VANCOUVER, April 14, 2015 /CNW/ - Sierra Metals Inc. (TSX:SMT)(BVL:SMT) ("Sierra Metals" or the "Company") is pleased to announce the appointment of Mark Brennan as President and Chief Executive Officer, effective April 13, 2015. Mr. Brennan is replacing Sierra Metals' former President and CEO, Audra Walsh, whose resignation was announced earlier today. In conjunction with his appointment as President and CEO, Mr. Brennan will also be joining the Company's Board of Directors effective immediately.
Mr. Brennan has 30 years of financing and operating experience in North America and Europe. He most recently served as President and CEO at Largo Resources Ltd. ("Largo"). Mr. Brennan joined Largo in 2005 and facilitated the acquisition of its flagship Maracas Vanadium Project in 2006. He led Largo's team in advancing the Maracas Vanadium Project through the completion of its maiden resource and definitive feasibility in 2008, and played an integral role in the successful completion of approximately $300 million in financing for the project in 2012. During his tenure as President and CEO of Largo, the Maracas Project was constructed and commenced production in 2014.
Prior to Largo, Mr. Brennan served in various senior management roles for resource companies, including as a Founding Member of Desert Sun Mining; Founder and Principal of Linear Capital, Brasoil Corporation, James Bay Resources, Morumbi Oil and Gas; and former President, CEO and Chairman of Admiral Bay Resources. Mr. Brennan spent his early career as an investment banker in London, where he focused largely on Canadian equities and covered both London and continental Europe.
In making the announcement, Sierra's Chairman, Alberto Arias, commented: "We are very pleased to have Mark join Sierra Metals due to his proven track record in operating and developing mining companies in Latin America, and his strong managerial and leadership skills. Mark's expertise will help us to (a) further develop the full potential of our three current mining operations in Peru and Mexico, (b) continue to grow reserves and production and (c) improve the efficiency of our mining operations to further enhance our returns on capital and per share value."
Mark Brennan commented: "I am extremely excited to join Sierra Metals as President and Chief Executive Officer. I see phenomenal potential in Sierra, a company with extremely solid operations, a well-diversified revenue base, an outstanding technical team and one that has demonstrated consistent production and resource growth." He continued: "I look forward to working to realize the full value of the exceptional asset base and revenue generation capacity that Sierra possesses currently, and continuing to move forward with its production growth."
About Sierra Metals
Sierra Metals Inc. is a Canadian mining company focused on the production of precious and base metals from its Yauricocha Mine in Peru, and its Bolivar Mine and Cusi Mine in Mexico. In addition, Sierra Metals is exploring several precious and base metal targets in Peru and Mexico. Projects in Peru include Adrico (gold), Victoria (copper-silver) and Ipillo (polymetallic) at the Yauricocha Property in the province of Yauyos, and the San Miguelito gold properties in Northern Peru. Projects in Mexico include Bacerac (silver) in the state of Sonora and La Verde (gold) at the Batopilas Property in the state of Chihuahua.
The Company's shares trade on the Lima Stock Exchange (Bolsa de Valores de Lima) and the Toronto Stock Exchange under the symbol "SMT".
Except for statements of historical fact contained herein, the information in this press release may constitute "forward-looking information" within the meaning of Canadian securities law. Statements containing forward-looking information express, as at the date of this news release, the Company's plans, estimates, forecasts, projections, expectations or beliefs as to future events or results. These statements reflect the Company's current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Actual results might differ materially from results suggested in any forward-looking statements. The Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward-looking statements unless and until required by securities laws applicable to the Company. Additional information identifying risks and uncertainties is contained in filings by the Company with the Canadian securities regulators, which filings are available at www.sedar.com.
SOURCE Sierra Metals Inc.
For further information: regarding Sierra Metals, please visit www.sierrametals.com or contact: J. Alberto Arias, Chairman, Sierra Metals Inc., 1 (866) 493-9646, Email: [email protected]; Ed Guimaraes, Chief Financial Officer, Sierra Metals Inc., 1 (866) 493-9646, Email: [email protected]