Val-d'Or, Quebec--(Newsfile Corp. - September 3, 2024) - Bonterra Resources Inc. (TSXV: BTR) (OTCQX: BONXF) (FSE: 9BR2) ("Bonterra" or the "Company") is pleased to announce that Lesley Antoun has joined Bonterra's board of directors (the "Board") as an independent non-executive director, effective immediately. Ms. Antoun will serve as Chair of the Human Resources and Compensation Committee and a member of the Audit and Risk, Nominating and Governance, and Technical, Safety and Sustainability committees of the Board. Matthew Happyjack, who has been a director of the Company since March 2019, is stepping down as a director, but will stay on with the Company as a consultant focusing on stakeholder relations, specifically with the Cree First Nation of Waswanipi. Following the appointment of Ms. Antoun and the resignation of Mr. Happyjack, the Board will continue to consist of seven directors, four of whom are independent.
Ms. Antoun has 30 years of leadership experience in engineering, marketing, and program management, working with multinationals, private corporations, and governmental entities in several industries, including mining, aerospace, transit and infrastructure. Her boutique consulting firm also has experience collaborating with First Nations organizations. She serves as an independent director on the boards of Wainbee Limited and the Jacques Cartier and Champlain Bridges Incorporated. She chairs the Human Resource and Compensation Committee, in addition to serving on Nominating & Governance, and Enterprise Risk Committees. She is also an independent advisor to the board of directors of the Canadian Real Estate Association. Ms. Antoun is fluently bilingual in English and French. She holds a mechanical engineering degree from Concordia's Gina Cody School of Engineering and an MBA from McGill University's Desautels Faculty of Management. She is currently pursuing a Sustainability and ESG Certification from Global Competent Boards.
"We are pleased to welcome Lesley to our Board during this exciting time as we prepare to collaborate with Gold Fields on the Phoenix Joint Venture, following their recent announcement of the Osisko Mining acquisition," said Cesar Gonzalez, Executive Chairman of Bonterra. "Lesley's extensive knowledge in governance, risk management and experience with First Nations communities provides a valuable addition to our Board. On behalf of the Board, I would like to thank Matthew Happyjack for his contribution to the Board over the last five years and look forward to working with him again as a consultant to the Company, which we hope will continue to strengthen our relationship with local stakeholders, including First Nations."
In conjunction with Ms. Antoun's appointment to the Board, she is being granted incentive stock options to acquire a total of 300,000 common shares of the Company pursuant to the Company's stock option plan and subject to any regulatory approval. Each stock option vests immediately and is exercisable at a price of $0.285 per share for a period of five years from the grant date.
ABOUT BONTERRA
Bonterra is a Canadian gold exploration company with a portfolio of advanced exploration assets anchored by a central milling facility in Quebec, Canada. The Company's assets include the Gladiator, Barry, Moroy, and Bachelor gold deposits, which collectively hold 1.24 million ounces in Measured and Indicated categories and 1.78 million ounces in the Inferred category.
In November 2023, the Company entered into an earn-in a joint venture agreement with Osisko Mining Inc. for the Urban-Barry properties, which include the Gladiator and Barry deposits. In August 2024, Gold Fields Limited announced the acquisition of Osisko Mining for C$2.16 billion. Over the next three years, Osisko Mining (now Gold Fields) can earn a 70% interest by incurring $30 million in work expenditures. This strategic transaction highlights Bonterra's dedication to advancing its exploration assets in a rapidly advancing and consolidating gold camp.
FOR ADDITIONAL INFORMATION
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Caution regarding forward-looking statements
This press release contains "forward-looking information" that is based on Bonterra's current expectations, estimates, forecasts, and projections. This forward-looking information includes, among other things, statements with respect to the earn-in a joint venture agreement with Osisko Mining announced on November 28, 2023 and the acquisition of Osisko Mining by Gold Fields announced on August 12, 2024. The words "will," "anticipated," "plans" or other similar words and phrases are intended to identify forward-looking information. This forward-looking information includes namely information with respect to the planned exploration programs and the potential growth in mineral resources. Exploration results that include drill results on wide spacing may not be indicative of the occurrence of a mineral deposit and such results do not provide assurance that further work will establish sufficient grade, continuity, metallurgical characteristics, and economic potential to be classed as a category of mineral resource. The potential quantities and grades of drilling targets are conceptual in nature and, there has been insufficient exploration to define a mineral resource, and it is uncertain if further exploration will result in the targets being delineated as mineral resources. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause Bonterra's actual results, level of activity, performance, or achievements to be materially different from those expressed or implied by such forward-looking information. Such factors include but are not limited to uncertainties related exploration and development; the ability to raise sufficient capital to fund exploration and development; changes in economic conditions or financial markets, environmental and other judicial, regulatory, political, and competitive developments; technological or operational difficulties or inability to obtain permits encountered in connection with exploration activities; and labour relations matters. This list is not exhaustive of the factors that may affect our forward-looking information. These and other factors should be considered carefully, and readers should not place undue reliance on such forward-looking information.
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