Trading Symbol: PRS.H
VANCOUVER, Jan. 11, 2012 /CNW/ - Prism Resources Inc. (the "Company") (NEX: PRS.H) announces that Mr. Scott M. Ross has resigned his position as Chief Executive Officer and President of the Company. Mr. Ross will continue to serve as the Corporate Secretary and a director of the Company. In addition, Mr. James E. Eccott has resigned his position as a director of the Company. We thank Mr. Eccott for his time and efforts and wish him every success in the future.
The directors of the Company have appointed Mr. Robert Baxter as the President, Chief Executive Officer and a director of the Company. Mr. Baxter has over 25 years of experience in the mining industry, principally in Latin America. Mr. Baxter was the President, Chief Operating Officer and a director of Norsemont Mining Inc. until April 2011 following the completion of its sale to HudBay Minerals Inc.
Mr. Baxter has also formerly held positions as a director of Chariot Resources Ltd. and as a director of Petaquilla Minerals Ltd. Mr. Baxter is currently a director of Pan Global Resources Inc., a mineral exploration and development company listed on the TSX Venture Exchange. He is also General Manager of Baxter Consultants Eng. S.A.C.
Mr. Baxter has an Applied Bachelor of Science (Honours) degree from the University of New South Wales and is a Fellow of the Australian Institute of Mining and Metallurgy (FAusIMM).
On behalf of the Board of Directors of Prism Resources Inc.
"Scott M. Ross"
Scott M. Ross
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.
Statements contained in this news release that are not historical facts constitute "forward-looking statements" or "forward-looking information" within the meaning of applicable securities laws and are based on expectations, estimates and projections as of the date of this release. Forward-looking statements include, without limitation, possible events and statements with respect to possible events. The words "is expected" or "estimates" or variations of such words and phrases or statements that certain actions, events or results "may" or "could" occur and similar expressions identify forward-looking statements. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the Company as of the date of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. The estimates and assumptions of the Company contained in this release which may prove to be incorrect, include, but are not limited to the ability of the Company to secure financing on the proposed terms and for the aggregate amount. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements. Such factors include, but are not limited to: fluctuations in the spot and forward price of gold or certain other commodities; changes in national and local government legislation, taxation, controls, regulations and political or economic developments in Canada, or other countries in which the Company may carry on business in the future; business opportunities that may be presented to, or pursued by, the Company; operating or technical difficulties in connection with mining activities; the speculative nature of gold exploration and development, including the risks of obtaining necessary licenses and permits; diminishing quantities or grades of reserves; and contests over title to properties, particularly title to undeveloped properties. In addition, there are risks and hazards associated with the business of gold exploration, development and mining, including environmental hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins, flooding and gold bullion losses (and the risk of inadequate insurance, or the inability to obtain insurance, to cover these risks). Many of these uncertainties and contingencies can affect the Company's actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, the Company. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements are provided for the purpose of providing information about management's expectations and plans relating to the future. All of the forward-looking statements made in this release are qualified by these cautionary statements and those made in our other filings with the securities regulators in Canada. These factors are not intended to represent a complete list of the factors that could affect the Company. Although the Company believes that the expectations in the forward-looking statements are reasonable, actual results may vary, and future results, levels of activity, performance or achievements cannot be guaranteed.
For further information:
Scott M. Ross
Prism Resources Inc.