SACRE-COEUR MINERALS ANNOUNCES APPOINTMENT OF MR. JOHN BOOTH AS
DIRECTOR, AND ELECTION OF MR. BOOTH AS CHAIRMAN OF THE BOARD OF DIRECTORS
SACRE-COEUR MINERALS, LTD. (the "Company") today
announced that in connection with its recent strategic shift in emphasis toward
internally generated cash flow and rapid development of its initial hard-rock
resources, it has appointed Mr. John G. Booth as an interim Director. The
board has also voted unanimously to elect Mr. Booth to the position of
non-executive Chairman of the Board of Directors of the Company. Mr. Ben
Catalano, a director, has resigned effective 13 January, 2012, and Mr. Irwin A.
Olian has resigned as Executive Chairman of the Board
as of the same date to make way for Mr. Booth's appointment and subsequent
election as Chairman. Mr. Olian will remain an
active participant on the Company's board of directors. Mr. Booth is
expected to stand for election by the shareholders at the Company's next
AGM.
In connection with his appointment
to the board of directors, and in consideration of his service as Chairman of
the Board, Mr. Booth has been granted incentive stock options, subject to
regulatory approvals, to purchase up to 500,000 common shares of the Company's
Common Stock. The options are exercisable for a term of three years
at a price of CAD $0.17 per share. As with all members of the board, he
will receive no other compensation for his services as a director.
Mr. Booth is a Partner and Fund
Manager with JAS Financial Products LLP in London. He has more than
twenty years of experience in global capital markets, much of which includes
mining and minerals companies, as an investment banker and attorney. John
currently serves as a director for other TSX listed companies, and serves as
Chairman of the Board of Laramide Resources, a
uranium development company with properties in Australia and in the
Southwestern US. He is a dual Canadian/UK citizen.
Both Mr. Catalano and Mr. Olian have served on the board of directors of the Company
since it was founded in 2004. Mr. Olian has
served as Chairman of the Board since inception. He also formerly served
as President and Chief Executive Officer from inception through December
2009. The Company thanks Mr. Catalano's for his years of contribution as
a director for the Company, as well as his service as a special committee
member of the board from time to time. We are also very grateful to Mr. Olian for his paramount role as a founder of the Company
and for his outstanding leadership over the past years as the senior executive
of the Company.
We are extremely pleased to welcome
Mr. Booth onto the board of directors, and into the role of Chairman. His
background is exceptionally well suited to help lead the Company into its next
chapter, which includes self-generated working capital from alluvial gold
production and contract drilling. These activities are expected to
generate sufficient revenue to fund near term preparations for development of
the Company's existing hard-rock gold resource, on-going hard-rock exploration
to expand the current NI 43-101 resource and to meet the Company's sustaining
capital needs.