Ginguro Exploration Inc.
TSX VENTURE : GEG

Ginguro Exploration Inc.

July 12, 2011 10:26 ET

Ginguro Provides Corporate Update

SUDBURY, ONTARIO--(Marketwire - July 12, 2011) - Ginguro Exploration Inc. (TSX VENTURE:GEG) is pleased to report on the following corporate developments:

  • the appointment of Joe Prosperi to the Board of Directors
  • the appointment of Andy Bite as V.P. Exploration
  • the appointment of Wayne Whymark as Executive Chairman
  • the establishment of an Advisory Board;
  • the appointment of Dr. Lawrence Minter as the inaugural member to the Advisory Board; and
  • the issuance of stock options.

Joe Prosperi has been appointed to the Company's Board of Directors. Joe is a Managing Partner at Beringer Capital, a private equity firm based in Toronto, Ontario. Joe holds an MBA from McGill University and a B.A. (Economics) from Wilfrid Laurier University. Prior to joining Beringer, Joe was a Director at Teachers' Private Capital (TPC), the private equity division of the Ontario Teachers' Pension Plan Board (OTPP).

Mr. Prosperi has served on the Board of Directors of such companies as CTVglobemedia, Osprey Media Income Fund, Trimac Equipment Leasing Inc., AOT Bedding Holdings (SERTA Inc.), and General Nutrition Centers Inc. (GNC).

Andy Bite, P.Geo, has accepted the position of Vice President of Exploration of Ginguro Exploration Inc. Andy graduated from Laurentian University and is a practicing member of the Association of Professional Geoscientists of Ontario. He has over 40 years' experience in the mining exploration industry, with an excellent record of exploration success. Andy has worked for multi-nationals and juniors mostly in Canada and also the United States. His field of expertise has largely been Copper-Nickel and Platinum Group elements in Sudbury, Duluth Minnesota, and Michigan. Andy is a hands-on practical exploration geologist with extensive experience in both surface and underground exploration.

Wayne Whymark, the Company's existing Chairman, has been appointed Executive Chairman.

The Company also reports that it has established an Advisory Board. The Advisory Board will be comprised of select individuals who are recognized as global leaders in each of their respective specialties. The inaugural member appointed to the Advisory Board is Dr. Lawrence Minter. Dr. Minter has assisted the Company in its paleo-placer exploration over the past 18 months.

Dr. Lawrence Minter was born in the Transvaal region of South Africa and currently resides in Cape Town. Lawrence was schooled in Northern Rhodesia and at the University of Cape Town. He was awarded a PhD by the University of the Witwatersrand for research on Witwatersrand gold deposits in 1973. In 1996, he received the Silver Medal from the Society of Economic Geologists in North America for distinguished research on paleo-placer gold deposits.

Lawrence spent six years in base metal exploration in Southern Rhodesia followed by eighteen years underground on Witwatersrand gold mines doing paleo-placer research, and twenty years as a Professor of Economic Geology at the University of Cape Town. He has published 48 papers in international journals, contributed to three text books, and has been cited in the literature in over 400 instances. Subsequent to retiring from the University, he spent six years as a Director of Goldstone Resources Ltd, which was listed on the AIM market, and successfully identified several significant gold paleo-placers in the Roraima Formations in Guyana.

Lawrence is a Fellow of both the Geological Society of South Africa and the Society of Economic Geologists, with whom he has been an office bearer. He has also been on the Editorial Boards of Economic Geology, Precambrian Research and the South African Journal of Geology.

The Company also announces that it has granted 1,700,000 options to purchase shares of the Company, at a price of $0.20 per share for a period of 3 years, to certain directors, officers, consultants and employees of the Company.

About Ginguro

Ginguro Exploration Inc. is a mineral exploration company focused on the advancement of its paleo-placer gold property, located in Pardo Township in northern Ontario and of its El Alto IOCG property located north-west of Santiago, Chile. To learn more about Ginguro Exploration Inc., please visit: www.ginguro.com.

Statements in this release that are forward-looking statements are subject to various risks and uncertainties concerning the specific factors disclosed under the heading "Risk Factors" in the Company's filings with Canadian securities regulators. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. The Company does not assume any obligation to update any forward-looking statements, save and except as may be required by applicable securities laws.

Neither 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 release.

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