VANCOUVER, Nov. 22, 2013 /CNW/ - Rathdowney Resources Ltd. ("Rathdowney" or the "Company") (TSXV: RTH), an exploration and development company focused on advancing the Olza zinc-lead-silver project in Poland through permitting and into production, announces that Mr. John Barry will step down as President and Chief Executive Officer, and as a director of the Company, on November 30, 2013. Mr. Barry will continue to serve as an advisor to the Company until the end of February 2014. Mr. David Copeland, Chairman of the Board, will assume the role of interim President and CEO.
"My six years as CEO have brought me enormous satisfaction and pride, right from the Company's inception in Ireland in 2007. Since that time, we have progressed from sourcing the Olza project in the historic Upper Silesia district of Poland in 2010 and completing an IPO of Rathdowney in Canada in 2011 to today where we are at the permitting stage of this major zinc-lead-silver project," said Mr. Barry. "I am very proud to have worked with such a very talented and hardworking team with the full support of the Hunter Dickinson organization, our contractors and consultants. Together, we have brought this project from a concept, through exploration and the establishment of a substantial zinc-lead resource to what is one of the very few exciting zinc development projects at the cusp of the permitting stage. Now is the right time for me to step aside and for Rathdowney to bring in an executive with development experience to drive the permitting and development phase."
Chairman David Copeland commented "John is a visionary and has been an exceptional leader of the Company. He saw a rare opportunity to acquire a highly prospective project located in a world famous zinc-lead district at a time when metal prices had collapsed in 2008 and then successfully advanced the project to the permitting stage in what is, effectively, a brownfield setting. This is how to generate future value for our employees, shareholders and, in particular, the people living in the communities in the Project Olza area and in Poland as a whole. On behalf of Rathdowney and its Board of Directors, I would like to thank John for his leadership, contributions and commitment to the Company. We wish him every success."
Rathdowney Resources Ltd.'s principal business objective is finding and developing the next generation of zinc-lead-silver deposits. Rathdowney is associated with Hunter Dickinson Inc. ("HDI") a diversified, global mine development company with a 25-year history of mineral development success. From its head office in Vancouver, Canada, HDI applies its unique strengths and capabilities to acquire, develop, operate and monetize mineral properties that provide consistently superior returns to shareholders.
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.
This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address exploration drilling, exploitation activities and events or developments that the Company expects, are forward looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, potential environmental issues or liabilities associated with exploration, development and mining activities, exploitation and exploration successes, continuity of mineralization, uncertainties related to the ability to obtain necessary permits, licenses and title and delays due to third party opposition, changes in government policies regarding mining and natural resource exploration and exploitation, continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. For more information on the Company, investors should review the Company's continuous disclosure filings that are available at www.sedar.com.
SOURCE: Rathdowney Resources Ltd.
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