Reliant Gold Corp.
TSX VENTURE : REC

Reliant Gold Corp.

May 16, 2016 07:00 ET

Reliant Gold Announces Management and Board Changes and Grants Options

TORONTO, ONTARIO--(Marketwired - May 16, 2016) - Reliant Gold Corp. ("Reliant" or the "Corporation") (TSX VENTURE:REC) is pleased to make the following announcements:

BOARD AND MANAGEMENT CHANGES

Mr. Dezso Farkas has been appointed as a Director of the Corporation, effective May 16, 2016, subject to regulatory approval. Mr. Farkas brings relevant experience in business entrepreneurship and corporate governance to his new role as the Corporation's second independent director. Mr. Farkas holds a Bachelor of Arts (Hons.) degree from York University and a Master of Laws degree in Corporate Governance from Osgoode Hall Law School at York University.

Mr. J. Errol Farr has resigned as a Director and Chairman of the Board of Directors of the Corporation effective May 16, 2016. Mr. Farr will also retire as the Corporation's Chief Financial Officer effective May 31, 2016 in order to focus his professional activities as the full-time Chief Financial Officer of another reporting issuer in Ontario. It is expected that the Corporation will appoint a new Chief Financial Officer effective June 1, 2016.

Mr. Kabir Ahmed, the current President, Chief Executive Officer, Corporate Secretary and a Director of the Corporation, has been appointed as the Chairman of the Corporation's Board of Directors, effective May 16, 2016.

The Corporation thanks Mr. Farr, who has been a director of the Corporation since February 2, 2008 and the Corporation's Chief Financial Officer since September 30, 2013, for his service and wishes him every success in his future endeavours. Throughout his tenure at Reliant, Mr. Farr has been a remarkably valuable director and officer of the Corporation, and has provided many significant contributions to the success of Reliant over the years. Mr. Farr will remain as a consultant to the Corporation.

GRANT OF OPTIONS

The Corporation has granted incentive stock options to acquire an aggregate of 100,000 common shares of the Corporation at an exercise price of $0.05 per share to a certain director of the Corporation pursuant to the Corporation's stock option plan. These options, which vest quarterly over 12 months, expire on May 16, 2021.

ABOUT RELIANT

Reliant is a junior mineral exploration company with an experienced management team engaged in the acquisition, exploration and development of properties for the mining of precious and base metals. Reliant holds a 49% joint venture interest in the Borden Lake South Property, comprised of 20 mining claims representing 294 claim units covering approximately 4,704 hectares, and located 10 kilometres east of the Town of Chapleau, Ontario.

The common shares of Reliant trade on the TSX Venture Exchange under the stock symbol "REC". The Corporation has 22,345,169 common shares issued and outstanding.

FORWARD-LOOKING STATEMENTS

Certain statements in this press release may constitute "forward-looking" statements which involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements of Reliant or the industry in which it operates to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. When used in this press release, the words "estimate", "believe", "anticipate", "intend", "expect", "plan", "may", "should", "will", the negative thereof or other variations thereon or comparable terminology are intended to identify forward-looking statements. Such statements reflect the current expectations of the management of Reliant with respect to future events based on currently available information and are subject to risks and uncertainties that could cause actual results, performance or achievements to differ materially from those expressed or implied by those forward-looking statements. These risks and uncertainties are detailed from time to time, including, without limitation, under the heading "Risk Factors", in Reliant's prospectus and in other continuous disclosure documents that are filed by Reliant from time to time with the Ontario, Alberta or British Columbia Securities Commissions which are available at www.sedar.com and to which readers of this press release are referred for additional information concerning Reliant, its prospects and the risks and uncertainties relating to Reliant and its prospects. New risk factors may arise from time to time and it is not possible for management to predict all of those risk factors or the extent to which any factor or combination of factors may cause actual results, performance and achievements of Reliant to be materially different from those contained in forward-looking statements. Although the forward-looking statements contained in this press release are based upon what management believes to be reasonable assumptions, Reliant cannot assure investors that actual results will be consistent with these forward-looking statements. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results.

The forward-looking information contained in this press release is current only as of the date hereof. Reliant does not undertake or assume any obligation, except as required by law, to release publicly any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

No securities commission or regulatory authority has approved or disapproved the contents of this press release.

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

  • Reliant Gold Corp.
    Kabir Ahmed
    Chairman, President, CEO and Director
    (416) 820-4107
    (416) 946-1951 (FAX)
    info@reliantgold.com