SUDBURY, ONTARIO--(Marketwire - June 29, 2012) - Manitou Gold Inc. (TSX VENTURE:MTU) ("Manitou" or the "Company") announces that Todd Keast, President of Manitou, has been appointed Chief Executive Officer of the Company effective today. In addition, Mr. Keast has joined the Company's Board of Directors with immediate effect.
The Company has agreed with each of Richard Murphy, the current CEO, and Guy Mahaffy, the current Chief Financial Officer and Corporate Secretary, to terminate their respective employment contracts with the Company effective today. Messrs. Murphy and Mahaffy have also stepped down from the Board, effective today. Mr. Carmelo Marrelli has been appointed as Chief Financial Officer of Manitou effective as of today.
Messrs. Murphy and Mahaffy both joined Manitou in mid-2009 and together with Mr. Keast, completed the Company's initial public offering and subsequent financings. The Board of Directors would like to thank Messrs. Murphy and Mahaffy for their contributions to the company and wish them the best in their future endeavors.
Exploration is now underway on a number of the Company's projects. Diamond drilling has just been completed on the Mosher Project which included seven holes (1,447 m) to test a number of gold showings associated with porphyry intrusions.
The Company is also working to systematically re-log and re-sample drill core from the Elora Property. Twenty six drill holes from the previous project operators (2004, 2006, 2008) have been re-logged with 600 samples split for assay analysis. The Elora Project will be ready for diamond drilling on or about September, 2012. The Gaffney Extension diamond drilling program is expected to commence within the next two weeks with 5,000 metres planned.
"I look forward to continuing to develop Manitou through quality project exploration and property acquisition" commented Todd Keast. "The priority for the Company at this time is to evaluate the Gaffney Extension Project and continued exploration on the Elora and Kenwest Projects including a significant component of diamond drilling. The advancement of Manitou's exploration projects continues to be the main focus of the Company."
Mr. Keast is a professional geoscientist with over 25 years of exploration and management experience in Canadian junior mining companies. Prior to joining Manitou Gold in 2009, Todd held the position of Vice-President of Exploration with Canadian Arrow Mines Inc., and prior to that was Exploration Manager for Canadian Royalties Inc. where he supervised a team that made a number of new nickel-copper-PGE discoveries in the Ungava region of Quebec. Mr. Keast is also an independent director of Anglo Swiss Resources Inc.
Carmelo Marrelli is the Principal of Marrelli Support Services Inc., delivering accounting, regulatory compliance and investment based services to numerous issuers on the TSX and TSX-Venture exchanges for over twenty years. With his value based service approach well known within the Canadian junior mining industry, Carmelo offers a diverse skill set to his clients. Carmelo is a Chartered Accountant (CA), a Certified General Accountant (CGA), and an Associate (ACIS) of the Institute of Chartered Secretaries and Administrators (ICSA). He also has a Bachelor of Commerce degree from the University of Toronto. Forever passionate about meeting his clients' needs and expectations, Carmelo is driven by going the extra mile and developing business relationships that stand the test of time. Carmelo also acts as Chief Financial Officer to a number of reporting issuers on the TSX and TSX Venture exchanges.
Statements in this release that are forward-looking statements are subject to various risks and uncertainties, certain of which are beyond the control of the Company including, but not limited to, the impact of general economic conditions, industry conditions, volatility of commodity prices, risks associated with the uncertainty of exploration results and estimates and that the resource potential will be achieved on exploration projects, currency fluctuations, dependence upon regulatory approvals, the uncertainty of obtaining additional financing and exploration risk. Readers should also refer to 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.