VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 20, 2014) - Following the successful divestment of the Cameron Gold and Rainy River Projects, and the implementation of systems that have significantly reduced Coventry Resources Inc.'s (TSX VENTURE:CYY)(ASX:CYY) ("Coventry" and the "Company") ongoing overhead and administrative costs, President and CEO Steven Chadwick and Executive Director/CFO/Company Secretary Nicholas Day have tendered their resignations, effective immediately.
The Company wishes to express its sincere appreciation for the substantial contributions Steve and Nick have made during the past few years. They were integral members of the team that explored and advanced the Cameron and Rainy River Projects towards production, and were largely responsible for the recent sale of those assets to Chalice Gold Mines.
The Company is now working to secure new resources projects that can provide shareholders considerable returns. There is a strong preference to acquire either (i) low-cost early-stage exploration opportunities that afford considerable share-price uplift without the need to raise additional funds in the near term; or (ii) more advanced assets, in which Coventry can potentially secure an equity interest on a staged earn-in basis, that won't require raising additional funds in the near-term.
In line with this new strategy, the Company is pleased to announce the appointment of two new executive directors, Michael Haynes as President and CEO and Ian Cunningham as Executive Director/CFO/Company Secretary, whose professional skills are strongly aligned with the project identification, evaluation and acquisition phase the Company is now embarking upon. Bob Boaz will remain a non-Executive Director of the Company.
Mike and Ian are intimately associated with unlisted project generation company MQB Ventures Pty Ltd ("MQB"), which continually evaluates the technical and financial merits of numerous resources projects that are located throughout the world that provide potential acquisition opportunities. MQB has been directly responsible for securing the rights to dozens of projects for ASX and TSX-V listed mining companies during the past 10 years. As such Coventry stands to benefit from the considerable pipeline of projects MQB evaluates. Indeed MQB is currently negotiating to acquire several assets that may fit suitably within Coventry.
The Company does not, however, intend limiting its search for new assets just to those identified by MQB. Indeed the Company would welcome the opportunity to evaluate any project(s) that a third party may have the rights to, if they consider there is an opportunity for that project to provide Coventry's shareholders significant returns.
The new directors intend continuing to minimise the Company's corporate overheads as it seeks to secure new projects.
For and on behalf of The Board of Directors of Coventry Resources Inc.
Biographies of New Directors
Mr Haynes has more than 20 years' experience in the international mineral exploration industry. Mr Haynes graduated from the University of Western Australia with an honours degree in geology and geophysics in 1992. He held technical positions with both BHP Minerals Limited and Billiton plc. before establishing his own successful consulting business.
Mr Haynes has been a founding director of numerous ASX-listed companies where he has been intimately involved in the identification, acquisition, financing and development of a diverse array of resources projects, around the world.
Mr Cunningham is a Chartered Accountant and holds a Bachelor of Commerce degree and Bachelor of Laws degree. Mr Cunningham has more than 10 years' experience in the resources industry in executive and senior management roles, including recently as an Executive of Adamus Resources Limited, during which time Adamus developed the Nzema Gold Mine in Ghana and subsequently merged with Endeavour Mining Corporation.
Prior to entering the resources industry, he worked in the Corporate Finance division of Deloitte in Australia and the UK.
Neither the 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.
This news release may contain "forward-looking statements" and/or "forward-looking information" within the meaning of applicable securities regulations in Canada and the United States (collectively, forward-looking information"). Any forward-looking information contained in this news release is made as of the date of this news release. Except as required under applicable securities legislation, Coventry Resources Inc. ("Coventry") does not intend, and does not assume any obligation, to update this forward-looking information. Forward-looking information includes, but is not limited to, statements with respect to completion of a Feasibility Study, completion of new resource estimates, construction or operation of a mine, mineral resource estimates, drill plans, planned work programs, future upgrading of mineral resources and expected outcomes. Often, but not always, forward-looking information can be identified by the use of words such as "plans", "expects, "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes", or the negatives thereof or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might", or "will" be taken, occur or be achieved.
Any forward-looking information contained in this news release is based on certain assumptions that Coventry believes are reasonable, including, with respect to any mineral resource estimates, the key assumptions and parameters on which such estimates are based, that the current price of and demand for gold will be sustained or will improve, that general business and economic conditions will not change in a material adverse manner, that financing will be available if and when needed on reasonable terms, that supplies, equipment, personnel, permits and local community approval required to conduct Coventry's planned exploration and development activities will be available on reasonable terms and that Coventry will not experience any material accident, labour dispute, or failure of equipment.
However, forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Coventry to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include, among others, risks and uncertainties relating to the actual results of exploration activities being different than anticipated, cost of labour increasing more than expected, cost of equipment or materials increasing more than expected, fluctuations in the price of gold and other commodities, currency fluctuations, mineral resources not being as estimated, unexpected variations in mineral resources, grade or recovery rates, risk of accidents, labour disputes and other risks generally associated with mineral exploration and unanticipated delays in obtaining or failing to obtain governmental or community approvals or financing. Although Coventry has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results to not be as anticipated, estimated or intended. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Readers are cautioned not to place undue reliance on forward-looking information due to the inherent uncertainty thereof.