Vancouver, British Columbia,--(Newsfile Corp. - August 21, 2017) - Midnight Sun Mining Corp. (TSXV: MMA) (the "Company" or "Midnight Sun") is pleased to announce the appointment of Brett A. Richards as its Chief Executive Officer and director with immediate effect.
Based in London, England and Toronto, Canada, Mr. Richards is a well-known mining executive with over 30 years of experience who has focused primarily on projects in Africa over the past 12 years. Mr. Richards has acted or advised on a number of corporate M&A projects, and has extensive mine project development, mine financing, board and senior level operations experience. Mr. Richards has worked with several private equity firms on mining projects; most recently as COO of African Gold Group and CEO of African Thunder Platinum, leading its sale in July 2017 to a major South African PGM and chrome producer. Mr. Richards has also held leadership positions as CEO of Octéa Limited, Interim/Transition CEO of Roxgold, CEO of Avocet Mining and was on the executive start-up team of Katanga Mining in the Democratic Republic of Congo from 2005 to 2009, prior to its acquisition by Glencore plc.
"I am pleased to join the board and executive team of Midnight Sun as we advance the Solwezi Properties in Zambia" stated Mr. Richards. "I am also excited to be developing this highly prospective land package, during a time where there is a strong consensus outlook on copper and cobalt pricing for the next five years."
Midnight Sun's former CEO, Robert Sibthorpe, B.Sc. (Geology), M.B.A. remains with the Company in the new position of Vice President,Exploration. Mr. Sibthorpe will lead the exploration and drilling programs at the Solwezi Properties through the various stages of resource development. Mr. Sibthorpe has a unique and tremendous track record of finding high grade deposits, as illustrated by his discoveries of the Yaramoko deposit of Roxgold and the Fire Creek deposit of Klondex.
Al Fabbro, Lead Director of Midnight Sun stated: "The board and management have previous experience working with Brett and are pleased to have him aboard. Having Brett join the Company at this key stage will give the additional management capacity and experience necessary to take the Solwezi Properties through to their full potential as a significant copper and cobalt project in Zambia."
Midnight Sun's board has approved a grant of stock options to Mr. Richards to purchase an aggregate of 1,000,000 common shares of the Company, at an exercise price of $0.35. The stock options will be granted pursuant to Midnight Sun's 10% rolling option plan, will fully vest upon issuance and shall expire 5 years from the date of grant.
ON BEHALF OF THE BOARDOF MIDNIGHT SUN MINING
Al Fabbro - Lead Director
For Further Information Contact:
Tel: +1 604-351-8850
Brett A. Richards
Tel: +1 905-449-1500
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 NEWS RELEASE.
This news release includes certain statements that may be deemed "forward-looking statements." All statements in this release, other than statements of historical facts, are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include, but are not limited to, changes in market conditions, unsuccessful exploration results, changes in commodity prices, unanticipated changes in key management personnel and general economic conditions. Mining exploration and development is an inherently risky business. Accordingly, the actual events may differ materially from those projected in the forward-looking statements. This list is not exhaustive of the factors that may affect any of the Company's forward-looking statements. These and other factors should be considered carefully and readers should not place undue reliance on the Company's forward-looking statements. The Company does not undertake to update any forward-looking statement that may be made from time to time by the Company or on its behalf, except in accordance with applicable securities laws.
You can view Previous News Releaseson the website: www.midnightsunmining.com
Source: Newsfile Corp.