Northquest Ltd.
TSX VENTURE : NQ
FRANKFURT : N3Q

Northquest Ltd.

June 17, 2016 08:37 ET

Northquest Ltd. Announces Director and Officer Appointments

TORONTO, ONTARIO--(Marketwired - June 17, 2016) - Northquest Ltd. (TSX VENTURE:NQ)(FRANKFURT:N3Q) ("Northquest" or "the Company") announces that, following the initial take-up by Nord Gold SE ("Nordgold") of common shares under its take-over bid (the "Offer") for all of the outstanding common shares of Northquest (the "Common Shares") and pursuant to the previously announced support agreement between the Company and Nordgold dated May 26, 2016 relating to the Offer, Dr. Jon North has resigned as Chief Executive Officer of the Company and Ms. Sofia Tsakos has resigned from the board of directors of the Company (the "Board"). Mr. Andrew Matthews has also resigned from the Board. Northquest thanks Dr. North and Ms. Tsakos for their contribution to the Company since their appointments in 2008 and wishes them the best in their future endeavours.

To fill the vacancy created by Ms. Tsakos' resignation, the Company has appointed Mr. Marc-André Boudreau to the Board, effective June 16, 2016. Mr. Boudreau is a geologist with over 30 years of experience in the mineral resource industry. From 2010 to his retirement in 2013, Mr. Boudreau was the Director of geology of Société Minière de Dinguiraye, Nordgold's operating subsidiary in Guinea. From 2004 to 2010, he occupied project manager and other positions related to gold and uranium exploration in Guinea, Mali, Madagascar, Djibouti, and Niger. Prior to that, he was a senior exploration manager of Itea Minerals. Mr. Boudreau obtained a Bachelor of Science (Geology) degree from Laval University and is a member of the Ordre professionnel des géologues of Quebec.

With the changes to the Board that have occurred since the entering into of the Support Agreement, the Board now consists of three members, namely Mr. Igor Klimanov, Mr. Karl Glackmeyer and Mr. Marc-André Boudreau.

The Company also announces that it has appointed Mr. Igor Klimanov, a director of the Company, to serve as Chief Executive Officer, effective June 16, 2016.

Cautionary Note Regarding Forward-Looking Information

Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties, including but not limited to statements relating to the Offer, the Support Agreement, the timing relating to the Offer and the composition of the board of directors and management of the Company. These statements relate to future events or future performance and reflect the Company's expectations regarding the future growth, results of operations, business prospects and opportunities. In some cases forward-looking information can be identified by terminology such as "may", "will", "should", "expect", "intend", "plan", "anticipate", "believe", "estimate", "projects", "potential", "scheduled", "forecast", "budget" or the negative of those terms or other comparable terminology. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of the Company, including, but not limited to, the Offer, impact of general economic conditions, industry conditions, volatility of commodity prices, risks associated with the uncertainty of exploration results and estimates, metallurgical test results and that the resource potential will be achieved on exploration projects, currency fluctuations, dependence upon regulatory approvals, political and country risk, and the uncertainty of obtaining additional financing and exploration risk. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Company expressly disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, events or otherwise, except in accordance with applicable securities laws.

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.

Contact Information

  • Igor Klimanov
    Director and Chief Executive Officer
    (416) 306-0954