Great Pacific Gold Corp. ("Great Pacific Gold,” “GPAC,” or the
"Company") (TSXV: GPAC) (OTCQX: FSXLF) (Germany: 4TU) is pleased to
announce the appointment of seasoned mining executive Mr. Greg
McCunn as Chief Executive Officer and director of the Company.
Mr. McCunn, a Professional Engineer, has more
than 30 years of experience in the international mining sector and
an established track record operationally. Mr. McCunn has worked
within large mining organizations such as Placer Dome and Teck but
has also led multiple junior mining companies from exploration
success through the transition to project development, permitting,
financing, construction and operations. As an executive, he has had
a leadership role putting mines into production on three different
continents.
In addition to Mr. McCunn’s strong operational
and technical focus, his financial acumen and capital markets
ability is proven, and as an executive he has raised over $600
million in equity and debt financing from US and Canadian capital
markets. He has also completed over $ 1 billion in merger and
acquisitions transactions and has been the Chief Executive Officer
of several NYSE and TSX companies including Alio Gold and Galiano
Gold. Mr. McCunn holds a Master of Business Administration (MBA)
and has had more than a decade of experience in the mining sector
as a Chief Financial Officer.
Mr. McCunn states, “Over the past two years,
Great Pacific Gold has acquired a large and highly prospective land
package in PNG ranging from early-stage exploration projects
through to more advanced stage brownfield situations. With licenses
now issued, field preparation work done and an in-country team
built out, GPAC’s success will be largely about execution.
Additional to PNG, of course, the Company has assembled excellent
projects in Victoria and over the past four years has advanced the
understanding of those projects on the ground through exploration.
The recent discovery at Comet is an example of the high quality
targets being explored and we look forward to advancing these
Australian assets in a systematic and disciplined fashion towards
additional discovery.
I am pleased the Board of the Company has
entrusted me with the responsibility of taking this company to the
next level while developing and executing on a strategic business
plan that creates shareholder value.”
Mr. McCunn is a member of the Engineers and
Geoscientists British Columbia Canada, Professional Engineer and
the Canadian Institute of Mining and Metallurgy (CIM).
This appointment will be effective August 1,
2024. Bryan Slusarchuk, current Chief Executive Officer and
Director will resign those roles but will remain actively involved
in the company as Capital Markets advisor and will be focussed on
the capital markets as well as supporting all aspects of the
company’s operations in Papua New Guinea. Mr. Slusarchuk states,
“Over the past several months, as GPAC has finalized foundational
work in PNG such as licensing and ground preparation, we have been
searching for an operationally focussed CEO to take the helm. While
it has taken some time to find the right person to assume this
leadership role, I am confident we have found that person in Greg
McCunn. Greg’s track record building serious businesses will
benefit all stakeholders involved in GPAC. His success as an
operator and builder is well known and with a great foundation in
place, this is a natural progression for the company. With Greg at
the helm, I will be very active on the capital markets for GPAC and
in PNG, which is something I’m excited to do. This is now the
second company I’ve been involved with as a founder and executive
over the past decade in PNG and I am keen to be very involved in
elevating the understanding of not only the GPAC assets
specifically, but also PNG as a great destination for international
mineral investment.”
In connection with Mr. McCunn’s appointment as
Chief Executive Officer and director, the board has approved the
grant to Mr. McCunn of 1,000,000 stock options exercisable at $0.70
per share for a period of five years and the grant of 100,000
restricted share units, vesting one year from the date of grant and
exercisable for a period of five years.
About GPAC
Great Pacific Gold has a portfolio of high-grade
gold projects in Papua New Guinea (“PNG”) and Australia.
In PNG, Great Pacific Gold recently assembled a
2500 sq. km mineral exploration land package in PNG. The land
package comprises of exploration licenses (EL). It includes both
early-stage and advanced-stage exploration targets with high-grade
epithermal vein and porphyry-style mineralization present.
The Arau Project consists of
two exploration licenses, located in the Kainantu region, and
includes the Mt. Victor Prospect, where previous drilling found a
multiple phase intrusion complex hosting copper and gold
mineralization.
The Wild Dog Project consists
of two granted exploration licenses, EL 2761 and 2516, located on
the island of New Britain and about 50 km southwest of Rabaul and
Kokopo, PNG.
The Kesar Creek Project
consists of one exploration license, EL 2711, and is contiguous
with the K92 Mining Inc. tenements.
The Tinga Valley Project
consists of one exploration license, EL 2720. The OK Tedi Copper
Gold Mine is 140km to the northwest along the same belt is a superb
geological comparison to the Tinga Valley Property.
In Australia, Great Pacific Gold began with two,
100% owned, high-grade gold projects called the
Lauriston and Golden Mountain
Projects, and has since acquired a large area of granted and
application tenements containing further epizonal (low-temperature)
high-grade gold mineralization and associated intrusion-related
gold mineralization all in the state of Victoria, Australia. The
Great Pacific Gold land package, assembled over a multi-year
period, notably includes the Lauriston Project
which is a 535 sq. km property immediately to the south of and
within the same geological framework that hosts Agnico Eagle Mines
Ltd’s Fosterville Gold Mine and associated exploration tenements.
The Golden Mountain Project is an
intrusion-related gold project on the edge of the Strathbogie
granite and occurs at the northern end of the Walhalla Gold Belt.
The acquired projects include the epizonal gold Providence
Project containing the Reedy Creek
goldfield which adjoins the Southern Cross Gold’s Sunday Creek
exploration project and a large group of recently consolidated
granted tenements called the Walhalla Gold Belt
Project, which contain a variety of epizonal and
intrusion related style gold mineralization. Additionally, Great
Pacific Gold has another gold-focused project called the
Moormbool Project which has
epizonal style gold mineralization and associated potential
intrusion-related gold mineralization, as well as the
Beechworth Project occurs in the
northeast of the state and contains intrusion related and mesozonal
gold mineralization.
All GPAC’s properties in Australia are 100%
owned and have had historical gold production from hard rock
sources despite limited modern exploration and drilling.
On behalf of GPACBryan SlusarchukChief Executive Officer and
Director
Forward-Looking Statements
Information set forth in this news release
contains forward-looking statements that are based on assumptions
as of the date of this news release. These statements reflect
management's current estimates, beliefs, intentions and
expectations. They are not guarantees of future performance. Great
Pacific Gold cautions that all forward looking statements are
inherently uncertain and that actual performance may be affected by
many material factors, many of which are beyond their respective
control. Such factors include, among other things: risks and
uncertainties relating to Great Pacific Gold's limited operating
history, its exploration and development activities on its mineral
properties and the need to comply with environmental and
governmental regulations. Accordingly, actual and future events,
conditions and results may differ materially from the estimates,
beliefs, intentions and expectations expressed or implied in the
forward looking information. Except as required under applicable
securities legislation, Great Pacific Gold does not undertake to
publicly update or revise forward-looking information.
Neither 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.
For further information: Adam
Ross, Investor Relations, Direct: (604) 229-9445, Toll Free: 1
(833) 923-3334, Email: info@greatpacificgoldcorp.com
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