TORONTO, Feb. 25, 2019 /CNW/ - RNC Minerals (TSX: RNX) (RNC) has implemented changes to its Board of Directors to enhance its performance and that of the company going forward. Effective immediately, Paul Andre Huet, who joined the RNC Board on November 18, 2018, will assume the role of Executive Chairman of the Company. As Executive Chairman, Mr. Huet will take an active role working with management to deliver on the strategy of the Company, including the implementation of our plans for the Beta Hunt Mine in Western Australia. Scott Hand, former Executive Chairman of the Board, will become Lead Director. Warwick Morley-Jepson, who has been an Observer to the Board, will now join the Board and assume the role of Chairman of the Technical Committee.
Mr. Hand stated that "The Company will benefit from Paul's extensive experience in the gold industry. He will work closely with management to realize the great potential for the Beta Hunt mine and to enhance the value of the company overall." Mr. Huet stated: "With these changes to the Board, we are preparing the Company to be more focused on our more advanced Beta Hunt asset in Western Australia. I look forward to working closely with CEO Mark Selby and the RNC management team to support them in every way I can to realize the great potential for the Company for all our shareholders."
Paul Andre Huet has over 30 years of career experience in the mining industry and is an expert in narrow vein, high grade mining. Most recently Mr. Huet was President, CEO and Director of Klondex Mines from 2012 to 2018 until it was acquired by Hecla Mining Company.
Mr. Hand stated that: "Warwick, with his extensive experience in the gold industry, will continue to provide excellent expertise to the Company." Mr. Morley-Jepson has more than 35 years of experience in the gold mining industry. Prior to his retirement in 2016, he served as Executive Vice President and Chief Operating Officer of Kinross Gold Corporation.
Donald McInnes will retire from the Board to allow Warwick Morley-Jepson to move from his observer status to a full director. Frank Marzoli, who was a founder of RNC, intends to retire from the Board once the Company has identified a person to succeed him as a director. Mr. Marzoli stated: "I believe that the changes being made with Paul assuming the role of Executive Chairman put the Company in an excellent position to succeed at Beta Hunt and Dumont for the benefit of our shareholders." Mr. Hand stated: "We most appreciate the service of Frank and Donald. They have been fine directors and we wish them well for the future."
About RNC Minerals
RNC has a 100% interest in the producing Beta Hunt gold mine located in Western Australia where a significant high grade gold discovery - "Father's Day Vein" - was recently made. RNC is currently completing a 40,000 metre drill program, the results of which will be incorporated into an updated NI 43-101 compliant Mineral Resource Estimate and mine plan targeted for Q2 2019. Beta Hunt gold resource potential is underpinned by multiple gold shears with gold intersections across a 4km strike length which remain open in multiple directions adjacent to an existing 5km ramp network. RNC also has a 28% interest in a nickel joint venture that owns the Dumont Nickel-Cobalt Project located in the Abitibi region of Quebec which contains the second largest nickel reserve and eighth largest cobalt reserve in the world. RNC owns a 33% interest in Orford Mining Corporation, a mineral explorer focused on highly prospective and underexplored areas of Northern Quebec. RNC has a strong management team and Board with over 100 years of mining experience. RNC's common shares trade on the TSX under the symbol RNX. RNC shares also trade on the OTCQX market under the symbol RNKLF.
Cautionary Statement Concerning Forward-Looking Statements
This news release contains "forward-looking information" including without limitation statements relating to the liquidity and capital resources of RNC, production guidance and the potential of the Beta Hunt Mine as well as the potential of the Dumont development project and Orford Mining's Qiqavik, and West Raglan, exploration properties.
Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of RNC to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Factors that could affect the outcome include, among others: future prices and the supply of metals; the results of drilling; inability to raise the money necessary to incur the expenditures required to retain and advance the properties; environmental liabilities (known and unknown); general business, economic, competitive, political and social uncertainties; results of exploration programs; accidents, labour disputes and other risks of the mining industry; political instability, terrorism, insurrection or war; or delays in obtaining governmental approvals, projected cash operating costs, failure to obtain regulatory or shareholder approvals. For a more detailed discussion of such risks and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements, refer to RNC's filings with Canadian securities regulators, including the most recent Annual Information Form, available on SEDAR at www.sedar.com.
Although RNC has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Forward-looking statements contained herein are made as of the date of this news release and RNC disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by applicable securities laws.
SOURCE RNC Minerals
For further information: Rob Buchanan, Director, Investor Relations, T: (416) 309-0600, www.rncminerals.com