Karmin Exploration Inc. ("Karmin") ("KAR-V") announced today that the Board
of Directors of Karmin has approved the appointment
of four new directors to fill vacancies among the Board of Directors as well
the addition of a new director to the Board of Directors. David Brace, Ed Guimaraes, Larry Ciccarelli,
Richard Faucher and Terence Ortslan
have all agreed to join the Board of Directors, subject to the approval of
the TSX Venture Exchange ("TSXV"). The new directors will serve
until the next annual meeting of shareholders of Karmin
and will be nominated for appointment at the meeting.
Karmin also announced the appointment of David Brace as Chief Executive
Officer of Karmin to replace William Fisher, who
tendered his resignation as Chief Executive Officer and director of Karmin to pursue other opportunities.
Each of the new directors and CEO has extensive experience in the
mining sector and has served on the board of directors of other mining
companies listed on the Toronto Stock Exchange (the "TSX") or the
TSXV.
Mr. Brace served as the Chief Executive Officer and as a director of GlobeStar Mining Corporation ("GlobeStar"),
formerly a TSX listed company, until Perilya Limited completed its take over of GlobeStar in
December 2010. Mr. Brace was previously employed as Executive Vice President
of Business Development at Aur Resources Inc.
("Aur").
Mr. Guimaraes is a Chartered Accountant who
held progressive management positions with Aur
between 1995 and 2007, ultimately serving as Executive Vice-President,
Finance and Chief Financial Officer of Aur until
December 2007. Aur was, acquired by Teck Resources Limited in August 2007. Since 2007, Mr. Guimaraes has worked as a consultant to the resources
industry and is currently a director of Nuinsco
Resources Limited, Aldridge Minerals Inc. and Giyani Gold Corp.
Mr. Ciccarelli founded Globestar
and served as Chairman of the board of directors and a member of the
Technical and Environment, Health and Safety Committee from 2002 until its
take-over in 2010. Mr. Ciccarelli is also the Vice
President of Karr Securities Inc., a private investment firm, which holds
35.5% of all of the issued and outstanding shares of Karmin.
Mr. Faucher served as a director of GlobeStar from July 2005 until its take-over in 2010. As
a director of GlobeStar, he was a member of the Audit
Committee, Compensation Committee, Corporate Governance and Nominating
Committee and the Technical and Environment, Health and Safety Committee. Mr.
Faucher acted as the Chief Executive Officer of
Canadian Royalties Inc.; a TSX listed company, from 2005 to 2008 and held
management positions in several mining companies including President and
General Manager of Falconbridge Dominicana, S.A.
from 1992 to 1994. He presently sits on the board of various companies and is
responsible for business development at Neomet
Technologies.
Mr. Ortslan currently serves as a director
of a number of public companies, including Plexmar
Resources Inc. and Silvermet Inc., both TSXV listed
companies. Mr. Ortlsan served as a director of GlobeStar from October 2004 until its take-over in 2010.
As a director of GlobeStar, he was a member of the
Audit Committee, Compensation Committee, Corporate Governance and Nominating
Committee and the Technical and Environment, Health and Safety Committee. Mr.
Ortslan has been the Managing Director of TSO &
Associates, an independent mining research firm, since 1995 and has had
various positions as a mining engineer and a financial mining analyst with
national and international investment dealers.
Karmin also announced the resignations of Robert Ciccarelli,
A. Douglas McCallum and Matthew Manson from the Board of Directors of Karmin.
The new directors have appointed Mr. Faucher,
Mr. Orstlan and Mr. Guimaraes
to the Audit Committee, with Mr. Guimaraes serving
as chair of the committee.
Mr. Faucher, Mr. Ciccarelli
and Mr. Ortslan have been appointed to the
Corporate Governance Committee. Mr. Ortslan will
serve as chair of the committee.
The mandate of the newly comprised Board of Directors will be to
pursue various strategic transactions in order for Karmin
to achieve its corporate objectives.
As a sign of each of the new directors
commitment to the success of Karmin, each of the
new directors intends to participate in a non-brokered private placement of
shares of Karmin, details of which will be
announced in due course.
About Karmin
The common shares of Karmin are listed on
the TSXV and trade under the symbol "KAR". The principal business
of Karmin is to acquire and explore resource
properties. Karmin's main project is located at Aripuan�, Brazil. Karmin owns
30% of the Aripuan� zinc project, one of the
largest undeveloped zinc projects in Brazil. Aripuan�
covers a complete mineralized massive sulphide
district, with five areas of mineralization (Arex, Ambrex, Babacu, Massaranduba and Mocoto) over a
25-kilometre strike length. Karmin also owns 100%
of the Aripuan� gold-silver project, which includes
the gold and silver mineralization associated with the near surface oxidized
portions of the massive sulphide deposits.
For further information please contact:
David Brace
or John Iannozzi
Chief Executive
Officer
Chief Financial Officer
Email:
dbrace@karmin.com
Email: johni@karmin.com
Tel: (416)
276-6169
Tel: (519) 337-5302