Post by
mikey123 on May 16, 2007 10:07pm
News - Kinda
MAY 16, 2007 - 18:49 ET
Tri-Gold Resources Corp.: New Vice President Exploration Announcement; First Canadian Capital Appointment
VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - May 16, 2007) - Tri-Gold Resources Corp. (the "Company") (TSX VENTURE:TAL) is pleased to announce that Mr. Peter Chadwick has joined the Company as Vice President of Exploration, effective May 01, 2007. Peter has been involved in mining both academically as Senior Scientific Officer for the Department of Geological Sciences at the University of Cape Town, and as field and mine based geologist for over 23 years in eastern Africa. Since 2001, Peter has worked as a consulting and project geologist generating and evaluating base and precious metal opportunities and managing exploration programs for several high profile companies including Kinross Gold Corp, Pan African Mining, and Goldfields Namibia.
Peter has a Masters Degree in Geology and has published several geological articles since 1985. As a member of the South African Council of Natural Scientific Professions, he is considered a Qualified Person as defined by N.I. 43-101. He is qualified for, and is in the process of obtaining, membership with the Association of Professional Geoscientists of Ontario. Peter will reside in Ottawa and will be responsible for evaluating and coordinating the ongoing development of the Company's projects. Peter will apply his extensive knowledge gained in the evaluation of African Precambrian deposits to the comparable geological environments in Canada on the Company's projects. These projects, with their current exploration status and exploration plans, include:
Stake Lake Au/Cu Project - IP (Induced Polarization) and magnetometer surveys have recently been completed and will be evaluated for diamond drill targets once additional mapping and geological interpretation are completed.
Nipigon / Sibley Basin Uranium Project - A summer work program is proposed to follow up on the analysis of the airborne survey conducted in February. Airborne interpretations have now been received and ground follow-up to EM and the previously identified radiometric anomalies will be conducted. The summer program will be the basis of a proposed 4,000 meter diamond drill program scheduled to commence in the late summer or fall of 2007 targeting unconformity style and basement hosted uranium targets.
Big Duck Lake Au Project - The Company will be undertaking a surface mapping, and sampling program, in addition to 3-dimensional digital modeling of mineralization and geology in preparation for a fall or winter drilling program. Additional I.P. surveying is planned to further trace the extent of mineralized shear zones in western portions of the property.
Tri-Gold also announces it has engaged First Canadian Capital Corp. ("FCC") for investor relations services. The Toronto-based firm is a full and comprehensive provider of investor relations and market awareness services, specializing in small-cap, resource companies. Effective May 01, 2007, FCC will be responsible for assisting management in strengthening the company's profile and visibility within the investment community, particularly among portfolio managers, analysts, stock brokers and retail investors.
Terms of the agreement include a service fee of $6,000 per month and the granting of 200,000 stock options. The options will be priced and vest pursuant to TSX Venture Exchange policy and the Company's Stock Option Plan. FCC has been retained for an initial 12-month term, subject to regulatory approval.
On behalf of the Board of Directors of Tri-Gold Resources Corp.
T. Barry Coughlan, President