NEWS: New Directors and New Direction for Coventry Resources New Directors and New Direction for Coventry Resources Inc.
VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 20, 2014) - Following the successful divestment of the Cameron Gold and Rainy River Projects, and the implementation of systems that have significantly reduced Coventry Resources Inc.'s (TSX VENTURE:CYY)(ASX:CYY) ("Coventry" and the "Company") ongoing overhead and administrative costs, President and CEO Steven Chadwick and Executive Director/CFO/Company Secretary Nicholas Day have tendered their resignations, effective immediately.
The Company wishes to express its sincere appreciation for the substantial contributions Steve and Nick have made during the past few years. They were integral members of the team that explored and advanced the Cameron and Rainy River Projects towards production, and were largely responsible for the recent sale of those assets to Chalice Gold Mines.
The Company is now working to secure new resources projects that can provide shareholders considerable returns. There is a strong preference to acquire either (i) low-cost early-stage exploration opportunities that afford considerable share-price uplift without the need to raise additional funds in the near term; or (ii) more advanced assets, in which Coventry can potentially secure an equity interest on a staged earn-in basis, that won't require raising additional funds in the near-term.
In line with this new strategy, the Company is pleased to announce the appointment of two new executive directors, Michael Haynes as President and CEO and Ian Cunningham as Executive Director/CFO/Company Secretary, whose professional skills are strongly aligned with the project identification, evaluation and acquisition phase the Company is now embarking upon. Bob Boaz will remain a non-Executive Director of the Company.
Mike and Ian are intimately associated with unlisted project generation company MQB Ventures Pty Ltd ("MQB"), which continually evaluates the technical and financial merits of numerous resources projects that are located throughout the world that provide potential acquisition opportunities. MQB has been directly responsible for securing the rights to dozens of projects for ASX and TSX-V listed mining companies during the past 10 years. As such Coventry stands to benefit from the considerable pipeline of projects MQB evaluates. Indeed MQB is currently negotiating to acquire several assets that may fit suitably within Coventry.
The Company does not, however, intend limiting its search for new assets just to those identified by MQB. Indeed the Company would welcome the opportunity to evaluate any project(s) that a third party may have the rights to, if they consider there is an opportunity for that project to provide Coventry's shareholders significant returns.
The new directors intend continuing to minimise the Company's corporate overheads as it seeks to secure new projects.
For and on behalf of The Board of Directors of Coventry Resources Inc.
Biographies of New Directors
Michael Haynes
Mr Haynes has more than 20 years' experience in the international mineral exploration industry. Mr Haynes graduated from the University of Western Australia with an honours degree in geology and geophysics in 1992. He held technical positions with both BHP Minerals Limited and Billiton plc. before establishing his own successful consulting business.
Mr Haynes has been a founding director of numerous ASX-listed companies where he has been intimately involved in the identification, acquisition, financing and development of a diverse array of resources projects, around the world.
Ian Cunningham
Mr Cunningham is a Chartered Accountant and holds a Bachelor of Commerce degree and Bachelor of Laws degree. Mr Cunningham has more than 10 years' experience in the resources industry in executive and senior management roles, including recently as an Executive of Adamus Resources Limited, during which time Adamus developed the Nzema Gold Mine in Ghana and subsequently merged with Endeavour Mining Corporation.
Prior to entering the resources industry, he worked in the Corporate Finance division of Deloitte in Australia and the UK.