8 August 2024
Ormonde Mining
plc
("Ormonde" or the "Company")
Investee
Company Update: TRU Precious Metals
TRU
Appoints Ormonde's Steve Nicol as CEO
Ormonde Mining plc
(AQSE: ORM), a natural resources company with
investment exposure to exploration assets including gold and copper
in Newfoundland and battery metals in Scotland, notes an
announcement today by its 36.2%-owned investee company, TRU
Precious Metals Corp. (TSXV: TRU, OTCQB: TRUIF) ("TRU"), which is
exploring for gold and copper in the highly prospective Central
Newfoundland Gold Belt in Canada.
TRU has appointed Ormonde's
Technical Advisor Steve Nicol as its Chief Executive Officer. Mr
Nicol is an experienced mining executive, with over 35 years'
experience. He has been a director of TRU alongside Ormonde's
Executive Chair Brian Timmons since Ormonde's investment in TRU was
announced in July 2023.
Brian Timmons, Executive Chair of Ormonde,
commented:
"Alongside Professor Garth Earls, Ormonde's Geological
Consultant, Steve has been centrally involved in identifying TRU as
an investment opportunity for Ormonde, and in the delivery of TRU's
transaction with Eldorado Gold, which Ormonde considers to be a key
event towards unlocking significant value in the Golden Rose
Project. As a mining engineer, Steve's operations management
experience is well suited to overseeing the gold and copper focused
exploration programme in this new phase for TRU."
The full announcement issued by TRU
appears below:
TRU
Appoints Experienced Mining Executive Steve Nicol as New
CEO
Toronto, Ontario - August 8, 2024 - TRU Precious Metals Corp. (TSXV:TRU)(OTCQB:TRUIF)(FSE:706)
("TRU" or the "Company") is pleased to announce the appointment of
Steve Nicol as the new CEO of the Company, effective August 7,
2024. Mr. Nicol is currently a director on the TRU board of
directors (the "Board") and also serves as Technical Advisor to
TRU's strategic investor Ormonde Mining plc ("Ormonde"). One of his
initial key focusses will be overseeing the multi-year,
partner-funded gold and copper focused exploration program at the
Golden Rose Project ("Golden Rose") in Western-Central Newfoundland
pursuant to the earn-in agreement with Eldorado Gold Corporation
(TSX:ELD)(NYSE:EGO) ("Eldorado") announced on July 30,
2024.
Mr. Nicol is a mining engineer with
over 35 years of experience in the mining industry, including in
operations management, mine evaluation and development, and other
diverse corporate roles. He has held Operations Management
positions in various underground and open pit mines, culminating in
a 13-year period as Managing Director and Project Manager of the
Spanish-based company that identified, studied, designed,
permitted, financed, constructed, and put into successful operation
the Barruecopardo Tungsten mine in Western Spain. That mine
continues successfully operating today, adjacent to an
environmentally protected area, employing some 200 people and
selling a high-quality mineral concentrate product across the
globe.
A generalist, with a very strong ESG
as well as economic focus, Mr. Nicol's experience covers base,
precious and specialty metals, open pit and underground mining,
CIL, flotation, and gravity processing, and direct hands-on
management of all phases of diverse mining projects from
early-stage exploration through to mine closure and
rehabilitation.
To transition leadership of the
Company, now embarking on an exciting new phase of its development
as a Newfoundland mineral resources explorer, Joel Freudman, who
has been serving TRU as CEO since founding the Company in its
current incarnation in late 2020, has resigned from his positions
as CEO and director. Mr. Freudman will continue to provide
transitional capital markets advisory support through his
Toronto-based merchant bank, Resurgent Capital Corp.
TRU's Chairman of the Board Manish
Z. Kshatriya commented: "I would like to congratulate Steve on his
appointment as CEO. Through our work on the TRU Board, I have had
the opportunity to get to know him as a highly analytical,
strategic thinker with an expansive technical expertise in mining
and operations. As the Company is moving forward with more
extensive exploration plans, we are certainly in good hands with
more technical mining leadership experience. Through its new
earn-in arrangement with Eldorado, management believes that TRU and
Golden Rose are positioned for significant value
creation."
Mr. Kshatriya continued: "We respect
and appreciate Joel's decision to resign from his positions as CEO
and director, to ensure that TRU, under the leadership of Steve and
together with the assistance of current serving President and CFO
Olga Nikitovic, can deliver operational excellence paving the path
for major discoveries. On behalf of the Board, I would like to
thank Joel for his valuable role in identifying and securing the
Golden Rose Project opportunity in the Cape Ray-Valentine Lake
Shear Zone. Through subsequent tactical acquisitions and option
agreements, TRU was able to consolidate a district-scale land
package that is now approximately triple the original project size.
Joel was pivotal in attracting a number of strategic investments
and partnerships for TRU despite challenging market conditions for
junior mining companies. The talented team he helped assemble will
provide continuity and support for the new CEO. We look forward to
Joel's continued future contributions as capital markets
advisor."
About TRU Precious Metals Corp.
TRU (TSXV:TRU)(OTCQB:TRUIF)(FSE:706)
is on a mission to build long-term shareholder value through
prudent natural resource property development and transactions. TRU
is exploring for gold and copper in the highly prospective Central
Newfoundland Gold Belt on its 100%-owned Golden Rose Project, a
regional-scale 264.25 km2 land package including 45
km of strike length along the deposit-bearing Cape Ray - Valentine
Lake Shear Zone, directly between Calibre Mining's Valentine Gold
Project and AuMEGA Metals' Cape Ray Gold Project. In addition, TRU
has an option to acquire up to an aggregate 65% ownership interest
in two claim packages covering 33.25 km2, including a 12
km strike length along the Shear Zone within Golden Rose. The
Golden Rose Project is currently optioned-out to TSX-listed
Eldorado Gold Corporation.
TRU is approximately 36%-owned by
European strategic investor Ormonde Mining plc
(AQSE:ORM).
Enquiries:
Ormonde Mining plc
|
|
Brian Timmons, Chairman
|
Tel: +353
(0)1 801 4184
|
Vigo
Consulting (Investor
Relations)
|
|
Ben Simons / Fiona
Hetherington
|
Tel: +44
(0)20 7390 0230
|
Peterhouse Capital (Aquis
Corporate Adviser)
|
|
|
Tel: +44
(0)20 7469 0930
|
About Ormonde Mining
Ormonde is a natural resource
company which provides its shareholders with exposure to quality
and diverse assets across a range of strategic minerals. Ormonde's
portfolio includes an initial 36.2% interest in TRU Precious Metals
(TSXV: TRU), which is exploring for gold and copper in the highly
prospective Central Newfoundland Gold Belt in Canada, and a 20%
interest in Peak Nickel Limited, which is advancing exploration on
a potentially significant nickel project in Scotland.
Ormonde's shares are listed on the
Aquis Stock Exchange Growth Market under the symbol AQSE:
ORM.
For more information, visit the
Company's website at www.ormondemining.com.
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The Directors of the Company are
responsible for the release of this announcement.