New Island Resources Inc. Announces Changes to Board of Directors
15 September 2010 - 5:05AM
Marketwired
New Island Resources ("New Island") (TSX VENTURE: NIS) reports that
on September 10, 2010 David Wiley of Oakville, Ontario and Dustin
Angelo of Mississauga, Ontario were appointed as directors of New
Island. Both Mr. Wiley and Mr. Angelo are also directors of
Anaconda Mining Inc. (TSX: ANX) ("Anaconda").
These appointments are subject to the approval of the Exchange
and are in accordance with the agreement (the "Agreement") between
New Island and Anaconda which was reported in a joint press release
on August 30, 2010. Under the Agreement, Anaconda will acquire New
Island's interest in the gold project at Pine Cove, Newfoundland by
way of a Plan of Arrangement. As consideration for New Island's
interest in the Pine Cove mine and mill project, Anaconda will
issue 22,602,315 common shares to be distributed to shareholders of
New Island proportionately in accordance with their interest in New
Island. Pursuant to the Agreement, there are to be two directors of
New Island nominated by Anaconda pending closing of the
transaction. Other details of the Agreement may be found in the
joint press release issued by New Island and Anaconda of August 30,
2010.
To enable and facilitate the appointment of the new Directors,
Mr. Eric Jerrett agreed to resign from the Board on September 6,
2010, which became effective with the new appointments. Mr. Jerrett
is one of the longest serving, valued and respected members of the
Board. He is a graduate engineer and has operated his engineering
and architectural company for many years. He has received many
honorary awards in recognition of his major contribution to his
profession, charities, and the community at large, including the
Order of Canada. For his long standing contribution and support to
New Island, it extends to Mr. Jerrett its sincere appreciation and
best wishes.
About New Island Resources Inc.
New Island is a diversified junior exploration company holding
gold and base metal properties in the Province of Newfoundland and
Labrador. New Island has entered into agreements for the sale of
its interest in the gold mine and mill project at Pine Cove in
central Newfoundland and for the sale of the Glover Island
exploration property in western Newfoundland. Additional
information concerning these sales and New Island may be obtained
on New Island's website at: www.newislandresources.com or from the
System for Electronic Document Analysis and Retrieval (SEDAR)
website at: www.sedar.com under New Island's profile.
ON BEHALF OF THE BOARD OF DIRECTORS
Harold Wareham, President and CEO
Statements contained in this release that are not historical
facts are forward-looking statements, which involve known and
unknown risks and uncertainties not under the company's control,
which may cause actual results, performance or achievements of the
company to be materially different from the results, performance or
expectations implied by these 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
Contacts: New Island Resources Harold Wareham President (709)
576-7711 info@newislandressources.com
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