GTA Resources appoints Macintosh as president, CEO GTA Resources appoints Macintosh as president, CEO
GTA Resources and Mining Inc (C:GTA)
Shares Issued 41,026,855
Last Close 11/9/2016 $0.06
Thursday November 10 2016 - News Release
Mr. James Macintosh reports
GTA REPORTS CORPORATE UPDATE
GTA Resources and Mining Inc. has successfully completed its two-phase 2016 drilling program to expand the gold mineralization at Northshore and now GTA intends to update its model of the near-surface, higher-grade portion of the Afric zone.
The success at Northshore has led to an evolution in GTA's leadership team. James Macintosh, a director of GTA since 2008, has been appointed President and Chief Executive Officer, and Mr. Wayne Reid, P.Geo., has been appointed Vice-President, Exploration. Mr. Macintosh's mandate, apart from that normally associated with the role of CEO, is to draw upon his business expertise and mining background to work with Mr. Reid to evaluate the economic potential of Northshore in consultation with our joint venture partner, Balmoral Resources Limited ("Balmoral"). Also as part of the evolution, Clinton Barr and Stephen Stares are resigning from the Board of Directors. The Company thanks these gentlemen for their efforts and wish them the best in their new enterprises.
Mr. Reid, who was vital to the exploration success at Northshore, will continue to lead GTA's exploration programs, which will include an upcoming drill program at the Company's wholly-owned Burnt Pond zinc property in Newfoundland, 10 kilometers along strike from Teck Resources Limited's Duck Pond Mine. The Mine, closed in 2015, after producing in excess of 4.5 million tonnes of ore grading approximately 3.0% Cu, 6.0% Zn and 60 grams per tonne Silver (g/t Ag). Historical work at Burnt Pond returned drill intersections of massive sulphides grading up to 25.8% zinc, 24.0% lead, 0.8% copper and 791.1 g/t Ag (equivalent to 23 ounces per ton of Ag) over 0.37 metres.
Mr. Macintosh has 30 years of experience in the mining industry and as a mining analyst. For the past 23 years he has held various executive and directorial positions with numerous public and private companies in Canada and the United States. Mr. Macintosh is also a Director of Silver Mountain Mines Inc. and a seed investor and Chairman of CircuitMeter Inc., an emerging Canadian technology company. Mr. Macintosh was recently the Lead Director and Chairman of the Audit Committee for Carlisle Goldfields Limited, a Canadian gold company sold to Alamos Gold Inc. Mr. Macintosh graduated from Queen's University with a B.Sc. (Honours, Geological Sciences).
GTA is pleased to announce the appointment of Julio DiGirolamo, CPA, CA to the Board of Directors. Mr. DiGirolamo has over 20 years of senior-level public company experience including, most-recently, four and a half years as CFO for Carlisle Goldfields Limited. Mr. DiGirolamo began his public market experience while holding various senior roles during his five years with Greenstone Resources Ltd., a TSX and NASDAQ-listed gold mining company with activities focused in four Latin American countries. Mr. DiGirolamo has also been the CFO of several TSX Venture Exchange-listed companies and a member of the Board of Directors of TSX-listed Atlantis Systems Corp. Over his career, Mr. DiGirolamo has served on the boards of various public and non-profit organizations.
The Northshore Property is a joint venture with Balmoral (see press release dated Aug. 18, 2014), located near Schreiber, Ontario, approximately 125 km west of Hemlo, Ontario. GTA is the operator and currently owns close to 52% of Northshore. GTA also has 100% interest in an 85 km long block of claims covering a relatively untested part of the eastern extension of the Geraldton Gold Belt, near Hearst Ontario. GTA is the largest land holder in the area and is looking for Joint venture partners to accelerate key areas of the Auden property.
GTA also announces that in accordance with its Stock Option Plan it has agreed to grant 300,000 incentive stock options to certain of its directors, employees and consultants exercisable at a price of $0.055 (five point five cents) per share for a period of five years from the date of grant.
QA/QC - Wayne Reid, P. Geo., Vice-President, Exploration for GTA and a qualified person as defined in National Instrument 43-101, is responsible for this release, and supervises the planning, execution and monitoring of GTA's exploration program.