Dia Bras Exploration Inc.

Dia Bras Exploration Inc.

January 26, 2012 08:00 ET

Dia Bras Announces Appointment of Steven Dean as Chairman

TORONTO, ONTARIO--(Marketwire - Jan. 26, 2012) - Dia Bras Exploration Inc. (TSX VENTURE:DIB) ("Dia Bras" or the "Company"), a Canadian listed mining company focused on precious and base metals in Peru and Mexico, today announced the appointment of Mr. Steven G. Dean as Chairman and Mr. Alberto Arias as Vice-Chairman of its Board of Directors. Mr. Dean and Mr. Arias are both current members of the Company's Board. These appointments follow the resignation of Mr. Philip Renaud as Chairman. Mr. Renaud was Chairman of the Company since November 23, 2009.

Daniel Tellechea, Dia Bras President and CEO, said, "We thank Mr. Renaud for his contributions as Chairman which were instrumental in the success of the Company's recent growth and transformation. Mr. Renaud will continue to contribute his talents as a board member and as a member of several board committees. We also welcome Steven Dean as the new Non-executive Chairman, who will provide leadership at the Board level to help us expand and improve our mining operations and projects in Mexico and Peru, as well as strategic advice on increasing market awareness of the Company's fundamentals."

Alberto Arias also commented, "These changes are part of a board restructuring process, following the significant transformation in the Dia Bras business over the past 12 months. The new Chairman and recently appointed board members bring a substantial amount of experience and knowledge that will help the Company to achieve its production and development goals in Mexico and Peru."

Mr. Dean, the newly appointed Chairman, has extensive experience internationally in mining, previously serving as President of Teck Cominco Limited (now Teck Resources Ltd.). Teck is a major international diversified resource company and the largest producer of metallurgical coal in North America. It is also a significant producer of gold and base metals including copper and zinc, and operates the Trail smelter in British Columbia, Canada. Prior to joining Teck, Mr. Dean was a founding member of the Normandy Poseidon Group (which became Normandy Mining), the largest Australian gold producer until its sale to Newmont Mining in 2002, as well as founder of PacMin Mining, a gold producer that became a subsidiary of Teck Corporation in 1999. He was also a co-founder and former Chairman of copper producer Amerigo Resources Ltd. Mr. Dean is a Fellow of the Australian Institute of Mining and Metallurgy, a Member of the Canadian Institute of Mining, Metallurgy and Petroleum, and a Fellow of the Institute of Chartered Accountants of Australia.

Mr. Arias, the newly appointed Vice-Chairman, is the Founder and Portfolio Manager of Arias Resource Capital Management LP ("ARCM"), a private equity firm focused on the metals and mining sector. Thinvestment funds managed by ARCM are a significant shareholder of the Company. Previously, Mr. Arias was a Managing Director at Goldman, Sachs & Co. in their Investment Research Department covering the metals and mining sector. Mr. Arias was a top-ranked analyst for 5-years in a row by Institutional Investor Magazine in Latin American Metals and Mining.

Mr Dean said "I look forward to working with the Board and management to continue to optimize and grow the Company's existing operations, realize the potential of our exciting exploration and resource development properties and to assist in conveying the significance of these to the Company's stakeholders and the capital markets. Since the acquisition of Corona the "new" Dia Bras is a very different Company and it is now time to take our business to the next level by using our cash flow to exploit the full potential of the combined asset base"

Option granting

The Company also announces that it has granted a total of 1,215,358 options as follows: 594,570 to directors; 363,477 to directors who are also officers; 53,372 to an officer; and 203,939 to employees. The options are exercisable at $3.40 over a five-year period and vesting over two years.

About Dia Bras

Dia Bras Exploration Inc. is a Canadian listed mining company focused on precious and base metals in Peru and Mexico. The Company owns and operates the Yauricocha Mine (Ag-Cu-Zn-Pb-Au) in Central Peru and the Bolivar Mine (Cu-Zn-Ag) in Chihuahua State, Mexico. Dia Bras is also pursuing the development and exploration of the Cusi Property (Ag) and exploring several precious metals targets such as La Cascada (Bolivar), Las Coloradas (Melchor Ocampo, Zacatecas State), Bacerac (Sonora State) and Corralitos, Satevo and La Verde projects at the Batopilas Property (Chihuahua State).

The Company's shares trade on the TSX Venture Exchange under the symbol "DIB".

For further information on Dia Bras Exploration Inc. visit www.diabras.com.

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 news release.

Contact Information

  • Daniel Tellechea
    President & CEO
    Dia Bras Exploration Inc.

    Matt Morrish
    Investor Relations
    Dia Bras Exploration Inc.