Solvista Appoints New President and CEO
TORONTO, ONTARIO--(Marketwired - Jun 16, 2014) - Solvista Gold
Corporation ("Solvista" or the "Company")
(TSX-VENTURE:SVV)(OTCQX:SVVZF) announces that effective today
Miller O'Prey has resigned as President and CEO of the Company to
pursue other interests. Mr. O'Prey will remain as a member of the
Board of Directors of the Company. Bruce Durham, P.Geo, currently a
director of the Company, has been appointed as the new President
and CEO of Solvista with immediate effect.
Commenting on the news, Gerry McCarvill, Solvista's Chairman
stated, "on behalf of the Board, I wish to thank Miller for his
excellent guidance since the inception of the Company. Under his
leadership we have made discoveries at both our projects and
successfully negotiated an option agreement with IAMGOLD for our
Caramanta project that will ensure the advancement of the project
while at the same time protecting the Company's treasury of
approximately $4 million. We are well positioned to advance the
Company's interests in Colombia or wherever we identify
opportunities. Given Bruce's broad experience and Toronto base we
anticipate that Solvista will be reviewing a host of new
opportunities in both base and precious metals in multiple
jurisdictions."
Bruce Durham, the Company's new President and CEO commented, "I
look forward to building on the solid base that Miller has created
for the Company. We have two excellent projects in Colombia, with
Caramanta currently under option to a major mining company who
continues to aggressively explore the project and plans to commence
drilling in the third quarter of this year. In addition, the
high-grade gold-silver discovery made in 2012 at our Guadalupe
project warrants further exploration. We will continue to review
new opportunities with a view to expanding the Company's portfolio
of quality projects."
About Solvista
Solvista is a gold exploration company with two projects in
Colombia, Caramanta and Guadalupe. These projects cover
approximately 45,000 hectares in the Antioquia province of
Colombia, a region rich in historic gold mining tradition and where
several new gold discoveries have recently been made. Solvista is
well funded and has completed initial drill programs at both its
projects, with the discovery of significant mineralization at both.
For further details on Solvista, please refer to Solvista's website
(www.solvistagold.com).
About the Caramanta Project
The Caramanta project is currently under option to IAMGOLD
Corporation (IAMGOLD) as a result of a $36 million earn-in option
agreement (the "Agreement") completed in December 2013 and approved
by the TSX-V in March 2014. Under the terms of the Agreement,
IAMGOLD has agreed to complete a minimum of US$2,500,000 in
exploration expenditures and will have the right to earn up to a
70% interest in the Caramanta project (the "Project"), located in
Colombia's Mid-Cauca Belt, by completing the following steps:
- IAMGOLD can earn an initial 51% interest in the Project by
investing a total of US$18,000,000 (including the US$2,500,000 firm
commitment described above) in qualifying expenditures, which will
include US$900,000 of cash payments to Solvista, over a maximum
five-year period commencing on December 16, 2013; and
- IAMGOLD can earn an additional 19% interest in the Project, for
a total 70% interest, by investing a further US$18,000,000 in
qualifying expenditures over a maximum three-year period following
the completion of the initial 51% earn-in.
Subject to the satisfaction of the aforementioned conditions,
and upon completion of IAMGOLD's 51% or 70% earn-in, as IAMGOLD may
elect, Solvista and IAMGOLD would enter into a joint venture to
hold and advance the Project.
The Project is located at the centre of the Middle Cauca Belt,
one of the most prolific gold districts in Colombia, with
production dating back to pre-colonial times. It has also been the
focus of intense exploration over the past five years with a number
of new discoveries including La Colosa (Anglogold Ashanti), a
porphyry-gold deposit with a JORC-compliant Inferred Resource of
24.15 Moz Au at 0.94 g/t Au. Directly south of the Project is Gran
Colombia Gold's Marmato Project with a National Instrument 43-101 -
Standards of Disclosure for Mineral Projects ("NI 43-101")
compliant measured and indicated resources of 11.8 Moz Au at 0.9
g/t Au and 80 Moz Ag at 6.1 g/t Ag, and Inferred Resources of 2.6
Moz Au at 1.02 g/t Au and 9 Moz Ag at 3.7 g/t Ag. To the north is
Sunward Resources' Titiribí deposit where a NI 43-101-compliant
Measured and indicated resource of 6.2 Moz AuEq at 0.50 g/t and
inferred resource of 6.5 Moz AuEq at 0.53 g/t have been
announced.
Three of the Project's multiple targets (El Retén, El Corral and
Ajiaco Sur) are located within a regional environmental designation
referred to as a District of Integrated Management ("DMI"). Under
the terms of the DMI there is currently a prohibition against open
pit mining within the DMI. The Company has made a written
submission to the regional environmental authority responsible for
the declaration and management of the DMI ("Corantioquia")
requesting the immediate removal of the DMI designation over its
mining titles. As disclosed in the Company's press release dated
September 16, 2013, exploration within the DMI had been temporarily
halted by Corantioquia until the Company's application for removal
of the DMI designation has been considered. As further disclosed in
the Company's press release dated December 18, 2013, Corantioquia
informed the Company that during the period that the decision on
the removal of the DMI designation was being considered,
exploration within the DMI could resume upon the receipt of an
acceptable environmental management plan ("EMP"). In March 2014
IAMGOLD and the Company presented an EMP to Corantioquia and are
currently awaiting comments and approval.
About the Guadalupe Project
The Guadalupe project consists of approximately 35,000 hectares,
and is situated approximately 110 km northeast of Medellín.
Geologically, the project is located along the northern contact of
the Antioquia Batholith, a known historic gold producing area, and
host to the AnglogoldAshanti/B2Gold Gramalote project (M&I
Resources of 2.7 Moz at 0.63 g/t Au, plus Inferred Resources of 3.4
Moz at 0.44 g/t Au) and Red Eagle's Santa Rosa project (M&I
Resources of 601,100 oz at 1.81 g/t Au, plus inferred resources of
161,000 oz at 1.69 g/t Au). To the north of the Antioquia Batholith
is the Cretaceous aged San Pablo Formation; a flysch sequence of
mixed basic volcanics and clastic sediments, known to host both
precious and base metal mineralization.
The scientific and technical information contained in this press
release has been reviewed by the Company's President and CEO, Mr.
Bruce Durham, P.Geo., who is a "Qualified Person" as such term is
defined under NI 43-101.
Neither the TSX-V nor its Regulation Services Provider (as that
term is defined in the policies of the TSX-V) accepts
responsibility for the adequacy of this news release. No stock
exchange, securities commission or other regulatory authority has
approved or disapproved the information contained herein.
CAUTIONARY STATEMENT: This news release contains forward-looking
information which is not comprised of historical facts.
Forward-looking information involves risks, uncertainties and other
factors that could cause actual events, results, performance,
prospects and opportunities to differ materially from those
expressed or implied by such forward-looking information.
Forward-looking information in this news release relates to, among
other matters, IAMGOLD's interest in the Project under the
Agreement. Factors that could cause actual results to differ
materially from such forward-looking information include, but are
not limited to, failure to convert any estimated mineral resources
to reserves, capital and operating costs varying significantly from
estimates, the preliminary nature of metallurgical test results,
delays in obtaining of failures to obtain required governmental,
environmental or other project approvals, including those related
to the DMI at the Project, political risks, uncertainties relating
to the availability and costs of financing needed in the future,
changes in equity markets, inflation, changes in exchange rates,
Solvista's relationship with IAMGOLD, fluctuations in commodity
prices, delays in the development of the Project, risks involved in
the mineral exploration and development industry, and those other
risks set out in Solvista's public documents filed on SEDAR.
Solvista believes that the assumptions and factors used in
preparing the forward-looking information in this news release are
reasonable; for example, that the Agreement will not be terminated
and IAMGOLD will exercise its option(s) thereunder. Nevertheless,
undue reliance should not be placed on such information, which only
applies as of the date of this news release, and no assurance can
be given that such events will occur in the disclosed time frames
or at all. Solvista disclaims any intention or obligation to update
or revise any forward-looking information, whether as a result of
new information, future events or otherwise, other than as required
by applicable securities laws.
Solvista Gold CorporationBruce Durham, P.GeoChief Executive
Officer(416) 504-8821bdurham@solvistagold.comSolvista Gold
CorporationDon Christie, CPAChief Financial Officer(416)
504-4122dchristie@solvistagold.comwww.solvistagold.com
Solvista Gold Corporation (TSXV:SVV)
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