Fura Emeralds Inc.
TSX VENTURE : FUR

Fura Emeralds Inc.

January 23, 2017 07:30 ET

Fura Strengthens Management Team With the Appointment of Dev Shetty as President and CEO

TORONTO, ONTARIO--(Marketwired - Jan. 23, 2017) - Fura Emeralds Inc. ("Fura" or the "Company") (TSX VENTURE:FUR) is pleased to announce the appointment of Devidas ("Dev") Shetty as the President and Chief Executive Officer of the Company and as a member of the Company's board of directors, effective immediately.

The appointment of Mr. Shetty follows the resignation of Mr. Jaime Lalinde as President & Chief Executive Officer of Fura. The Company is pleased to announce that Mr. Lalinde will remain a member of the Company's board of directors.

In his role as President and CEO, Mr. Shetty will be responsible for identifying diamond and colour gemstone opportunities and formulating and implementing the long-term strategy for the Company. Mr. Shetty will initially set-up a base in Dubai which will be a strategic location for Fura and will also operate from London and Toronto.

Prior to joining Fura, Mr. Shetty was the Group Chief Operating Officer and Executive Director of Gemfields plc ("Gemfields"), the world's leading supplier of responsibly sourced coloured gemstones. Mr. Shetty played a significant role in the turnaround of Gemfields, improving the cost structure and tax profile, implementing key strategic and operational decisions and for developing Gemfields' mine and market strategy. During his tenure at Gemfields, Dev played a vital role in developing the world's largest producing emerald mine in Zambia and the Greenfield ruby project in Mozambique, which is believed to be the largest ruby deposit in the world. Mr. Shetty was also responsible for initiating Gemfields' entry in to the Colombian and Ethiopian emerald markets and has also overseen the marketing, sales and finance division for Gemfields.

Mr. Shetty is a qualified chartered accountant from India with 18 years' of diverse experience in the mining, private equity and manufacturing sectors which has included extensive experience with mergers and acquisitions, business start-ups, business turnarounds, operational management, strategic planning and treasury, tax and financial reporting.

Commenting on his appointment, Mr. Shetty stated: "I am delighted to be appointed as the President and CEO of the Company. I am confident that I can leverage my experience in the gemstone sector to identify and create opportunities for Fura and to create and unlock value for Fura's shareholders."

Fred Leigh, a director of Fura, commented: "On behalf of the board of directors of the Company, we are pleased to have Dev Shetty, a well-respected name in the colour gemstone industry, on board as the President and CEO and as a director of the Company. With his extensive experience and knowledge in the gemstone sector, he will be well positioned to formulate and implement an effective strategy for the Company. We look forward to working with him and we are sure he will be a valuable addition to the Company. We also would also like to thank Mr. Lalinde for his contribution to the Company and look forward to his continued contributions as a valuable member of Fura's board of directors."

About Fura Emeralds Inc.

Fura Emeralds Inc. is a natural resource company. The Company is engaged in the acquisition, exploration and evaluation of properties in Colombia and abroad. The Company is currently exploring the exploration concession contract, ECH-121, a grassroots emerald license, located in the Boyaca District in Colombia approximately two kilometres south of the Muzo emerald mine.

Caution Regarding Forward-Looking Information:

This press release may contain "forward looking information" within the meaning of applicable Canadian securities legislation. Forward looking information includes, but is not limited to, statements with respect to the impact of the appointment and resignation of officers and directors of the Company, the Company's exploration activities and the Company's performance. 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 the company 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 exploration activities; regulatory risks; risks inherent in foreign operations; and other risks of the mining industry. Although the Company 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. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

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