Red Mile Minerals Corp.
TSX VENTURE : RDM

Red Mile Minerals Corp.

June 11, 2015 07:00 ET

Red Mile Announces Results of Annual and Special Meeting of Shareholders and Name Change to Orla Mining Ltd.

TORONTO, ONTARIO--(Marketwired - June 11, 2015) -

  • NAME CHANGE TO ORLA MINING LTD. AND NEW TRADING SYMBOL "OLA" EFFECTIVE JUNE 12, 2015
  • MINING SECTOR VETERANS TROY FIERRO, RICHARD HALL, MARC PREFONTAINE AND HANS SMIT APPOINTED TO THE BOARD, WITH TROY FIERRO AS CHAIRMAN
  • EXECUTIVE TEAM BEHIND THE SUCCESSFUL DEVELOPMENT AND SALE OF GRAYD RESOURCE CORPORATION TO AGNICO-EAGLE MINES LIMITED REUNITED AS CEO, COO AND CFO (MARC PREFONTAINE, HANS SMIT AND PAUL ROBERTSON)

Red Mile Minerals Corp. (the "Company") (TSX VENTURE:RDM) is pleased to announce that, at the annual and special shareholders meeting held on June 10, 2015, the shareholders of the Company approved each of the resolutions proposed in the management information circular of the Company dated May 6, 2015 which is available under the Company's profile on SEDAR at www.sedar.com.

Name Change to Orla Mining Ltd.

Shareholders approved the name change from Red Mile Minerals Corp. to Orla Mining Ltd. ("Orla Mining"). The name change will be effective on Friday, June 12, 2015 and at market open the Company's common shares will commence trading on the TSX Venture Exchange under the name "Orla Mining Ltd." with the new trading symbol "OLA".

Election of Directors

Shareholders unanimously voted in favor of the proposed director nominees, being Troy Fierro, Richard Hall, Marc Prefontaine, Hans Smit, Kerry Sparkes, and Aaron Wolfe, to serve until the next annual meeting or until their successors are elected or appointed.

Board and Management Appointments

Following the shareholder meeting, Troy Fierro was appointed Non-Executive Chairman of the Board of Directors; Marc Prefontaine was appointed President and CEO; Hans Smit was appointed COO; and Paul Robertson was appointed CFO and Corporate Secretary. These appointments follow the board's acceptance of resignations from Aaron Wolfe as President and CEO, and John Hickey as CFO. Mr. Wolfe will continue to serve as a director and assist the Company on its corporate development and capital markets initiatives.

The Orla Mining team has a proven track record of delivering shareholder value through mineral discovery, project development and strategic asset mergers and acquisitions. Messrs. Prefontaine and Smit will devote themselves full-time to building the Company, as they did for Grayd. They are supported by a talented hands-on Board of Directors with numerous mining industry successes, both technical and capital markets related. In addition to the success of Messrs. Prefontaine and Smit with Grayd, Messrs. Fierro, Hall and Sparkes held senior positions, such as CEO, COO and VP, with Metallica Resources Inc., Fronteer Gold Inc., Northgate Minerals Corporation and Rainy River Resources Ltd. All of these companies were advanced to the point they were merged with, or acquired by, major mining companies delivering favorable returns to shareholders.

Marc Prefontaine, President and CEO of Orla Mining, stated, "Our mandate is to acquire precious metal projects and to advance them through to feasibility. Our mantra is to use the same philosophy employed at Grayd where money is spent in the ground with an emphasis on minimizing G&A costs. At Grayd, we had a solid reputation as one of the lowest G&A cost developers relative to exploration expenditures and market capitalization in the industry. The team we have assembled at Orla (including old and new members) share this vision."

Board of Directors and Officers

Troy Fierro - Independent, Non-Executive Chairman - Mr. Fierro is a successful mining engineer with over 30 years of industry experience. He has previously held executive positions with Fronteer Gold, Metallica Resources 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 Gold, which was acquired by Newmont Mining for $2.1 billion, Mr. Fierro acted as Chief Operating Officer. He was Vice President Operations of Metallica Resources, which was part of a $1.6 billion merger with New Gold and Peak Gold, where he played the lead role in the construction of the Cerro San Pedro gold and silver mine in Mexico. Mr. Fierro was also a director of Timberline Resources and Grayd, which was acquired by Agnico-Eagle for $275 million. Mr. Fierro graduated with a Bachelor of Science - Mine Engineering from South Dakota School of Mines & Technology where he previously served on the Advisory Board. Mr. Fierro is also a director of Pure Gold Mining Inc.

Richard Hall - Independent Director - Mr. Hall is a seasoned mining executive, bringing over 40 years of building leading precious metals companies in the Americas and Australia. In addition to consulting to the mining industry, he presently serves on the Board of Directors of IAMGOLD Corporation, Kaminak Gold Corporation and Klondex Mines Ltd. (Chairman). Previously, he was Chairman of Premier Gold Mines. Mr. Hall served as CEO of Northgate Minerals Corp. and Metallica Resources Inc., Chairman of Grayd and as Chairman of the Special Committee of Creston Moly Corp. From 1998 to 2008, as President and CEO of Metallica Resources, he was involved in all aspects of the company's development, including the financing, construction and commissioning of the Cerro San Pedro gold and silver mine in Mexico. While at Metallica Resources, the El Morro deposit was discovered in Chile and was brought through to a final feasibility study in conjunction with Metallica Resources' operating partner on the project, Xstrata. In August 2008, Metallica Resources was part of a $1.6 billion merger with New Gold and Peak Gold. Prior to his tenure at Metallica Resources, Mr. Hall held senior management positions with Dayton Mining Corp. and Pegasus Gold Corp. Mr. Hall holds a Bachelor's and Master's degree in geology, and an MBA from Eastern Washington University. He also completed an executive development program at the University of Minnesota. Mr. Hall is also a member of the National Association of Corporate Directors and member of both the Audit and Investment Committees of the Society of Economic Geologists.

Marc Prefontaine - President, CEO and Director - Mr. Prefontaine is a Professional Geologist with over 25 years of industry experience. He graduated with a B.Sc. in Geology from the University of Alberta and a M.Sc. in Mineral Exploration from Queen's University. Most recently, Mr. Prefontaine served as President and CEO of Grayd. During his eight years as CEO of Grayd, Mr. Prefontaine assembled the land package in Mexico that ultimately became the La India Project. He and his geological team made two gold discoveries. During his tenure, Grayd grew from a small exploration company with a market capitalization of $5 million to a successful development-stage company culminating with its 2011 acquisition by Agnico-Eagle for $275 million. Agnico-Eagle built the mine and achieved commercial production within two years of the acquisition. Mr. Prefontaine is a director of Santa Cruz Silver Mining Ltd. Prior to Grayd, Mr. Prefontaine spent his career living and working internationally for Teck Resources, Hunter Dickinson, Northair Group and Lac Minerals. He ran exploration projects and offices throughout North America, South America, South Africa, Asia and Central Asia.

Hans Smit - COO and Director - Mr. Smit is a Professional Geologist with over 30 years of experience in all aspects of the mineral industry; from grassroots exploration to mine feasibility studies, environmental permitting and corporate development. As VP Exploration for Grayd, Mr. Smit was one of the key people who brought the La India heap-leach gold project in Mexico from the grassroots exploration-stage to an advanced project. Agnico-Eagle acquired Grayd for $275 million and recently brought La India into production, using a mine and production plan based on Grayd's work. Mr. Smit has guided exploration, feasibility and permitting work on other advanced gold projects, including at Dublin Gulch in the Yukon and Red Mountain in British Columbia. He also managed the feasibility, environmental assessment and permitting of the Swamp Point Aggregate Mine located on the coast of British Columbia. Recent work includes managing resource estimates and a preliminary economic assessment on silver-based metal vein projects in northern Mexico.

Kerry Sparkes - Independent Director - Mr. Sparkes is a registered Professional Geologist and holds an M.Sc. in Geology from Memorial University in Newfoundland. He has over 25 years' experience in the mineral exploration business as both an exploration geologist and executive. His career has included the exploration, delineation and development of two major Canadian deposits, both of which were the subject of take-overs. He has acted as a director and officer of a number of publically listed companies over the last 15 years, including serving as a member of a number of independent committees. Mr. Sparkes currently holds the role of V.P. Geology for Franco-Nevada Corporation.

Aaron Wolfe - Director - Mr. Wolfe is a corporate finance and advisory professional with senior management and strategic leadership experience at public and private companies operating in domestic and international markets. From 2003 to 2006, Mr. Wolfe was an Associate Consultant with an international management and human resources consulting firm, Mercer (Canada) Ltd. From 2006 to 2009, Mr. Wolfe was an Investment Banker with Macquarie Capital Markets Canada Ltd., the Canadian division of a global investment bank, and its predecessor Orion Securities Inc. In 2009, Mr. Wolfe founded Asset Strategy Corp., which is an executive consulting firm specializing in strategic business development, corporate finance and transaction advisory for high-growth public and private companies. Through Asset Strategy Corp., Mr. Wolfe has acted as a senior officer to a number of junior miners. Mr. Wolfe graduated with an Honors Business Administration degree from the Richard Ivey School of Business at the University of Western Ontario.

Paul Robertson - CFO - Mr. Robertson is the founding partner of Quantum Advisory Partners LLP and has over 16 years of accounting, auditing and tax experience. He has developed extensive experience in the mining sector and provides financial reporting, regulatory compliance, internal controls and taxation advisory services to a number of junior resource companies. Prior to founding Quantum Advisory Partners LLP, he was a tax manager with Ernst & Young LLP in Vancouver providing tax consulting and compliance services primarily to corporate clients in the high-technology and biotechnology industries as well as several multi-national mining companies. He provides a wide array of practical tax experience and has advised and assisted clients on matters including: scientific research and experimental development claims; corporate reorganizations; Canada Revenue Agency income tax audits; non-resident withholding tax; and transfer pricing and commodity tax audits. Mr. Robertson is a Chartered Accountant (CA) and is based in Vancouver.

About Red Mile Minerals

Red Mile Minerals is a closely-held mineral exploration company with a gold property along the prolific Destor-Porcupine gold-producing region in Ontario and continues to seek additional mineral exploration opportunities where the Company's exploration expertise and corporate share structure could substantially enhance shareholder value.

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.

Cautionary Note Regarding Forward-Looking Statements

This news release contains certain "forward-looking statements" within the meaning of Canadian securities legislation, including, without limitation, statements with respect to the expected timing for the name change and trading on the TSX Venture Exchange and the Company's objectives and strategies, including with respect to the acquisition of precious metal projects, advancing projects through to feasibility and minimizing G&A costs. Forward-looking statements are statements that are not historical facts which address events, results, outcomes or developments that the Company expects to occur; they are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "aims", "potential", "goal", "objective", "prospective", and similar expressions, or that events or conditions "will", "would", "may", "can", "could" or "should" occur. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made and they involve a number of risks and uncertainties. Certain material assumptions regarding such forward-looking statements are discussed in this news release, including without limitation, assumptions with respect to: (1) the name change and trading on the TSX Venture Exchange occurring in the anticipated timeframe; (2) the Company identifying a desirable project for development; and (3) the Company being able to successfully execute its strategy discussed herein. Consequently, there can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements involve significant known and unknown risks and uncertainties, which could cause actual results to differ materially from those anticipated. These risks include, but are not limited to: the risks associated with delays regarding the expected timing for the name change and trading on the TSX Venture Exchange; risks associated with executing the Company's objectives and strategies, including costs and expenses and risks and uncertainties regarding the identification of a desirable project for development; health, safety and environmental risks; the risk of commodity price and foreign exchange rate fluctuations; and risks and uncertainties associated with securing the necessary regulatory approvals and financing to proceed with any corporate strategy. Except as required by the securities disclosure laws and regulations applicable to the Company, the Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change.

Contact Information

  • Red Mile Minerals Corp.
    Marc Prefontaine
    President and CEO
    +1 (604) 307-6365