CALGARY, ALBERTA--(Marketwire - Oct. 25, 2012) - John J. Komarnicki, Chairman and Chief Executive Officer of DOT Resources Ltd. (TSX VENTURE:DOT) ("DOT" or the "Corporation"), on behalf of the Board of Directors, announces the appointment of Mr. Frank L. Wells, Jr. as a Director of the Corporation effective October 24, 2012.
Mr. Wells has over 30 years of experience in the international mining industry. Mr. Wells has been involved in the areas of finance, corporate development and mergers and acquisitions in North America, Eastern Europe, Africa, Kazakhstan, Russia, Mongolia and Indonesia. He holds a Bachelor of Arts in Social and Behavioral Science from The Johns Hopkins University and a Masters in Business Administration from Duke University in the United States.
Currently, Mr. Wells is the sole proprietor of Lilburn & Associates LLC (Lilburn), a mining industry consultancy. In this role he advises international and domestic institutions on various aspects of the mining industry including mergers and acquisitions, financial planning, financial modeling and other issues facing companies involved in the mining industry.
Prior to establishing Lilburn, Mr. Wells was the CFO/Finance Director of Central Asia Metals Ltd. (CAML), a London-based private equity mining company which controlled six mining projects located in Kazakhstan and Mongolia. During his tenure at CAML the company raised more than $60 million dollars in equity financing, acquired 3 projects in Mongolia and two in Kazakhstan. Additionally, Mr. Wells built an international accounting team that established effective controls and produced IFRS compliant financial statements.
Through 2007, Mr. Wells was Director of Corporate Development for Newmont Capital where he was involved with financing, corporate development and merger and acquisition activities.
Mr. Komarnicki commented saying, "We welcome Frank into our organization. The significant financial and M&A experience which he has obtained in the mining sector will contribute to the expanding exploration and development opportunities for DOT."
DOT also announces that its Board of Directors has approved the granting of a stock option to Mr. Wells to purchase up to 150,000 common shares of the Corporation. This stock option is subject to the appropriate regulatory approvals. Such stock option shall have an exercise price of C$0.10 per common share, shall have a term of five years from the date of grant, and shall vest as to twenty-five percent (25%) immediately and thereafter as to twenty-five percent (25%) on dates which are six (6) months, twelve (12) months and eighteen (18) months from the date of grant.
DOT is a Canadian corporation focused on the exploration and development of its copper porphyry property in central British Columbia. DOT is planning to assess additional copper and copper-gold properties for exploration and development opportunities throughout North and South America.
DOT owns a 4,800 acre, 100% controlled porphyry copper +/- molybdenum-gold-silver property located 17 kilometres south of the Highland Valley Mining District, in central British Columbia
The Corporation's common shares trade on the TSX Venture Exchange under the symbol DOT. DOT's website can be accessed at www.dotresourcesltd.com.
Certain statements contained in this news release constitute "forward-looking statements" as such term is used in applicable Canadian and United States laws. These statements relate to analyses and other information that are based on forecasts and other factors and events described in this news release should be viewed as forward-looking statements to the extent that they involve estimates thereof. In particular, receiving the appropriate regulatory approvals should be viewed as a forward-looking statement to the extent that it involves estimates thereof. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects" or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "estimates" or "intends", or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved) are not statements of historical fact and should be viewed as "forward-looking statements". Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Corporation to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Although the Corporation has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there is no certainty that there may be other factors that cause actions, events or results not to be anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could vary or differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements contained in this news release.
Forward-looking statements are made based on management's beliefs, assumptions, estimates and opinions on the date the statements are made and the Corporation undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change, except as required by applicable law. The forward-looking statements contained herein are expressly qualified by this cautionary statement.
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