Chesapeake Gold appoints Pangbourne as CEO, director Chesapeake Gold appoints Pangbourne as CEO, director
2021-01-20 10:15 ET - News Release
Mr. Randy Reifel reports
CHESAPEAKE GOLD COMPLETES ACQUISITION OF ALDERLEY GOLD CORP. APPOINTMENTS OF DIRECTORS AND OFFICERS
Chesapeake Gold Corp. has completed its acquisition of Alderley Gold Corp., a private British Columbia mining technology company, on the terms as previously announced by news release on Dec. 10, 2020. With the acquisition of Alderley, Chesapeake gains access to an innovative precious metals oxidation processing technology together with certain asset rights and proprietary databases, creating the path toward a new growth-oriented and innovative gold and silver producer. Chesapeake will now focus on progressing the Metates project toward production using the technology in a heap leach operation.
Management and board of directors changes and additions
Further to completion of the acquisition of Alderley, Alan Pangbourne has been appointed chief executive officer and a director of Chesapeake, and Randy Buffington has joined the board as a director. Taje Dhatt has been appointed vice-president, corporate strategy and development. Randy Reifel will continue as president and chairman of Chesapeake's board.
In conjunction with the reorganization of the company, Gerald Sneddon and Greg Smith have stepped down from the board of directors, and Mr. Sneddon has also resigned as executive vice-president of operations.
Randy Reifel, president, commented: "Gerry has been a great friend and as one of Chesapeake's founders, we truly recognize his dedication, leadership and contributions since inception. I would also like to thank Greg Smith for his sound financial expertise and industry knowledge provided to the board."
Derek Green and Doug Flegg have been appointed to the board of directors to fill the two vacancies created by the departure of Mr. Sneddon and Mr. Smith. Mr. Green was formerly the president and chief executive officer of CI Investments, one of Canada's largest investment fund companies. During his 23-year tenure, assets under management grew from $2-billion to $107-billion. Mr. Flegg has over 30 years experience in mining finance, including positions in global equity sales and as a strategic adviser. During 2005 to 2015, Mr. Flegg was the managing director of global mining sales with BMO Capital Markets, building a strong reputation and relationships with institutional clients and senior industry management.
"I am excited about Chesapeake's future with Metates being developed as a heap leach operation together with other strategic opportunities," stated Mr. Reifel. "Derek Green and Doug Flegg's diverse backgrounds in the capital markets complements the expertise of the company's current board of directors. Their perspectives and contributions will be of great value as Metates moves forward and the company grows."
Stock option grants
The board of directors has granted 150,000 incentive stock options to each of Mr. Green and Mr. Flegg at an exercise price of $4.55 per share. The options are exercisable for a term of five years and will vest as to 25 per cent annually on each anniversary of the date of the grant.
About Chesapeake Gold Corp.
Chesapeake Gold is focused on the discovery, acquisition and development of major gold-silver deposits in North and South America. Chesapeake's flagship asset is the Metates project located in Durango state, Mexico. Metates hosts one of the largest undeveloped gold-silver-zinc deposits in the Americas.
Chesapeake also has developed an organic pipeline of satellite exploration properties strategically located near Metates. In addition, the company owns 74 per cent of Gunpoint Exploration Ltd. which owns the Talapoosa gold project in Nevada.
About Alderley Gold Corp.
Alderley is a Canadian company, founded in 2018, and focused on the advancement and development of proprietary technologies that significantly reduce the cost of construction and processing for certain refractory sulphide precious metal orebodies. With a team of highly successful mine builders and entrepreneurs, Alderley seeks to significantly improve the project economics of existing orebodies and greatly reduce their planned environmental footprints.
We seek Safe Harbor.