Balmoral Resources Ltd.

Balmoral Resources Ltd.

April 26, 2010 08:00 ET

Balmoral Announces Management Changes

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 26, 2010) - Balmoral Resources Ltd. (TSX VENTURE:BAR.H) -

  • Darin Wagner to become President and CEO
  • Gordon Neal appointed to the Board of Directors
  • Ross McDonald to join Balmoral as CFO
  • Former West Timmins Mining Inc. operating team to handle day to day management

Balmoral Resources Ltd. ("Balmoral" or the "Company") announced today that Mr. Darin Wagner, the former President and CEO of West Timmins Mining Inc., has joined the Company as President, CEO and Director. Balmoral is also pleased to announce that Mr. Gordon Neal has accepted an appointment to the Board of Directors of Balmoral and that Mr. Ross McDonald has agreed to become the Chief Financial Officer for the Company.

"I am very excited by the opportunities that lie ahead for Balmoral and at having been able to assemble a strong and experienced team to work with in creating value for the Company and its shareholders," said Mr. Wagner. "We will now focus our collective energies on establishing a project portfolio for Balmoral. We are currently evaluating a number of intermediate to advanced-stage precious and base metal opportunities in North and South America."

Darin Wagner joins the Company from West Timmins Mining Inc., where he was President, CEO, Director and Qualified Person for the Company from its inception, through the discovery of the high-grade Thunder Creek Gold Zone in Timmins, Ontario and through WTM's sale to Lake Shore Gold Corp. in an all share deal valued at $424 million completed in November of 2009. Prior to managing West Timmins and its predecessor, Sydney Resource Corp., Mr. Wagner served as Exploration Manager for Platinum Group Metals Ltd. through the acquisition, discovery and initial delineation of their flagship multi-million ounce Western Bushveld platinum deposit in South Africa and as a project geologist and country manager for Cominco Ltd. (now Teck Resource Ltd.) in North and South America. Mr. Wagner is a Professional Geologist (Ont.) and currently also serves as a director of TSX-listed Candente Gold Corp., and as a technical advisor to TSX-listed MAG Silver Corp. and Platinum Group Metals Ltd. and TSXV-listed Puget Ventures Inc.

Gordon Neal brings more than 25 years of providing corporate finance advice and service to public companies to the Board of Balmoral. Mr. Neal founded and grew Neal McInerney Investor Relations to become the second largest full service investor relations firm in Canada, serving a broad spectrum of blue-chip financial service and resource companies. Mr. Neal is currently Vice-President of Corporate Development for MAG Silver Corp., and served as a principal advisor to West Timmins Mining Inc. on matters of corporate finance and investor relations. Gordon has participated in raising more than $400 million dollars for mining and resource companies since 2004. He currently serves on the board of directors of Dorato Resources Ltd., Americas Petrogas Inc. and Rockgate Capital Corp.

Mr. Ross McDonald is a Chartered Accountant and has been a member of the Institute of Chartered Accountants of British Columbia since 1968. Mr. McDonald brings a broad range of experience in public company accounting and finance to Balmoral having provided accounting, audit and tax services to numerous small to medium sized businesses in the resource sector over his career. Mr. McDonald is currently a director of Corriente Resources Inc. (which recently received a takeover offer valued at $679 million), Fjordland Exploration Ltd. and Miranda Gold Corp. Mr. McDonald will assume the position of CFO on or about May 1, 2010 following completion and filing of the current year-end audited financial statements.

Mrs. Sue Chipperfield will join Balmoral in the position of Corporate Secretary. Prior to joining Balmoral Mrs. Chipperfield served as Executive Assistant to the President at West Timmins Mining Inc. and in a similar position with Vancouver based Gitennes Exploration Inc.

Mr. John Toporowski has also agreed to join Balmoral as Manager of Investor Relations, after having provided similar investor relations and corporate development services to West Timmins Mining Inc. In addition to his work with West Timmins, Mr. Toporowski has held investor relations positions with a number of successful exploration and development companies over the last twenty years including New Canamin Resources Ltd., Callinan Mines Ltd., Tan Range Exploration Corp. (now Tanzanian Royalty Exploration Corp.), the Breakwater Group and Granges Exploration Ltd. During the 1970's, Mr. Toporowski was part of family owned business providing specialized engineering, construction and metallurgical services to some of the earliest successful gold heap leach operations in the southwestern United States.

Mr. Wagner and Mr. Neal will join Mr. Hendrik van Alphen and Mr. Lawrence Talbot (see news release dated April 1, 2010) on the Board of Directors of Balmoral. Mr. Gerald Salberg has resigned as a director of the Company and the Board would like to thank Mr. Salberg for his stewardship of the Company over the last several years. Mr. Chris Cherry has also agreed to step aside as interim CFO effective upon Mr. McDonald's appointment and is thanked for his contribution.

"We look forward to establishing a strong bond with our shareholders as we move forward with Balmoral," said Mr. Toporowski. "We invite them to contact us at any time, by phone or by email, with their comments or concerns. We appreciate their support and confidence as we look to build a dynamic new enterprise under the BAR.H banner."

On behalf of the board of directors of BALMORAL RESOURCES LTD.

Darin Wagner, President and Chief Executive Officer

Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 27E of the Exchange Act. All statements, other than statements of historical fact, included herein including, without limitation, statements regarding the anticipated content, commencement and cost of exploration programs, anticipated exploration program results, the discovery and delineation of mineral deposits/resources/reserves, the potential acquisition of intermediate to advanced precious and base metal opportunities in North and South America, business and financing plans and business trends, are forward-looking statements. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions, or are those, which, by their nature, refer to future events. The Company cautions investors that any forward-looking statements by the Company are not guarantees of future results or performance, and that actual results may differ materially from those in forward looking statements as a result of various factors, including, but not limited to, variations in the nature, quality and quantity of any mineral deposits that may be located, variations in the market price of any mineral products the Company may produce or plan to produce, the Company's inability to obtain any necessary permits, consents or authorizations required for its activities, the Company's inability to produce minerals from its properties successfully or profitably, to continue its projected growth, to raise the necessary capital or to be fully able to implement its business strategies, and other risks and uncertainties disclosed in the Company's Annual Management Discussion and Analysis filed with certain securities commissions in Canada. All of the Company's Canadian public disclosure filings may be accessed via and readers are urged to review these materials, including the technical reports filed with respect to the Company's mineral properties.

This press release is not, and is not to be construed in any way as, an offer to buy or sell securities in the United States.

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 press release, which has been prepared by management.

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