(TheNewswire)
Kelowna, BritishColumbia – TheNewswire - January 5, 2022 - SOUTH ATLANTIC GOLD INC.(TSXV:SAO) (“ South Atlantic” or the “ Company” ) announces thecreation of a Technical Committee, Compensation Committee and changesto the Audit Committee. Two new members will be joining the Board ofDirectors including Mr. Rick Brown and Mr. Bill O’Hara while Mr.Antenor Silva is resigning from the Board. The number of Directorswill be changed to seven in total.
Douglas Meirelles , CEO stated, “ Following the successful financing we just completed, we have madepositive changes to our Board structure including the formation ofTechnical and Compensation Committees. We are very pleased to welcomeboth Rick Brown and Bill O’Hara to the Board. The vast experiencefrom both these men will strengthen the experience levels already seenat the Board Level at South Atlantic. We are also very pleased to workwith Jon Hill on the Technical Committee with his broad skill sets,especially in Brazil. Lastly, we would like to thank Mr. Antenor Silvafor his guidance during the formation of South Atlantic Gold as wemove forward.”
Technical Committee
The Technical Committee will be chaired by Mr. RickBrown, a new director to the Company. Mr. S. Mitchel Wasel and Mr.Jonathan Victor Hill will be joining the Committee. Mr. Hill will notbe joining the Board of Directors.
With over 30 years of management and operationalexperience in the junior mining industry, Mr. Brown will provideadditional geologic and operational guidance to South Atlantic. He hasbeen based in Latin America since 1993 in Peru, Argentina, Brazil andColombia. He is credited with the outcrop discovery of the El Hiloricogold project (1 million ounces) in Peru, negotiating the acquisitionof Newmont Argentina SA for Aquiline Resources, which included the the Navidad silver project (750 million ounces), and the acquisitionof the Mara Rosa gold project (1.5 million ounces) in Brazil.Currently, he is an independent director of Peruvian Metals Corp. andan active investor in several listed (both TSX and ASX) juniorexplorers and developers. Mr. Brown holds a BApp.Sc degree in Geologyfrom Curtin University of Techology, Australia, an MBA from BusinessSchool Sao Paulo, Brazil and is a Fellow of the Society of EconomicGeologists (SEG). He speaks fluent Spanish and Portuguese.
Mr. Jonathan Hill is currently Senior Advisor at Jaguar Mining Inc. Mr. Hill has over 30 years’ experience in global exploration,mining operational and project development in Africa, Australia andNorth and South America. He was directly involved in the discovery ofseveral world-class projects while at AngloGold Ashanti Limited. Hisexperience includes exploration, development, due diligence, corporatedevelopment, mine geology and coordination/liaison with mine planningand reporting of mineral reserves and resources. Mr. Hill is Chairmanof the Board of Royal Road Minerals Limited and a director ofStratabound Minerals Corporation. His private company, ExplorationOutcomes Ltda provides exploration advisory services to internationalclient companies. He holds a BSc (Hons) degree in Economic Geologyfrom the University of Cape Town and a BAppSc degree in AppliedGeology from the Queensland University of Technology.
Compensation Committee
The Compensation Committee will be chaired by Mr. Marc Leduc. Theother members of this Committee will include Mr. Adam Davidson and Mr.Bruce Higson-Smith.
Audit Committee
Due to the resignation of Mr. Antenor Silva, Mr. Bill O’Hara will bejoining both the Board of Directors and the Audit Committee.
Mr. O’Hara is currently Managing Partner of LACG Capital Inc. Hestarted his career at First Marathon Securities in equity researchanalyzing gold companies. After moving into the institutional equitysales role at National Bank Financial and then Credit Suisse FirstBoston, he joined Haywood Securities Inc. in 2003. During his time atHaywood, Mr. O’Hara advanced to become Managing Director and Head ofEquity Sales and a member of the Board of Directors. In late 2020,after almost 25 years identifying, analyzing capital raising andstrategically advising both investment funds and corporate entitiesacross many sectors, he formed LACG Capital Inc. whose mandate is toprovide capital markets advisory services to both public and privatecompanies in the early stages of growth. Sectors of focus includeMining and Psychedelics as well as Special Situations. Mr. O’Haraholds a Master of Science (Econs) degree from the London School ofEconomics with distinction, and the CFA designation.
Option Grant
Effective today the Company has granted an aggregate3,560,000 stock options (the “ Options ”) to its directors, officers,consultants and employees of the Company.
The Options are exercisable for a period of five yearsat a price of $0.06 per common share in accordance with the terms ofthe Company’s 10% rolling Stock Option Plan approved by shareholderson October 22, 2021.
ON BEHALF OF THE BOARD
Douglas Meirelles, President and CEO
For more information regarding thisnews release, please contact:
Anne Hite, Vice President, Investor Relations
T: 250-762-5777
Email: ir@southatlanticgold.com
Cautionary NoteRegarding Forward-Looking Information
This news release containsstatements that constitute "forward-lookingInformation", as suchterm is used in applicable Canadian securities laws . Such forward-looking informationinvolves known and unknown risks, uncertainties and other factors thatmay cause the Company’s actual results, performance or achievements,or developments in the industry to differ materially from theanticipated results, performance or achievements expressed or impliedby such forward-looking information. Forward-looking informationincludes statements that are not historical facts and are generally,but not always, identified by the words "expects,""plans," "anticipates," "believes,""intends," "estimates," "projects,""potential" and similar expressions, or that events orconditions "will," "would," "may,""could" or "should" occur.
Although the Company believes theforward-looking information contained in this news release isreasonable based on information available on the date hereof, by itsnature forward-looking information involves assumptions and known andunknown risks, uncertainties and other factors which may cause ouractual results, level of activity, performance or achievements, orother future events, to be materially different from any futureresults, performance or achievements expressed or implied by suchforward-looking information. There can be no assurance that the Fundamental Acquisition will becompleted as proposed or at all.
Examples of such assumptions, risksand uncertainties include, without limitation, assumptions, risks anduncertainties associated with general economic conditions; theCovid-19 pandemic; adverse industry events; the receipt of requiredregulatory approvals and the timing of such approvals; that theCompany maintains good relationships with the communities in which itoperates or proposes to operate, future legislative and regulatorydevelopments in the mining sector; the Company’s ability to accesssufficient capital from internal and external sources, and/orinability to access sufficient capital on favorable terms; miningindustry and markets in Canada and generally; the ability of the Company toimplement its business strategies; competition; the risk that any of the assumptions provenot to be valid or reliable, which could result in delays, orcessation in planned work, risks associated with the interpretation ofdata, the geology, grade and continuity of mineral deposits, thepossibility that results will not be consistent with the Company’sexpectations, as well as other assumptions risks and uncertaintiesapplicable to mineral exploration and development activities and tothe Company, including as set forth in the Company’s publicdisclosure documents filed on the SEDAR website at www.sedar.com .
THEFORWARD-LOOKING INFORMATION CONTAINED IN THIS NEWS RELEASE REPRESENTSTHE EXPECTATIONS OF THE COMPANY AS OF THE DATE OF THIS NEWS RELEASEAND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULDNOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULDNOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE THE COMPANYMAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANYPARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLELAWS.
Neither the TSX Venture Exchange norits Regulation Services Provider (as that term is defined in thepolicies of the TSX Venture Exchange) accepts responsibility for theadequacy or accuracy of this release .
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