Vancouver, B.C., September 11, 2017 – Candelaria Mining Corp. ("Candelaria" or the "Company") (TSXV: CAND, OTCQX: CDELF) is pleased to announce the results of its annual general and special meeting held on September 11, 2017 in Vancouver, British Columbia (the "Meeting") and to provide a general corporate update.
The number of directors was fixed at seven (7) and each of the following seven (7) nominees proposed by management was elected as a director on a vote by show of hands. The proxies received by management with respect to the election of directors were as follows:
|NOMINEE||VOTES FOR||VOTES WITHHELD|
|Mack Backens – Chairman||100%||0%|
|Ramon Perez, President||100%||0%|
|Curtis Turner, CEO||100%||0%|
In addition, at the Meeting, shareholders approved the following:
- the appointment of Grant Thornton LLP, Chartered Professional Accountants, as the Company's auditors for the ensuing year and the authorization of the board of directors (the "Board") to fix the auditor's remuneration;
- the adoption and ratification of the Company's 2017 stock option plan as contained in the management information circular dated August 3, 2017 (“Information Circular”) in respect of the Meeting;
- the adoption and ratification of the Company's 2017 restricted shares unit as contained in the Information Circular in respect of the Meeting;
- to consider and, if deemed appropriate, pass, with or without variation, a resolution to approve the creation of a new “Control Person” (as that term is defined in the policies of the TSX Venture Exchange (“Exchange”)) of the Company, as described in the Information Circular.
Completion of the approved items noted above are subject to the Company obtaining Exchange approval.
The Company was pleased to announce the following new members of the Board of Directors:
Mark Backens, Chairman – Mr. Backens has over 30 years of global mining experience including, most recently, as CEO of Alio Gold Inc. Mr. Backens has 10 years of investment banking experience most recently as Director of Investment Banking - Mining for Scotia Capital. Mr. Backens also has 20 years of senior management experience with Meridian Gold, Placer Dome and Goldcorp in the areas of exploration, engineering, mine construction, mine management and corporate development. Mr. Backens holds a Bachelor of Science in Geological Engineering from South Dakota School of Mines and is formerly a Professional Geologist. Mr. Backens is currently a director of Alio Gold Inc.
Wayne Hubert – Mr. Hubert was most recently CEO and director of Andean Resources Limited from 2006 until December 2010. When he joined Andean, the company had a market capitalization of $70 million and a resource base of about 800,000 ounces of gold. Mr. Hubert helped lead Andean through several discoveries which increased the resource base to over 5 million ounces of high-grade gold as well as subsequent feasibility studies, financings and permitting. Andean was ultimately acquired by Goldcorp for $3.5 billion. Prior to his tenure at Andean, Mr. Hubert was Vice-President Corporate Development and Investor Relations with Meridian Gold Inc. During his 14 year career at Meridian, he gained considerable experience in the areas of finance, exploration, project development, permitting and construction. He has a bachelor of science in Chemical Engineering from the University of Cape Town and an MBA from Brigham Young University.
Mr. Sokhie Puar, a director since 2016, did not stand for re-election.
General corporate update
Curtis Turner, CEO of Candelaria, stated: “We would like to thank Sokhie for his contributions to the Company and wish him the best in his future endeavours. The Company is pleased to have Mark Backens join us as Chairman of the Board and Wayne Hubert added to the board. Both Mark and Wayne have vast experience in the industry and in creating value. We look forward to working with them to continue to strengthen the Company. This latest corporate update demonstrates our commitment to the future of the Company and we look forward to further updates from our on-going drilling and permitting activities at Caballo Blanco later this year. ”
Candelaria Mining is a Canadian-based gold development and exploration company with a portfolio of highly prospective projects in Mexico, one of the world’s best mining jurisdictions. Candelaria’s 100% owned Caballo Blanco Project hosts NI 43-101 Indicated Resources of 521,000 ounces of gold and 2,170,000 ounces of silver (31,220,000 tonnes grading 0.52 g/t gold and 2.16 g/t silver) and Inferred Resources of 95,000 ounces of gold and 590,000 of ounces silver (8,630,000 tonnes grading 0.34 g/t gold and 2.14 g/t silver). Potential exists to increase these estimated resources through continued drilling and exploration. For more information on resource estimates, please see the Company’s news release dated May 8, 2017.
ON BEHALF OF THE BOARD,
Chief Executive Officer
For further information, please contact:
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains certain information that may constitute forward-looking information or forward-looking statements under applicable Canadian securities legislation (collectively, “forward-looking information”), including but not limited to the exploration potential at the Caballo Blanco Project, and future exploration plans of Candelaria. This forward-looking information entails various risks and uncertainties that are based on current expectations, and actual results may differ materially from those contained in such information. These uncertainties and risks include, but are not limited to, the strength of the global economy; the price of gold; developmental, funding and liquidity risks; the degree to which mineral resource estimates are reflective of actual mineral resources; the degree to which factors which would make a mineral deposit commercially viable are present; the risks and hazards associated with mining operations; and the ability of Candelaria to fund its capital requirements and exploration and development activities.