GTA Reports Corporate Update
November 10, 2016 (Source) — GTA Resources and Mining Inc. (TSXV: GTA) (“GTA” or the “Company”), reports that the Company has successfully completed its two-phase 2016 drilling program to expand the gold mineralization at Northshore and now GTA intends to update its model of the near surface, higher-grade portion of the Afric Zone.
The success at Northshore has led to an evolution in GTA’s leadership team. James Macintosh, a director of GTA since 2008, has been appointed President and Chief Executive Officer, and Mr. Wayne Reid, P.Geo., has been appointed Vice-President, Exploration. Mr. Macintosh’s mandate, apart from that normally associated with the role of CEO, is to draw upon his business expertise and mining background to work with Mr. Reid to evaluate the economic potential of Northshore in consultation with our joint venture partner, Balmoral Resources Limited (“Balmoral”). Also as part of the evolution, Clinton Barr and Stephen Stares are resigning from the Board of Directors. The Company thanks these gentlemen for their efforts and wish them the best in their new enterprises.
Mr. Reid, who was vital to the exploration success at Northshore, will continue to lead GTA’s exploration programs, which will include an upcoming drill program at the Company’s wholly-owned Burnt Pond zinc property in Newfoundland, 10 kilometers along strike from Teck Resources Limited’s Duck Pond Mine. The Mine, closed in 2015, after producing in excess of 4.5 million tonnes of ore grading approximately 3.0% Cu, 6.0% Zn and 60 grams per tonne Silver (g/t Ag). Historical work at Burnt Pond returned drill intersections of massive sulphides grading up to 25.8% zinc, 24.0% lead, 0.8% copper and 791.1 g/t Ag (equivalent to 23 ounces per ton of Ag) over 0.37 metres.
Mr. Macintosh has 30 years of experience in the mining industry and as a mining analyst. For the past 23 years he has held various executive and directorial positions with numerous public and private companies in Canada and the United States. Mr. Macintosh is also a Director of Silver Mountain Mines Inc. and a seed investor and Chairman of CircuitMeter Inc., an emerging Canadian technology company. Mr. Macintosh was recently the Lead Director and Chairman of the Audit Committee for Carlisle Goldfields Limited, a Canadian gold company sold to Alamos Gold Inc. Mr. Macintosh graduated from Queen’s University with a B.Sc. (Honours, Geological Sciences).
GTA is pleased to announce the appointment of Julio DiGirolamo, CPA, CA to the Board of Directors. Mr. DiGirolamo has over 20 years of senior-level public company experience including, most-recently, four and a half years as CFO for Carlisle Goldfields Limited. Mr. DiGirolamo began his public market experience while holding various senior roles during his five years with Greenstone Resources Ltd., a TSX and NASDAQ-listed gold mining company with activities focused in four Latin American countries. Mr. DiGirolamo has also been the CFO of several TSX Venture Exchange-listed companies and a member of the Board of Directors of TSX-listed Atlantis Systems Corp. Over his career, Mr. DiGirolamo has served on the boards of various public and non-profit organizations.
The Northshore Property is a joint venture with Balmoral (see press release dated Aug. 18, 2014), located near Schreiber, Ontario, approximately 125 km west of Hemlo, Ontario. GTA is the operator and currently owns close to 52% of Northshore. GTA also has 100% interest in an 85 km long block of claims covering a relatively untested part of the eastern extension of the Geraldton Gold Belt, near Hearst Ontario. GTA is the largest land holder in the area and is looking for Joint venture partners to accelerate key areas of the Auden property.
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GTA also announces that in accordance with its Stock Option Plan it has agreed to grant 300,000 incentive stock options to certain of its directors, employees and consultants exercisable at a price of $0.055 (five point five cents) per share for a period of five years from the date of grant.
QA/QC – Wayne Reid, P. Geo., Vice-President, Exploration for GTA and a qualified person as defined in National Instrument 43-101, is responsible for this release, and supervises the planning, execution and monitoring of GTA’s exploration program.
ABOUT GTA RESOURCES – GTA is a well-funded publicly traded mineral exploration company. It is led by an experienced and successful management team and is focused on exploring for gold and zinc in Canada. GTA is a tightly held company having 41,026,855 shares outstanding with its JV partner, Balmoral Resources holding a 6.3% interest. The Company’s shares trade on the TSX Venture Exchange under the symbol “GTA.” The Company currently has two projects located in northern Ontario: the more than 51% owned Northshore Project, near Schreiber and the 100% owned Auden Project near Hearst. GTA also owns a 100% interest in the Burnt Pond Project in central Newfoundland, along strike from Teck Resources Limited’s past-producing Duck Pond Cu-Zn Mine.
On behalf of the board of directors,
GTA Resources and Mining Inc.
President and CEO
For more information, please visit the corporate website at www.gtaresources.com.
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 press release.
This press release contains forward-looking statements and forward-looking information (collectively, “forward looking statements”) within the meaning of applicable Canadian and United States securities laws. All statements, other than statements of historical fact, included herein, including statements regarding the anticipated content, commencement, duration and cost of exploration programs, anticipated exploration program results, the discovery and delineation of mineral deposits/resources/reserves, the timing of the receipt of assay results, and business and financing plans and trends, are forward-looking statements. Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions or are those which, by their nature, refer to future events. Although the Company believes that such statements are reasonable, there can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. The Company cautions investors that any forward-looking statements by the Company are not guarantees of future performance, and that actual results may differ materially from those in forward-looking statements. Important factors that could cause actual events and results to differ materially from the Company’s expectations include those related to weather, equipment and staff availability; performance of third parties; risks related to the exploration stage of the Company’s projects; market fluctuations in prices for securities of exploration stage companies and in commodity prices; and uncertainties about the availability of additional financing; risks related to the Company’s ability to identify one or more economic deposits on the properties, and variations in the nature, quality and quantity of any mineral deposits that may be located on the properties; risks related to the Company’s ability to obtain any necessary permits, consents or authorizations required for its activities on the properties; and risks related to the Company’s ability to produce minerals from the properties successfully or profitably. Trading in the securities of the Company should be considered highly speculative. All of the Company’s public disclosure filings may be accessed via www.sedar.com and readers are urged to review these materials, including the latest technical reports filed with respect to the Company’s mineral properties.
This press release is not, and is not to be construed in any way as, an offer to buy or sell securities in the United States.
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