Celeste Announces South Crofty Update and Management Changes
May 29, 2013 — CALGARY, ALBERTA (Source: Marketwired) — NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA
Celeste Mining Corp. (TSX VENTURE:C) (“Celeste” or the “Company“) announces today that the Board of Directors has elected to terminate Alan Shoesmith as President and Chief Executive Officer of the Company under the terms of Mr. Shoesmith’s Executive Services Agreement. Mr. Shoesmith will continue to serve as a director of the Company. Mr. Richard Kelertas has been appointed interim CEO.
“We wish to thank Mr. Shoesmith for his service and contributions to the Company,” commented Richard Kelertas, the interim CEO of the Company.
The Company also announces its decision to review and evaluate cost cutting measures including but not limited to, temporarily halting its exploration and development activities at the South Crofty Mine. The strategic review is a result of deteriorating equity markets, the financial position of the Company, operational complexities and higher than anticipated exploration and development expenses at the South Crofty Mine. Management continues to actively engage strategic partners in an effort to explore alternative funding strategies, which may include a brokered convertible financing.
If the Company and its partners cannot agree on such cost cutting measures, the Company may elect not to contribute further expenditures which could result in dilution to its interest in the South Crofty Mine.
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Celeste is a Canadian corporation currently focused on the acquisition of an interest in Cornish Minerals Limited (a UK registered company) which controls mining rights in the historic Cornish mining region in Cornwall, England, including the South Crofty Mine as announced in a news release dated May 25, 2011. In addition, Celeste continues to assess other tin, copper and copper-gold properties for exploration and development opportunities.
Celeste shares trade on the TSX Venture Exchange under the symbol C. Celeste’s website can be accessed at www.celestemining.com.
This news release does not constitute an offer for sale of securities in the United States of America.
Caution Concerning Forward‐Looking Information
Certain statements contained in this news release constitute “forward-looking statements” as such term is used in applicable Canadian and US securities laws. These statements relate to analyses and other information that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management. In particular, there is no certainty that the additional assays from the 2011 and 2012 drilling program or future drill programs or the formalizing next steps will identify additional resources and other factors and events described in this news release should be viewed as forward-looking statements to the extent that they involve estimates thereof. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as “expects” or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans, “estimates” or “intends”, or stating that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved) are not statements of historical fact and should be viewed as “forward-looking statements”. Such forward looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such risks and other factors include, among others, identifying additional resources, availability of capital to fund exploration projects; political, social and other risks inherent in carrying on business in a foreign jurisdiction and such other business risks as discussed herein and other publicly filed disclosure documents. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could vary or differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements contained in this news release.
Forward looking statements are made based on management’s beliefs, estimates and opinions on the date the statements are made and the Company undertakes no obligation to update forward-looking statements and if these beliefs, estimates and opinions or other circumstances should change, except as required by applicable law.
This news release contains forward-looking statements based on assumptions, uncertainties and management’s best estimates of future events. When used herein, words such as “intended” and similar expressions are intended to identify forward-looking statements. Forward-looking statements are based on assumptions by and information available to the Company. Investors are cautioned that such forward-looking statements involve risks and uncertainties. Actual results may differ materially from those currently anticipated. The forward-looking statements contained herein are expressly qualified by this cautionary statement.
Neither 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.
Raj Shah has professional experience working for over a half a dozen years at financial firms such as Merrill Lynch and First Allied Securities Inc., ... <Read more about Raj Shah>