Enhances Environmental, Social and Governance Practices VANCOUVER, BC, July 30, 2021 /CNW/ - KORE Mining Ltd. (TSXV: KORE) (OTCQX: KOREF) ("KORE" or the "Company") is pleased to announce its Board of Directors has formed a new Board Committee, the Environmental, Health, Safety and Sustainability Committee ("Committee") to oversee KORE's environmental, social and governance ("ESG") practices. ESG considerations have come to be recognized by investors, communities and regulators as fundamental to long-term success of any mining company, throughout all stages of their development. The scope of the Committee will include safety, health, sustainability, community and social considerations, environment and the governance of those issues.
The newly formed Committee is chaired by CEO Scott Trebilcock, and other Committee members are Mr. Brendan Cahill and Mr. Don MacDonald, who both bring decades of experience in managing the wide array of ESG issues related to mine development. The formation of the Committee will elevate these significant topics to the regular Board agenda and focus attention on enhancing programs and transparency.
Mr. Trebilcock stated: "The formation of the ESG Committee will help us focus on key stakeholder issues as we continue work to advance the Imperial and Long Valley gold projects in California. We are confident our work in this area will demonstrate to investors, local communities and other stakeholders that we take ESG matters seriously with a commitment to high standards."
The Committee held its first meeting this past week and has mandated management to develop a values statement and a robust policy with respect to ESG. KORE's governance matters that are unrelated to safety, health, sustainability, community and the environment will continue to be managed by the Compensation and Governance Committee whose charter remains unchanged.
KORE's Board, pursuant to the Company's stock option plan, has granted annual share-based incentives to certain directors, officers, employees and consultants of the Company. The issuance of 2,075,000 options are part of KORE's regular annual incentives to attract and retain skilled directors, officers, staff and consultants. The grant represents approximately 1.85% of KORE's current issued and outstanding shares. The options are exercisable at C$0.62, with a third vesting in 6 months, another third in 12 months and the balance 18 months after the date of grant. Options to directors and officers have a 5-year term and to employees and consultants have a 3-year term.
About KORE Mining
KORE is 100% owner of the Imperial and Long Valley gold projects in California. Both projects have positive preliminary economic assessments. KORE is supported by strategic investor Eric Sprott who owns 26% of KORE's basic shares. KORE management and Board are aligned with shareholders, owning an additional 35% of the basic shares outstanding. KORE is actively advancing its Imperial Gold project and is aggressively exploring across its portfolio of assets.