Western Troy Announces Appointment of Melvyn Williams to Its Board of Directors, Grants Options
11 August 2011 - 11:51PM
Marketwired
Western Troy Capital Resources (TSX VENTURE: WRY) (Western Troy or
the Company) announced today that its Board of Directors has voted
to appoint Melvyn Williams to the position of Director of Western
Troy. Most recently Mr. Williams was Chief Financial Officer and
Senior Vice President, Corporate Development for Brigus Gold
Corporation where he supervised the securing of project financing
in the amount of over $100 million for Brigus Gold's Black Fox Gold
Mine in Ontario. Mr. Williams has over 30 years of experience in
the finance and natural resources businesses. His experience
includes project financing, equity raises, commodities marketing
and hedging, capital evaluations, compliance reporting, risk
management, capital and operations cost control, and new business
development.
Western Troy's CEO, Rex Loesby, commented, "Mel is an excellent
and timely addition to Western Troy's Board of Directors. He has a
successful track record in securing project financing for junior
mining companies. Western Troy board members W. Steve Vaughan and
Charles E. Stott have both worked with Mel for a number of years
and have recommended him as a strong addition to our Board of
Directors. We expect the final feasibility study for our MacLeod
Lake Copper/Molybdenum Project in Quebec to be completed in the
first quarter of 2012. This will be followed by project financing
efforts for the remainder of 2012 with the goal of bringing the
MacLeod Lake Project into production by 2015 and minimizing
shareholder dilution. Mel's experience and contacts in the mining
project financing arena will be particularly beneficial as we move
MacLeod Lake toward production. Western Troy has approximately $3.6
million in cash or about 11 cents per share. Our cash burn rate for
overhead is low and we have the resources to complete the
feasibility study in the first quarter of 2012 and mine permitting
by the end of 2012."
As part of the appointment to the Western Troy board, Mr.
Williams has been granted 100,000 options with an exercise price of
18 cents per share and a term of 5 years. These options are subject
to the terms of Western Troy's Stock Option Plan.
Forward Looking Statements: Statements in this release that are
forward-looking reflect the Company's current views and
expectations with respect to its performance, business, and future
events. Such statements are subject to various risks and
assumptions, some, but not necessarily all, are disclosed elsewhere
in the Company's periodic filings with Canadian securities
regulators. Such statements and information contained herein
represent management's best judgment as of the date hereof based on
the information currently available; however actual results and
events may vary significantly. The Company does not assume the
obligation to update any forward-looking statement.
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.
Contacts: Western Troy Capital Resources Rex E. Loesby CEO
416-929-3268 Loesby@westerntroy.com
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