NEWS January 16, 2012 03:01 AM Eastern Time
Sacre-Coeur Minerals Announces Appointment of Mr. John Booth as Director, and Election of Mr. Booth as Chairman of the Board of Directors
VANCOUVER, British Columbia--(BUSINESS WIRE)--SACRE-COEUR MINERALS, LTD. (the "Company") today announced that in connection with its recent strategic shift in emphasis toward internally generated cash flow and rapid development of its initial hard-rock resources, it has appointed Mr. John G. Booth as an interim Director. The board has also voted unanimously to elect Mr. Booth to the position of non-executive Chairman of the Board of Directors of the Company. Mr. Ben Catalano, a director, has resigned effective 13 January, 2012, and Mr. Irwin A. Olian has resigned as Executive Chairman of the Board as of the same date to make way for Mr. Booth’s appointment and subsequent election as Chairman. Mr. Olian will remain an active participant on the Company’s board of directors. Mr. Booth is expected to stand for election by the shareholders at the Company’s next AGM.
In connection with his appointment to the board of directors, and in consideration of his service as Chairman of the Board, Mr. Booth has been granted incentive stock options, subject to regulatory approvals, to purchase up to 500,000 common shares of the Company’s Common Stock. The options are exercisable for a term of three years at a price of CAD
.17 per share. As with all members of the board, he will receive no other compensation for his services as a director.
Mr. Booth is a Partner and Fund Manager with JAS Financial Products LLP in London. He has more than twenty years of experience in global capital markets, much of which includes mining and minerals companies, as an investment banker and attorney. John currently serves as a director for other TSX listed companies, and serves as Chairman of the Board of Laramide Resources, a uranium development company with properties in Australia and in the Southwestern US. He is a dual Canadian/UK citizen.
Both Mr. Catalano and Mr. Olian have served on the board of directors of the Company since it was founded in 2004. Mr. Olian has served as Chairman of the Board since inception. He also formerly served as President and Chief Executive Officer from inception through December 2009. The Company thanks Mr. Catalano’s for his years of contribution as a director for the Company, as well as his service as a special committee member of the board from time to time. We are also very grateful to Mr. Olian for his paramount role as a founder of the Company and for his outstanding leadership over the past years as the senior executive of the Company.
We are extremely pleased to welcome Mr. Booth onto the board of directors, and into the role of Chairman. His background is exceptionally well suited to help lead the Company into its next chapter, which includes self-generated working capital from alluvial gold production and contract drilling. These activities are expected to generate sufficient revenue to fund near term preparations for development of the Company’s existing hard-rock gold resource, on-going hard-rock exploration to expand the current NI 43-101 resource and to meet the Company’s sustaining capital needs.
About Sacre-Coeur
The Company is engaged in the acquisition, exploration, development, and production of properties for gold, metals and diamonds in South America, initially focussing on exploration and production of gold from its properties in Guyana. The Company presently holds 100% interest in approximately 850 sq. km of mineral properties in Guyana, including the Million Mountain Property which hosts an NI 43-101 compliant hard-rock resource of 12,119,285 tonnes grading 1.0 g/t Au Measured, and 2,175,278 tonnes grading 0.9 g/t Au Indicated for a total 451,000 tr oz Au combined. The Company has offices in Vancouver, Canada and Georgetown, Guyana. More information about the Company is available at www.scminerals.com.
ON BEHALF OF THE BOARD OF DIRECTORS OF
SACRE-COEUR MINERALS, LTD.
“Gregory B. Sparks”
Gregory B. Sparks, P. Eng.
President & CEO