Alder Resources Ltd.
TSX VENTURE : ALR

Alder Resources Ltd.

November 21, 2013 07:00 ET

Alder Welcomes New President and CEO and Provides Corporate Update

TORONTO, ONTARIO--(Marketwired - Nov. 21, 2013) - Alder Resources Ltd. ("Alder" or the "Company") (TSX VENTURE:ALR) has appointed Mr. Don Dudek as President and Chief Executive Officer of the Company, effective December 16, 2013.

Alder's next steps include the following actions:

  • Completing metallurgical studies of the stockpile Inferred mineral resource (7.95 million tonnes grading 0.62% copper, 0.46 g/t gold, 9.2 g/t silver)
  • Assuming Alder can outline a cost effective process for extracting the metals, then a Preliminary Economic Assessment study (PEA) would be the subsequent step
  • As this process takes place, exploration at site will be curtailed and management costs reduced to a minimum including initially, Mr. Dudek not taking a salary.

Don Dudek, Chairman, is quoted: "I believe that this is a better than average project in a worse than average market for junior explorers and hope that the above plan and commitments clearly demonstrate Alder management's commitment to our shareholders to move the project forward while maintaining cost sensitivities and an emphasis on activities that could lead to production operations."

The appointment of Mr. Dudek follows Mr. Joseph Arengi's resignation, effective as of December 16, 2013, in order to pursue other opportunities. The Company gratefully thanks Mr. Arengi for his service and leadership as President and Chief Executive Officer.

Mr. Dudek states: "I would like to thank Joe for his efforts over the past few years. He was the right person at the right time and through his stewardship, Alder has materially advanced the Rosita project. Joe was able, over a very short time period, to assemble a competent on-site team which led to a number of exceptional project advancements."

Alder successes under Mr. Arengi's leadership include:

  • Establishment of an inferred mineral stockpile resource of 7.95 million tonnes grading 0.62% copper, 0.46 g/t gold, 9.2 g/t silver containing 109 million lbs of copper, 119,000 ounces of gold and 2.4 million ounces of silver. See Alder news release dated May 9, 2012 for details.
  • Validation that the past producing Rosita Cu-Au-Ag deposit continues to depth with an intercept of 0.87% Cu, 0.81 g/t Au and 7.96 g/t Ag over 14.0 metres. The Rosita mineralization has been traced for 1,100 metres along strike and is open below 200 metres depth. See Alder news release dated September 11, 2012 for details.
  • The discovery of a new gold zone which returned 29.50 g/t Au over 8.0 metres. This intercept appears to correlate with a drill hole intercept 250 metres away, which returned 6.9 g/t Au over 8.0 metres. See Alder news release dated September 5, 2012 for details.
  • Validation of widespread exotic copper oxide zone at T3 with a drill hole intercept of 1.74% Cu, 16.64 g/t Ag and 0.09 g/t Au over 18.0 metres. See Alder news release dated December 4, 2012 for details.
  • Recognition of porphyry style Cu-Ag and Cu-Au mineralization in the Tipispan area with drill intercepts of 0.43% Cu and 6.84 g/t Au over 43.0 metres and 0.51% Cu and 0.25 g/t Au over 11.5 metres, respectively. At least two more closely spaced well mineralized zones still require testing. See Alder news release dated May 7, 2013 for details.
  • Discovery of multiple zones of high grade mineralization in the Tipispan area with trenching returning up to 5.21% Cu, 4.4 g/t Au and 114.01 g/t Ag over 12.1 metres. See Alder news release dated May 7, 2013 for details.
  • Discovery of a stockwork-type gold zone at Tigre Negro Norte with surface sampling returning 1.67 g/t Au over 17.6 metres. See Alder news release dated September 4, 2013 for details.

These above successes, though, are not the entire story on the Rosita Property, with all of the subsequent zones requiring follow-up and validation:

  • The R13 deposit returned near surface intercepts of 0.98% Cu over 79.9 metres; true width is unknown. Gold and silver were not assayed.*
  • Channel sampling along the wall of the Santa Rita pit returned 0.96% Cu, 1.06 g/t Au and 9.33 g/t Ag over 12.0 metres and 3.26% Cu, 0.15 g/t Au and 55.82 g/t Ag over 8.3 metres, showing that there is near surface mineralization that has not been followed up. The true width of these channel samples is unknown. See Calibre Mining Corp. news release July 13, 2011 for more details.
  • The Tigre Negro occurrence has drill holes that returned 13.5 metres grading 2.34g/t gold hosted in an intensely fractured and propylitically altered quartz diorite; true width is unknown.*
  • The Magnetite Hill deposit has a non NI43-101 compliant historic mineral resource which requires drilling to validate.*
  • The Zopilote deposit has a non NI43-101 compliant historic mineral resource which requires drilling to validate.*

* data originally presented in the NI43-101 report titled 'Technical Report on the Copper-Gold-Silver Porphyry/Skarn Project at the Rosita D concession, Rosita, Nicaragua' filed on June 22, 2012.

In summary, the Rosita property is well endowed and Alder management strongly believes that the existing stockpile resource and historic near surface mineral resources are sufficient to justify defining the metallurgical characteristics of the stockpiles. In addition, there are numerous exploration targets that could add significant value to the project. The results of metallurgical studies of the stockpiles are expected to define a probable processing path, likely processing costs and which exploration targets to prioritize. Assuming a cost effective process for extracting the metals is defined, a preliminary economic assessment would be the subsequent step.

Mr. Dudek has been Chairman of the board of directors of Alder since August 2011 and has held various roles with junior to senior exploration and mining companies over the past 30 years. Mr. Dudek recently served as Senior Vice President Technical Services for Endeavour Mining Corporation while managing a feasibility study for the Houndé gold project in Burkina Faso. Previously he served as Senior Vice President Exploration of Avion Gold Corporation, a successful junior gold producer and explorer in West Africa and as Exploration Manager for Aur Resources Inc. Mr. Dudek holds a B.Sc. Geology (Honors) from the University of Saskatchewan.

A map is available at the following address: http://media3.marketwire.com/docs/912935a.pdf.

About Alder Resources Ltd.

Alder is a resource company focused on the development of gold and base metal projects throughout the Americas. Alder's current high priority Cu-Au-Ag porphyry target is the Rosita project in Nicaragua located 275 kilometres northeast of Managua. The company has current Inferred mineral stock pile resources of 7.95 million tonnes grading 0.62% Cu, 0.46 g/t Au and 9.21 g/t Ag with numerous zones that have good near term potential to add to and enhance these resources. See the technical report entitled "Rosita Cu-Au-Ag Project, RAAN, Nicaragua, NI 43-101 Technical Report on Mineral Resource Estimate of Rosita Stockpiles" effective as of May 8, 2012, which is available under the Company's profile at www.sedar.com.

In August 2011, Alder entered into an option agreement to acquire a 65% interest in the Rosita D concession from Calibre Mining Corp. by issuing 1,000,000 shares and incurring expenditures of $4,000,000 over four years. To date Alder has incurred approximately $3.1 million of the $4.0 million obligation and has until October, 2015 to incur the remaining project expenditures.

Qualified Person

Don Dudek, P. Geo., chairman of the board of directors of Alder and a qualified person as defined by NI 43-101, has reviewed and approved the scientific and technical content of this news release.

For additional information, please visit our website at www.alderresources.ca and follow us on Facebook and Twitter: @AlderResources.

Cautionary Note Regarding Forward-looking Information

This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, without limitation, statements regarding the Company's mineral resource estimate, potential mineralization, future plans and the impact of the management change. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Alder to be materially different from those expressed or implied by such forward-looking information, including but not limited to: general business, economic, competitive, geopolitical and social uncertainties; the actual results of current exploration activities; risks associated with operations in foreign jurisdictions; ability to successfully integrate the purchased properties; and other risks inherent in the mining industry. Although Alder has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. Alder does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

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