THUNDER BAY, ON, Jan. 2, 2018 /CNW/ - Wolfden Resources Corporation (TSX-V:WLF) is pleased to announce that Mr. Ronald Little has agreed to join the Wolfden Team as a lead director of the Corporation. Mr. Little is a professional engineer that brings a successful track record of exploration, corporate and mine development and mining operations. As an active director of the Board, he will assist in advancing Wolfden's new Pickett Mountain high-grade base metal project in Maine, USA as well assessing other opportunities.
Mr. Little's previous experience includes over 30 years of progressive leadership and executive management of publicly traded mining companies. In 1996, he was the founder of Orezone Resources Inc., a company that went on to develop the largest gold mine in Burkina Faso that was taken over in a deal worth $350M by Iamgold in 2008. In addition to extensive marketing and project finance experience, Mr. Little has a broad technical background that includes the management of underground and surface mining operations, permitting and feasibility studies all of which will be valuable attributes in moving Wolfden towards mine development. Mr. Little also sits on the boards of Premier Gold Mines and Northern Graphite Corp.
"Having worked with Ron for a number of years, I am confident in his ability to advance projects to development and build shareholder value" commented Ewan Downie, Chairman. "His diverse world-wide experience and strong exploration and underground operational experience will complement our existing Board and team as we advance our key assets and assess additional opportunities."
In connection with his appointment as a director, Mr. Little has agreed subscribe for 500,000 common shares of the Corporation at a price of $0.29 per share on a private placement basis pursuant to applicable exemptions. The common shares to be issued pursuant to the private placement will be subject to a four month hold period pursuant to applicable securities laws. The completion of the private placement is subject to receipt of required regulatory approvals, including the approval of the TSX Venture Exchange and is expected to close on or about January 6, 2018.
In addition, the Corporation has granted Mr. Little options to acquire up to 600,000 common shares at an exercise price of $0.53 per share and expiring five years from the date of grant, with 500,000 of such options subject to specific vesting conditions.
Wolfden is a Canadian junior mining exploration company who's core asset is the Pickett Mountain high-grade base metal in Maine, USA. With a recently updated mining code in Maine, the Company is focused on advancing to property to an underground mine development scenario through an aggressive program of definition and expansion drilling followed by technical and environmental studies. Historical work demonstrates the potential to expand the current drill-defined mineralization and through the use of more modern geophysical techniques, the company hopes to identify other high priority drill targets.
This Press Release contains certain information that may constitute "forward-looking information" under applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements about strategic plans, including future operations, future work programs, capital expenditures, discovery of minerals, price of base metals and currency exchange rates, timing of geological and environmental reports and corporate and technical objectives.. Forward-looking information is necessarily based upon a number of 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, including the risks inherent to the mining industry, adverse economic and market developments and the risks identified in Wolfden's continuous disclosure documents. 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. Wolfden 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 Wolfden Resources Corporation
For further information: Donald Hoy, President and CEO, Tel: (807)624-1131, Email: [email protected], Web Site: www.wolfdenresources.com