actual results may differ materially from those anticipated in the forward-looking statements. A feasibility study has not been completed and there is no certainty the disclosed targets will be reached nor that the proposed operations will be economically viable. Neither 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. We seek safe harbour.
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