Grayd Resource Corporation

Grayd Resource Corporation

May 04, 2011 17:38 ET

Grayd Appoints Troy Fierro to the Board of Directors

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 4, 2011) -Grayd Resource Corporation (TSX VENTURE:GYD) ("Grayd") is pleased to announce the appointment of Troy J. Fierro to the board of directors.

Mr. Fierro is a successful mining engineer with over 25 years of industry experience. He has previously held executive positions with Fronteer Development Group Inc., Metallica Resources Inc., and Coeur d'Alene Mines where he has overseen the development, construction or management of mines in Nevada, Mexico, Argentina, Chile, and Alaska.

At Fronteer, which was recently acquired by Newmont Mining Corp. for $2.1 billion, Mr. Fierro acted as COO. He was also Vice President Operations of Metallica where he played the lead role in the construction of the Cerro San Pedro Mine in Mexico. In August 2008, Metallica was part of a $1.6 billion merger with Peak Gold Ltd. and New Gold Inc.

"Last December we delivered a very positive Preliminary Economic Assessment Study on the La India Resource and we are moving the project to feasibility. In addition, exploration results at Tarachi are extremely encouraging," reported Marc Prefontaine, President and CEO. "We are very pleased Mr. Fierro has joined our team as it greatly strengthens our operational expertise and clearly demonstrates our intent and ability to advance our exciting Mulatos Gold Belt projects toward production."

The Company has granted Mr. Fierro options to purchase up to a total of 425,000 common shares in the capital of Grayd at price of $1.60 per share for a five year period. The options are subject to certain vesting provisions.

Grayd is an exploration company focused on its La India property is located in the prolific Mulatos gold belt of Mexico's Sonora State. In October 2010, the Company reported a Preliminary Economic Assessment (PEA) that demonstrated a 51% internal rate of return, a US$187 million net present value (pre-tax, 5% discount rate), a nine-year mine life and nearly 850,000 ounces of gold produced. Grayd has initiated feasibility level work on this resource. Three drills are currently drilling to test the Tarachi discovery located 10 kilometers north of the resource area.

The information in this news release may contain forward-looking statements. When used in this release, words such as "estimate", "expect", "anticipate" and "believe" as well as similar expression are intended to identify forward-looking statements. Such statements are used to describe management's future plans, objects, and goals for the Company and therefore involve inherent risks and uncertainties. The reader is cautioned that actual results, performance or achievements may be materially different from those implied or expressed in such statements, which speak only as of the date the statements were made. The Company does not update forward-looking statements continually as conditions change.

The TSX Venture Exchange has neither approved nor disapproved of the information contained herein.

Contact Information

  • Grayd Resource Corporation
    Marc A. Prefontaine
    President and CEO

    Grayd Resource Corporation
    Daniel G. McIntyre
    Manager Corporate Communications
    604-608-5372 (FAX)