VANCOUVER, BRITISH COLUMBIA--(Marketwired - Sept. 16, 2013) - Solid Resources Ltd. ("Solid" or the "Company") (TSX VENTURE:SRW)(FRANKFURT:YRS) is pleased to announce the appointment of Mr. Karl B. Douglas to its Advisory Board.
Mr. Douglas has over 20 years' experience in finance and management gained at Salomon Brothers, Bear Stearns, JP Morgan and Merrill Lynch. Mr. Douglas is the founder and CEO of Terra Nova Resources Holdings. This company is the majority shareholder and operator of Terra Nova Resources Ltd., a privately held iron ore mining company in Peru. Founded in 2010, Terra Nova has rapidly acquired over 7,000 hectares of iron ore resources in Northern Peru. At the present time, Terra Nova is producing iron ore for export from Peru. Additionally, the company operates a number of supporting businesses in the areas of export logistics and contract mining. The company maintains offices in Lima, Peru (Headquarters), Beijing, and Amsterdam.
Prior to founding Terra Nova, Mr. Douglas co-founded US Coal Corporation in 2006. US Coal is a Kentucky based coal mining company designed to take advantage of the generational roll up opportunity in the coal sector throughout Central Appalachia. From 2007 through 2009, the company increased annual production from approximately 1MM tons to over 2.6MM tons, and grew EBITDA from $6MM to over $50MM. Reserves were increased from 7MM (inferred) to over 67MM (proven). In July 2011 the company achieved an S&P rating of B.
He served as a Director on the board of the company through September 2009. As co-founder, Mr. Douglas structured the acquisition of Licking River Coal Company, and JAD Coal Company. He recruited and developed senior management, and advised on transactions to raise over $40,000,000 of equity, and $25,000,000 of debt to acquire the two regional coal producers.
Mr. Douglas specializes in identifying scalable high margin opportunities in mining and energy. His principal methodology is to identify unique opportunities, develop strong management teams capable of execution, and structure the organization to be scalable.
Greg Pendura, CEO of Solid Resources commented "we believe Karl's appointment is a beneficial addition to our Advisory Board cadre of expertise. He brings early stage mine company development experience, particularly in iron ore, which is a critical building block in Solid Resource' business plan. He has gone full cycle from identifying iron ore properties, to negotiation of commercial contracts with end users and ultimately exports."
Solid Resources is a Canadian junior mining company focused in Spain on the exploration and development of rare and precious metals and industrial commodities worldwide. The Company is currently in the late stage re-opening the 62 iron ore Cehegin concessions in south-eastern Spain and applying for an exploitation permit on its Alberta-1 tantalum/tin and lithium property in north-western Spain.
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