TORONTO, ON –(Marketwired – May 09, 2016) –
San Andres Mine
Operations at the San Andres Mine in Honduras have resumed at full production following the achievement of a back-to-work agreement (the “Agreement”) with all concerned parties (the “Parties”). The Agreement was brokered with the participation of various levels of the Honduran Government and also entails the formation of a representative committee consisting of individuals from the community, the Company and government to facilitate dialogue and mediation and explore ways for the Parties to reach reciprocal compliance to ensure ongoing, uninterrupted, mining operations.
Election of the Board of Directors at the Meeting
The notice dated April 7, 2016 for the Annual General and Special Meeting (the “Meeting”) of the Shareholders of the Company, to be held on May 10, 2016, included a resolution regarding the election of the members of the Board of Directors.
Tom Ogryzlo and
Bill Murray will not stand for re-election at the Meeting and the Company wishes to thank each of them for their invaluable contributions to the Company over their many years of service.
Paulo Carlos de Brito (“Brito”) and representing approximately 48% of the total shares in the Company, has proposed that he be appointed as a Director. Management is supportive of the appointment.
Each of Messrs. Bannantine, Brito, Keith and Mars will be presented for election at the Meeting as management’s nominees and the persons named by management as proxyholders in the form of proxy previously mailed to registered shareholders intend to vote for the election of these nominees. Management does not contemplate that any of these nominees will be unable to serve as directors. Each director elected will hold office until the next annual general meeting of the Company or until his successor is elected or appointed, unless his office is earlier vacated in accordance with the Articles of the Company or the provisions of the Canada Business Corporations Act.
Paulo Carlos de Brito is a businessman with over 45 years of experience in mining, energy and agricultural businesses. Mr. Brito has worked extensively in and outside of Brazil including most of Latin America. Mr. Brito has founded several companies including Cotia Trading. S.A. (a trading company), Mineracao Santa Elina Ind. E Com. S.A. (a mining company focused on the development, exploration and research of various minerals) and Biopalma da
In addition to the above, the Company will not, at this time, seek re-approval for the Company’s incentive stock option and share compensation plan or the treasury share unit plan.
This news release contains certain “forward-looking information” and “forward-looking statements”, as defined in applicable securities laws (collectively, “forward-looking statements”). All statements other than statements of historical fact are forward-looking statements. Forward-looking statements relate to future events or future performance and reflect the Company’s current estimates, predictions, expectations or beliefs regarding future events and include, without limitation, statements with respect to the resumptions of operations at the San Andres mine.
Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the Company, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Known and unknown risks, uncertainties and other factors, many of which are beyond the Company’s ability to predict or control could cause actual results to differ materially from those contained in the forward-looking statements. Specific reference is made to the most recent Annual Information Form on file with certain Canadian provincial securities regulatory authorities for a discussion of some of the factors underlying forward-looking statements, which include, without limitation, commodity price volatility, changes in debt and equity markets, the uncertainties involved in interpreting geological data, increases in costs, environmental compliance and changes in environmental legislation and regulation, interest rate and exchange rate fluctuations, general economic conditions and other risks involved in the mineral exploration and development industry. Readers are cautioned that the foregoing list of factors is not exhaustive of the factors that may affect the forward-looking statements.
All forward-looking statements herein are qualified by this cautionary statement. Accordingly, readers should not place undue reliance on forward-looking statements. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements whether as a result of new information or future events or otherwise, except as may be required by law. If the Company does update one or more forward-looking statements, no inference should be drawn that it will make additional updates with respect to those or other forward-looking statements.
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