TSX-V: CXO
VANCOUVER, BC, July 6, 2020 /CNW/ - COLORADO RESOURCES LTD. (TSXV: CXO)
("Colorado" or the
"Company") announces the appointment of Tony Barresi, Ph.D., P.Geo., as President and
Director of the Company, effective August
1, 2020. Dr. Barresi is a geologist with over fifteen
years of precious and base metal exploration experience. He has
conducted successful exploration programs on grassroots and
brownfield projects, and specializes in exploring for porphyry,
epithermal gold and volcanogenic massive sulfide (VMS) style
deposits. Dr. Barresi obtained his B.Sc. (honours) from
Saint Mary's University in 2004 and
Ph.D. from Dalhousie University in
2015. His Ph.D. thesis focused on the interplay between island-arc
evolution and mineral deposit formation in northwestern
British Columbia, including within
the prolific Golden Triangle where many of Colorado's key properties are situated. Dr.
Barresi was awarded the prestigious Mary-Claire Ward Geoscience
Award for his Ph.D. thesis by the Prospectors and Developers
Association of Canada (PDAC) and
the Geological Association of Canada (GAC). Dr. Barresi was previously
President and Director of Triumph Gold Corp. During his tenure at
Triumph he built a fifty person team of explorers and support
personal who are credited with discoveries of the high grade Blue
Sky and WAu Breccias, which yielded some of the best greenfield
drill intersections globally in 2018 and 2019. Dr. Barresi
continues to act as a Technical Advisor for Triumph Gold Corp., and
is an outside Director of ArcWest Exploration Inc.
Joseph Mullin, Colorado's CEO comments, "I am excited that we
were able to attract someone of Tony's calibre and experience and
look forward to working with Tony as we continue to build a strong
technical team with deep bredth of experience and past exploration
sucesses. As we commence our 2020 exploration program we will
benefit from Tony's leadership and experience, which includes
having conducted exploration programs on our Castle property in
2012 and 2013."
As President of Colorado Resources, Dr. Barresi will be
responsible for overseeing the Company's exploration and
development activities and operations, and work with the CEO and
Board to plan and implement strategy.
Dr. Fletcher Morgan, Chairman of
the Company, comments, "When I worked with Tony in 2016, I was
impressed with his ability to zero in on transformative geological
opportunities. That's what he subsequently went on to do for
Triumph Gold on the Freegold Mountain Property, and it is exactly
the opportunity at our Castle, KSP, Rok-Coyote and Sofia properties now. Since Colorado's inception, over $37 million of shareholders' dollars has been
spent to assemble and explore what we believe is the best
grassroots and early stage land package in the Golden Triangle.
Thanks to the efforts of Dave
Fleming (VP Exploration) and his team, we have completed a
review and recompilation of the significant amount of existing
data. Now with the addition of Tony's technical capabilities,
professionalism and single minded determination, we expect to
unlock the compelling opportunities contained in our
portfolio of properties."
About Colorado
Colorado Resources Ltd. is exploring for high-grade gold and
copper with a focus on the Golden Triangle and the Toodoggone areas
of British Columbia. The property
portfolio includes the Company's flagship Castle property, a
porphyry copper-gold project located in the Red Chris mining
district of the Golden Triangle neighbouring GT Gold's Tatogga
property, and Newcrest Mining's GJ property. Other properties
include KSP, North ROK, ROK-Coyote, and Kingpin in the Golden
Triangle, Sofia in the Toodoggone
district, and Heart Peaks and Hit in other strategic districts
within British Columbia. These
assets are being advanced by a newly assembled technical and
management team with experience in exploration, permitting and
discovery.
ON BEHALF OF THE BOARD OF DIRECTORS OF COLORADO RESOURCES LTD.
"Joseph
Mullin"
Joseph Mullin
Chief Executive Officer and Director
Cautionary Note Regarding Forward-Looking
Statements
All statements, trend analysis and other information
contained in this press release about anticipated future events or
results constitute forward-looking statements. Forward-looking
statements are often, but not always, identified by the use of
words such as "seek", "anticipate", "believe", "plan", "estimate",
"expect" and "intend" and statements that an event or result "may",
"will", "should", "could" or "might" occur or be achieved and other
similar expressions. All statements, other than statements of
historical fact, included herein, including, statements regarding
the use of proceeds of the Placements are forward-looking
statements. Although the Company believe that the expectations
reflected in such forward-looking statements and/or information are
reasonable, undue reliance should not be placed on forward-looking
statements since the Company can give no assurance that such
expectations will prove to be correct. These statements involve
known and unknown risks, uncertainties and other factors that may
cause actual results or events to differ materially from those
anticipated in such forward-looking statements, including the
risks, uncertainties and other factors identified in the Companies'
periodic filings with Canadian securities regulators as well as the
risk that the ongoing COVID-19 pandemic may have on the Company's
business. Important factors that could cause actual results to
differ materially from Colorado
expectations include the risk that management of the Company
determines to use the proceeds of the Placements in a way that is
not currently contemplated. Forward-looking statements are
based on estimates and opinions of management at the date the
statements are made. Colorado does
not undertake any obligation to update forward-looking statements
except as required by applicable securities laws. Investors should
not place undue reliance on forward-looking statements.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE Colorado Resources Ltd.