Shares Issued and Outstanding: 46,906,970
TORONTO, March 1, 2016 /CNW/ - Kennady Diamonds Inc. ("Kennady Diamonds", the "Company") (TSX-V: KDI) is pleased to announce the appointment of Tom McCandless, Ph.D., P.Geo, to the Company's board of directors.
Dr. McCandless is president of MCC Geoscience Inc. based in British Columbia, a position he has held since 2008. From 2000 to 2007 he was Chief Mineralogist for Ashton Mining Canada Inc. and held the same position at Stornoway Diamonds Corp. from 2007 to 2008.
Dr. McCandless is a member of the Association of Professional Engineers and Geologists of British Columbia, the Association of Mineral Exploration of British Columbia and a fellow of the Society of Economic Geologists. He has a M.Sc. from the University of Utah (1982) and Ph.D. from the University of Arizona (1992). He is also Adjunct Professor in the Department of Earth Sciences at the University of Alberta and the Department of Geosciences at the University of Arizona.
Dr. McCandless replaces Mr. Carl Verley as a non-executive director of Kennady Diamonds. Mr. Verley has served as a director of Kennady Diamonds since the spin-out of the Company from Mountain Province Diamonds in 2012.
Jonathan Comerford, chairman of Kennady Diamonds, said: "We are delighted to welcome Dr. McCandless to the Board of Kennady Diamonds and look forward to the contribution he will make to our continued success. We also express our sincere thanks and appreciation to Carl Verley for the invaluable support he has provided to Kennady Diamonds over the past four years."
Kennady Diamonds has granted stock options to Dr. McCandless to purchase up to 100,000 common shares of the capital stock at a price of $2.80 per share, exercisable for a period of ten years.
About Kennady Diamonds
Kennady Diamonds Inc. controls 100 percent of the Kennady North project which comprises thirteen leases and claims located immediately to the north and west of the four leases controlled by the Gahcho Kué Joint Venture between De Beers Canada (51%) and Mountain Province (49%) located in Canada's Northwest Territories.
Kennady Diamonds aims to identify a resource along the Kelvin – Faraday kimberlite corridor of between 13 and 16 million tonnes at a grade of between 2 and 2.5 carats per tonne and also to identify new kimberlites outside of the corridor. The Kelvin – Faraday corridor is a target for further exploration. The tonnage estimate is based on the drilling completed to date. The potential quantity is conceptual in nature as there has been insufficient drilling to define a mineral resource and it is uncertain if further exploration will result in the target being delineated as a mineral resource.
This news release has been prepared under the supervision of Tom McCandless, P.Geo, who serves as the qualified person under National Instrument 43-101.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) has reviewed or accepts responsibility for the adequacy or accuracy of this release.
FORWARD LOOKING INFORMATION
This news release includes certain information that may constitute "forward-looking information" under applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, the Company's strategic plans, future operations, future work programs and objectives. Forward-looking information is necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. All forward-looking information contained in this press release is given as of the date hereof and is based upon the opinions and estimates of management and information available to management as at the date hereof. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.
SOURCE Kennady Diamonds Inc.
For further information: Kennady Diamonds Inc., Patrick Evans, President and CEO, (416) 640-1111, [email protected]