VANCOUVER, BRITISH COLUMBIA--(Marketwired - March 26, 2015) - The Board of Directors of True Gold Mining Inc. (News - Market indicators) ("True Gold" or the "Company") is pleased to announce that it has appointed Christian Milau as the Company's Chief Executive Officer, effective April 27, 2015.
Christian joins True Gold from Endeavour Mining Corporation, where he has served as Executive Vice President and Chief Financial Officer since 2011 and played a leading role in Endeavour's acquisition, financing, development, and operation of four gold mines (expected to produce almost 500,000 ounces in 2015) in Burkina Faso, Côte d'Ivoire, Ghana and Mali. In addition to his finance and capital markets experience, Christian brings important operational and government and stakeholder relations experience in West Africa, including successfully negotiating with governments on various mining conventions and tax matters. Prior to Endeavour, Mr. Milau held senior positions at New Gold Inc. and in investment banking at BNP Paribas in London.
Mark O'Dea, True Gold's Executive Chairman and interim President and CEO, said: "We are very pleased to welcome Christian as Chief Executive Officer of True Gold. Christian was an integral player in the Endeavour team that built Agbaou in Côte d'Ivoire and he played a formative role in making that project development a success story. He had key responsibilities for managing government and stakeholder relationships in-country, which culminated in the signing of a favorable mining convention for Agbaou. He therefore brings recent and very tangible development and operational experience, as well as a network of private sector, government and community relationships in West Africa. Christian also has a good understanding of the social, political and cultural sensitivities in the region, and we believe he is well suited to lead True Gold through its near term transition into production and, over time, into a successful mid-tier mining company."
In addition to his corporate, finance, operational and legal experience, some of Christian's recent achievements include completion of over $500 million in financings, oversight and financial management in the development of the on-time and under-budget $160 million Agbaou construction project in Côte d'Ivoire and acquisition and integration of Avion Gold Corporation and Adamus Resources Limited with a total acquisition value of over $700 million.
Mr. Milau said: "Joining True Gold at an important time in its development is an exciting prospect given my recent West African experience. Karma is on a path to resuming construction and is very well positioned to act as a platform for True Gold's growth in West Africa and potentially beyond. I'm looking forward to getting started, building strong ties with the Company's employees, enhancing the team's bench strength, and developing True Gold's relationships with key stakeholders in Burkina Faso."
The appointment of Mr. Milau marks the culmination of a thorough executive search process led by Korn Ferry.
Mr. Milau has been granted 600,000 options at an exercise price of $0.19 per share, which will vest in accordance with the Company's Stock Option Plan. He will also receive 200,000 Restricted Share Units under the Company's Restricted Share Unit Plan.
About Karma
Karma is a technically simple open-pit heap leach project that offers low capital and operating costs, rapid payback and strong financial performance. Once in production, Karma will be one of the lowest cost gold mines in West Africa with significant exploration growth potential.
Karma is expected to deliver significant returns to the Government of Burkina Faso during the life of the mine through a net smelter royalty, corporate taxes and a 10% carried interest. The mine will also provide extensive employment and local investment in infrastructure, education and procurement.
About True Gold
True Gold Mining Inc. is where gold comes to life. We are committed to growing a successful gold exploration, development and production company, by focusing on projects with low costs, low technical risks and solid economics. The Company's board, management and technical teams have proven track records in gold exploration, development, operations and production worldwide.
Additional information about the Company and its activities may be found on the Company's website at www.truegoldmining.com and under the Company's profile at www.sedar.com.
ON BEHALF OF THE BOARD
Mark O'Dea, Interim President & CEO
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 release.
All statements in this press release, other than statements of historical fact, are "forward-looking information" with respect to True Gold within the meaning of applicable securities laws, including statements with respect to the potential quantity and/or grade of minerals, potential size and expansion of a mineralized zone, proposed timing of exploration and development plans. Forward-looking information is often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "planned", "expect", "project", "predict", "potential", "targeting", "intends", "believe", "potential", and similar expressions, or describes a "goal", or variation of such words and phrases or state that certain actions, events or results "may", "should", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management at the date the statements are made including, among others, assumptions about future prices of gold, copper, silver and other metal prices, currency exchange rates and interest rates, favourable operating conditions, a timely resolution to the current work stoppage, political stability, obtaining governmental approvals and financing on time, obtaining renewals for existing licenses and permits and obtaining required licences and permits, labour stability, stability in market conditions, availability of equipment, accuracy of any mineral resources, successful resolution of disputes and anticipated costs and expenditures. Many assumptions are based on factors and events that are not within the control of True Gold and there is no assurance they will prove to be correct.
Such forward-looking information, involves known and unknown risks, which may cause the actual results to be materially different from any future results expressed or implied by such forward-looking information, including, risks related to the interpretation of results at the Karma Project, reliance on technical information provided by third parties as related to the Karma Project; changes in project parameters as a result of the work stoppage or as plans continue to be refined; delays in the resolution of issues surrounding the Company's work stoppage; current economic conditions; future prices of commodities; possible variations in grade or recovery rates; the costs and timing of the development of new deposits; failure of equipment or processes to operate as anticipated; the failure of contracted parties to perform; the timing and success of exploration activities generally; satisfaction of Burkina Faso requirements relating to the periodic submissions of Environmental Impact Assessments; possible claims against the Company or its joint venture partners; labour disputes and other risks of the mining industry; delays in obtaining governmental approvals, financing or in the completion of exploration, uncertainties relating to the interpretation of drill results and the estimation of mineral resources, the geology, grade and continuity of mineral deposits, accidents, equipment breakdowns, risk of undiscovered, title defects and surface access, the potential for delays in exploration and permitting activities, the potential for unexpected costs and expenses, commodity price fluctuations, currency fluctuations, political risk as well as those factors discussed in the Annual Information Form of the Company dated April 29, 2014 in the section entitled "Risk Factors", under True Gold's SEDAR profile at www.sedar.com. Although True Gold has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. True Gold disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise unless required by law.
