Central Timmins Exploration Corp. Appoints Joe Ovsenek as President and CEO

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TORONTO, May 7, 2020 /CNW/ - Central Timmins Exploration Corp. ("CTEC" or the "Company") (TSXV:CTEC) is pleased to announce the appointment of Joseph Ovsenek to the position of President and CEO and as Chairman of the Board of Directors, and the appointment of Mr. Ron MacDonald to the Board of Directors.

Mr. Joseph Ovsenek has been appointed to the position of President and Chief Executive Officer and Chairman of the Board of Directors of the Company. Mr. Ovsenek was most recently President and CEO of Pretium Resources Inc. where he led the advance of the high-grade gold Brucejack Mine which has been operating profitably since commercial start-up in 2017. Mr. Ovsenek began his nine-year tenure at Pretium in 2011 as Chief Development Officer and led the financing of the company from exploration stage to operations and was subsequently appointed President in 2015 and President and CEO in 2017. Prior to Pretium he served for 15 years in senior management roles for Silver Standard Resources Inc., lastly as Senior Vice President, Corporate Development responsible for the sale of the Brucejack and Snowfield assets to the newly created Pretium Resources Inc. Mr. Ovsenek holds a Bachelor of Applied Science degree from the University of British Columbia and a Bachelor of Laws degree from the University of Toronto. Mr. Ovsenek is a registered member of the Association of Professional Engineers and Geoscientists of British Columbia.

CTEC is also pleased to announce the appointment of Ron MacDonald to the Company's Board of Directors. Mr. MacDonald is a Chartered Professional Accountant, Chartered Accountant who specialized in corporate taxation with a career of 36 years at Deloitte LLP until his retirement in 2018 as Partner in Charge of the Vancouver Global Employer Services Group. Mr. MacDonald taught tax at universities as well as the Institute of Chartered Accountants of BC and the Canadian Institute of Chartered Accountants In-depth Tax Program. He is a Retired Member of the Chartered Professional Accountants of British Columbia and holds Bachelor of Science and Licentiate of Accounting degrees from the University of British Columbia.

The Company also wishes to announce that Mr. Wes Roberts has resigned as a director of CTEC. Mr. Neville Dastoor will remain on the Company's board of directors but will no longer be Chairman. Mr. Dastoor stated "The Company would like to extend its appreciation for the contributions that Mr. Roberts has made to CTEC over the years. The appointment of Ron to the board and Joe to the roles of Chairman, President and CEO mark the continued effort by CTEC to position the Company for success. Joe's appointment is a key step in the progression of the strategic review and repositioning process we announced in November 2019. We look forward to Joe and his team continuing this process."

About Central Timmins Exploration Corp.

CTEC is an early-stage Canadian junior exploration company with property primarily within the city limits of Timmins in the Porcupine Mining District in the northeastern region of Ontario. The Corporation's assets are prospective for gold as well as a suite of base metals. See the company website at www.centraltimmins.com.

Forward Looking Information

This press release contains "forward-looking information" within the meaning of applicable securities laws that is intended to be covered by the safe harbours created by those laws. "Forward-looking information" includes statements that use forward-looking terminology such as "may", "will", "expect", "anticipate", "believe", "continue", "potential" or the negative thereof or other variations thereof or comparable terminology. Such forward-looking information includes, without limitation, the Corporation's expectations, strategies and plans for the Timmins Properties, including the Corporation's planned exploration activities and the intended uses of the net proceeds of the IPO.

Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management at the date the statements are made. Furthermore, such forward-looking information involves a variety of known and unknown risks, uncertainties and other factors which may cause the actual plans, intentions, activities, results, performance or achievements of the Corporation to be materially different from any future plans, intentions, activities, results, performance or achievements expressed or implied by such forward-looking information. See "Risk Factors" in the Corporation's final prospectus dated October 4, 2018 filed on SEDAR at www.sedar.com for a discussion of these risks.

The Corporation cautions that there can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, investors should not place undue reliance on forward-looking information.

Except as required by law, the Corporation does not assume any obligation to release publicly any revisions to forward-looking information contained in this press release to reflect events or circumstances after the date hereof.

Neither the Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE Central Timmins Exploration Corp

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