SOURCE: Dutch Gold Resources, Inc.

Dutch Gold Resources, Inc.

July 13, 2012 09:30 ET

Dutch Gold Resources Realigns Board of Directors, Forms Search Committee to Seek Industry Veterans to Replace Resigning Steve Keaveney

ATLANTA, GA--(Marketwire - Jul 13, 2012) -  Dutch Gold Resources, Inc. (OTCQB: DGRI) (the "Company") is pleased to announce today that it has begun the search process to recruit seasoned executives with precious metals mining experience to the Board of Directors. The Company also announced that it has accepted the resignation Of Steve Keaveney from the Board of Directors, effective immediately.

"The Company is grateful for the contributions that Mr. Keaveney has made, both as a Director, and previously as Chief Financial Officer," said Dan Hollis, CEO. During his tenure, Mr. Keaveney was instrumental in bringing the Company back into compliance with its Securities and Exchange Commission regulatory filings.

"With the recent developments of the Company's project in Nicaragua, and its keystone project in Montana, the Board and I believe that we have reached a tipping point where additional industry experience and international experience are needed to optimize the value of our assets," added Mr. Hollis. Further Mr. Hollis commented, "The Company reached a crossroads. Many of our old issues are behind us. We want to attract new directors to our Board who have the experience of bringing projects like ours to fruition."

The Company has formed a search committee, consisting of the lead director of a large NASDAQ listed company, the former chairman of a boutique Toronto broker-dealer focused in the mining sector and Mr. Perttu and Mr. Hollis. The Company expects to fill both the vacancy left by Mr. Keaveney's resignation and another open seat on the Board with outside directors by year-end.

The Company expects to file an 8K as is required today.

About Dutch Gold Resources

Dutch Gold Resources, Inc. is engaged in the acquisition and development of gold properties in North America. The company's strategy is to focus on overlooked resources that have the potential to have a value creation event within 24 months of acquisition. The Company criteria call for a property to reach either near term production, or be a candidate for development through joint venture financing during the two years subsequent to acquisition. The Basin Gulch project Montana, the Jungo property in Nevada, and the Gold Bug Mine in Oregon comprise the Company's current portfolio, along with its previously announced joint venture in Nicaragua. The DGRI management team is composed of seasoned professionals with decades of experience in geology, and in mergers and acquisitions, as well as corporate finance. For further information, please see

Forward-Looking Statements

This press release contains forward-looking statements that reflect the Company's current expectation regarding future events. Actual events could differ materially and substantially from those projected herein and depend on a number of factors. Certain statements in this release, and other written or oral statements made by Dutch Gold Resources, Inc. are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors, which are, in some cases, beyond the Company's control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. The Company assumes no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. Important factors that could cause actual results to differ materially from the company's expectations include, but are not limited to, those factors that are disclosed under the heading "Risk Factors" and elsewhere in documents filed by the company from time to time with the United States Securities and Exchange Commission ("SEC") and other regulatory authorities.

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Cautionary Note to U.S. Investors

Dutch Gold Resources, Inc. is subject to the reporting requirements of the Securities Exchange Act of 1934, as amended ("Exchange Act"), and applicable Canadian securities laws, and as a result we report our mineral reserves according to two different standards. Canadian reporting requirements for disclosure of mineral properties are governed by National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101"). The definitions of NI 43-101 are adopted from those given by the Canadian Institute of Mining, Metallurgy and Petroleum. U.S. reporting requirements are governed by the SEC Industry Guide 7 ("Guide 7"). These reporting standards have similar goals in terms of conveying an appropriate level of confidence in the disclosures being reported, but embody different approaches and definitions. Under Guide 7, mineralization may not be classified as a "reserve" unless the determination has been made that the mineralization could be economically and legally produced or extracted at the time the reserve determination is made.

We disclose mineral reserves and mineral resources according to the definitions set forth in NI 43-101 and modify them as appropriate to confirm to Guide 7 for reporting in the U.S. In our Form 10-K, filed with the SEC, we use the term "mineralized material" to describe the amount of mineralization in mineral deposits that do not constitute "reserves" by United States standards. This is substantially equivalent to the total measured mineral resources and indicated mineral resources (disclosed as inclusive of reserves), which we disclose for reporting purposes in Canada. U.S. investors are cautioned that, while the terms "measured mineral resources," "indicated mineral resources" and "inferred mineral resources" are recognized and required by Canadian securities laws; rules adopted by the SEC do not recognize them. U.S. investors are also cautioned not to assume that any measured or indicated resources will ever be converted into Guide 7 compliant reserves.

The United States Securities and Exchange Commission limits disclosure for U.S. reporting purposes to mineral deposits that a company can economically and legally extract or produce. We use certain terms on this web site, such as "reserves," "resources," "geologic resources," "proven," "probable," "measured," "indicated," or "inferred," which may not be consistent with the reserve definitions established by the SEC. U.S. investors are urged to consider closely the disclosure in our most recent Form 10-K filed with SEC. You can also review and obtain copies of these filings from the SEC's website.

Contact Information

  • Contact:
    Tom Leahey
    Dutch Gold Resources, Inc.
    (404) 419-2440