Omineca Mining and Metals Ltd.
TSX VENTURE : OMM

June 01, 2017 09:00 ET

Omineca Announces Management and Board Changes

CRANBROOK, BRITISH COLUMBIA--(Marketwired - June 1, 2017) - Omineca Mining and Metals Ltd. (TSX VENTURE:OMM) ("Omineca" or the "Company") announces several management and board changes in furtherance of its strategy to complete a bulk sample mining test of a 300m length of the Deep Lead Channel at the Wingdam placer gold project. The Wingdam project is fully permitted and the Company has completed a mine plan based on the use of ground freezing technology to control water and stabilize the overlying gravels during the bulk sample extraction. As the project advances, the next milestones will involve securing financing and implementing the engineering plans. To facilitate this transition the company is undergoing changes in management to build a team focused on mining, production and financing.

Mr. Tom MacNeill, a current director, will assume the role of CEO and President replacing Mr. Tim Termuende, P.Geo. as CEO and Mr. Charles Downie, P.Geo. as President. Mr. Termuende and Mr. Downie have resigned from their management and directorship positions effective immediately.

Mr. Andrew Davidson, a current director, will assume the role of CFO and Corporate secretary replacing Mr. Glen Diduck as Chief Financial Officer, and Mr. Darren Fach as Corporate Secretary.

Mr. Fach, Neil MacDonald and Scott Broughton have also resigned from their directorship positions, effective immediately. In order to provide continuity of knowledge and expertise in the project Mr. Downie and Mr. MacDonald will be retained as Technical Advisors with the Company going forward.

Omineca wishes to acknowledge the outgoing team as instrumental in creating an efficient, cost effective and technically advanced design to implement the expanded bulk sample at the Wingdam project and wishes them all well in their future endeavors.

The Company has appointed Mr. Sylvain Laberge to the Board of Directors. Mr. Laberge is the President and CEO of both Tarku Resources Ltd. and Gespeg Copper Resources Ltd., gold and copper exploration companies respectively, both focused in Quebec. Mr. Laberge has significant experience in managing publicly traded junior exploration and development companies in Canada.

Additionally, the Company is cancelling the non-brokered private placement that it announced on April 27, 2017.

About Omineca Mining and Metals Ltd.

Omineca Mining and Metals Ltd. controls a 100% working interest in the Wingdam project through its wholly owned subsidiary CVG Mining Ltd. The 2,700 ha Wingdam project is located 45 km east of Quesnel, BC on the Barkerville highway and provides a unique opportunity for Omineca to develop near-term placer gold production in a proven mining district. The property overlies both placer and hard-rock tenures along the Lightning Creek valley, where topographic conditions have created a deep overburden accumulation which effectively resulted in a large portion of the channel being excluded from conventional surface placer mining activity. This has left a deep paleo-channel containing undisturbed gold-bearing gravels. On the Wingdam property, drilling and previous geophysical surveys indicate that the paleo-channel may occur throughout the entire 2.4km length of the Wingdam placer tenures, extending upstream and downstream an undetermined distance.

Omineca intends to utilize technological advances in mining to unlock the value of the Wingdam placer gold. The Wingdam project received final permitting in January 2015 to carry out a bulk sample of the gold bearing Deep Lead Channel along a 300m drift length.

The abundance and physical nature of the placer gold recovered in a bulk-sample extracted by CVG Mining Ltd. in 2012 indicates that it is, in part, locally derived. Little or no systematic exploration work has been carried out on the property to test for the occurrence of lode gold, leaving excellent potential for the exploration and possible discovery of in-situ (hard-rock) gold mineralization in addition to the presence of a proven placer deposit.

C.C. Downie, P.Geo., has reviewed and approved the technical content of this news release and is hereby identified as the "Qualified Person" under NI 43-101.

Cautionary Note Regarding Forward-Looking Statements

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 including but not limited to comments regarding timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.

Contact Information

  • Omineca Mining and Metals Ltd.
    Tom MacNeill
    President and Chief Executive Officer
    306-653-2692
    tmacneill@fnr.ca