Spanish Mountain Gold Ltd.
TSX VENTURE : SPA

Spanish Mountain Gold Ltd.

February 02, 2010 08:01 ET

Spanish Mountain Gold Reports Changes to Management Team and Board of Directors

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 2, 2010) - Spanish Mountain Gold Ltd. ("the Company") (TSX VENTURE:SPA) announced today the appointments of Mr. Larry Yau to the position of Chief Financial Officer and Mr. Stuart Morris to the position of Vice President, Development Geology.

Larry has 20 years of financial and business experience, gained primarily in the mining and resources sectors. Most recently, Larry was Chief Financial Officer for two junior mining companies where he was heavily involved in raising capital and successful construction of mines in North America. Previously, Larry was Manager, Corporate Development at Placer Dome Inc. until its acquisition by Barrick Gold Corp. and had participated in several high-profile, international acquisitions. He is a Canadian Chartered Accountant.

Stuart has more than 30 years of experience in precious and base metal production, mine development and exploration in Canada and the United States. Stuart's experience includes senior positions at Echo Bay's Sunnyside mine and A.J. Mine project, Placer Dome's Campbell Mine, NovaGold's Galore Creek, and Donlin Creek and the Nome Exploration projects. Earlier he worked with Inspiration Mines and Pinto Valley Copper in Arizona, California and Nevada as a project geologist. He is a registered geologist in Utah, Arizona and British Columbia and received his Bachelor degree in Geology and a Masters in Economic Geology from the Brigham Young University.

The Company also announces the resignations of Mr. Paddy Nicol as Chief Financial Officer, Mr. Scott Weekes as VP, Exploration and Mr. David McCue as Secretary of the Company. Mr. Weekes and Mr. Douglas Fulcher have resigned as directors of the Company.

The Company thanks these gentlemen for their contribution to the Company's progress and development.

The Company also reports that it has granted options to acquire an aggregate of 650,000 common shares of the Company to the incoming director and officers of the Company, in each case at an exercise price of $0.36 until January 26, 2015. The foregoing is subject to regulatory acceptance.

About Spanish Mountain Gold

Spanish Mountain Gold Ltd. is focused on advancing its flagship Spanish Mountain gold project in central southern British Columbia. The Company has a current cash position of $2.5 million and has applied for Mineral Exploration Tax Credit refund from the Province of British Columbia totaling $1.9 million. These funds are expected to be received in the first quarter of 2010.

On Behalf of the Board,

SPANISH MOUNTAIN GOLD LTD.

Brian Groves, President

This news release may contain certain "Forward-Looking Statements" within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included herein are forward-looking statements that involve various risks and uncertainties. Actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time to time with the TSX Venture Exchange, the British Columbia Securities Commission and the US Securities and Exchange Commission.

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. The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Spanish Mountain Gold Ltd.
    Bill Gillies
    (604) 601-3651
    or
    B&D Capital Partners
    Kris Davenport
    (604) 685-6465