VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 15, 2014) - Candente Gold Corp. (TSX:CDG)(LMA:CDG) ("Candente Gold" or "the Company") is pleased to report that Paul H. Barry has been appointed as an Independent Director.
Mr. Barry has over thirty years of operating experience in the mining and energy industries in senior executive roles. Currently, Mr. Barry is engaged by Balfour Beatty Infrastructure Partners to serve as Chief Executive Officer designate of Upper Peninsula Power Holding Company in its acquisition of the regulated electricity provider serving 10 counties in the central and western areas of Michigan's Upper Peninsula.
From 2011 to 2012, Mr. Barry served as Executive Vice President & Chief Financial Officer of Kinross Gold Corporation where he oversaw $16.5 billion of assets, raised $5 billion in new debt financing, and advised the Board regarding capital spending across four global regions.
Mr. Barry also serves as Senior Advisor, Mining & Metals, to Atlas Advisors, a New York City-based independent investment banking firm specializing in mergers and acquisitions and corporate finance advisory services. Mr. Barry serves on the Board of Directors of Forbes Royalty Corporation, a Toronto-based Royalty Company formed to acquire a diverse portfolio of precious metals and natural resources royalties and streaming interests. Mr. Barry is also a member of the Board of Advisors of Orgone Development L.L.C., a Ghana power project developer focused on investing in the electrification of Sub-Saharan Africa especially for gold mining operations.
"We are extremely pleased to have Paul join us and bring his wealth of experience in mine finance to our team, especially now as we are focused on the potential for near term cash flow from the El Oro Tailings deposit," commented Joanne Freeze, President and CEO of Candente Gold.
"I am delighted to join the Board of Candente Gold Corporation, a global mining company with an excellent opportunity to revive the historic El Oro Gold District," said Mr. Barry.
"Having worked in the past with Paul, at Kinross Gold Corporation, we both having been members of Kinross' Senior Leadership Team, I have no doubt he will bring significant financial acumen to Candente Gold," added Ken Thomas, Independent Director.
Mr. Barry has worked for some of the largest global energy companies including GE, Amoco/BP, Westinghouse, Duke Energy, and Pepco. He has served as a member of the Board of Directors for AG Industries, Inc., Trans-Elect, Inc., Potomac Electric, Delmarva Electric, and Atlantic City Electric.
Mr. Barry graduated magna cum laude from Northeastern University and received an MBA from Harvard Business School where he also attended the Executive Program.
About Candente Gold
Candente Gold's flagship asset is El Oro, a district scale gold project encompassing the largest and most prolific high grade gold dominant epithermal vein system in Mexico. The project covers 20 veins with past production and more than 57 veins in total, from which approximately 6.4 million ounces of gold and 74 million ounces of silver were reported to have been produced from just two of these veins.
Current focus is the historic tailings deposit left from pre-1930s milling of ores from the Mexico Mine in the El Oro District in Mexico State, Mexico. The tailings have had extensive historic assessments including drill testing and metallurgical test work. The tailings deposit lies within the town of El Oro and covers an area of approximately 5.6 hectares that once reclaimed, will be available for the town's future development. The tailings are adjacent to existing road access, power and water services.
Modern understanding of epithermal vein systems strongly indicates that several of the El Oro district's veins hold potential for discovery of significant gold and silver mineralization, particularly below the historic workings of the San Rafael Vein, which was mined to an average depth of only 200 metres and produced 4 million ounces gold and 44 million ounces of silver.
Joanne C. Freeze, P.Geo., President and CEO of Candente Gold, Sean I. Waller, P.Eng., Vice President of Candente Gold and Nadia Caira, P.Geo. of World Metals Inc. (formerly Argonaut Gold Odyssey Inc.) are the Qualified Persons as defined by NI 43-101 for the project discussed above and have read and approved the contents of this release.
This news release may contain forward-looking information (as such term is defined under Canadian securities laws) including but not limited to information regarding the processing of tailings to generate near-term cash flow, other statements that are not historical facts. While such forward-looking information is expressed by Candente Gold in good faith and believed by Candente Gold to have a reasonable basis, they address future events and conditions and are therefore subject to inherent risks and uncertainties including those set out in Candente Gold's MD&A. Factors that cause the actual results to differ materially from those in forward-looking information include, without limitation, gold prices, results of exploration and development activities, regulatory changes, defects in title, availability of materials and equipment, timeliness of government approvals, potential environmental issues, availability of capital and financing and general economic, market or business conditions. Candente Gold expressly disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except in accordance with applicable securities laws.
On behalf of the Board of Candente Gold Corp.
"Joanne Freeze" P.Geo., President & CEO