Reliant Gold Corp.
TSX VENTURE : REC

April 26, 2011 08:00 ET

Reliant Gold Appoints Former Noranda Director of Mining as CEO

TORONTO, ONTARIO--(Marketwire - April 26, 2011) -Reliant Gold Corp. ("Reliant" or the "Company") (TSX VENTURE:REC) is pleased to announce that it has appointed the former Director of Mining of Noranda Inc. and veteran mining engineer, Andrew Harasimowicz (Hara), as the Company's incoming President and Chief Executive Officer. The appointment, which will be effective on May 31, 2011, is subject to regulatory approval. Mr. Hara will continue to serve as a member of Reliant's board of directors.

"Andrew's appointment as President and CEO of Reliant represents a vote of confidence by him on the quality of the Company's mineral exploration properties, which includes the gold-copper MC Dalhousie property, in Stewart, British Columbia, and the gold-copper Borden Lake South property in Chapleau, Ontario" said Kabir Ahmed, the current Chairman and Chief Executive Officer of the Company, who will remain as the Company's Chairman and a member of the board of directors. "We are truly fortunate to have someone of Andrew's experience and talent lead Reliant through its next phase of development and value creation."

Mr. Hara has more than 35 years of experience as a mining engineer working for significant mining companies, including Falconbridge Limited and Noranda, Inc., where he served as Director of Mining from 1995-2001. Since 2001, Mr. Hara has provided consulting and advisory services to the mining sector. Over the course of his more than 35 years working in the mining sector, Mr. Hara has gained experience in the management of mining operations; budgeting and strategic planning; mineral property acquisition and development; and preparation of feasibility and scoping studies; all skills that will be valuable to Reliant as it proceeds with the exploration and development of its mineral properties.

In his role as President and CEO of Reliant, Mr. Hara will work with Dr. Trevor Boyd, the Company's Vice-President of Exploration, to plan and oversee the exploration programs at its mineral properties; evaluate prospective mineral properties for potential future acquisitions; interface with the Company's retail and institutional investors; and assist the Company's ongoing efforts to raise capital to fund exploration and corporate activities.

Mr. Hara holds an Honors Bachelor of Science degree in Engineering from the Academy of Mining and Metallurgy in Krakow, Poland, and is a member of the Association of Professional Engineers of Ontario, the Canadian Institute of Mining and Metallurgy, and the Prospectors and Developers Association of Canada.

"I am very pleased to welcome Mr. Hara as the Company's President and CEO, and look forward to working with him as we move forward on our planned exploration programs", said Dr. Trevor Boyd, Reliant's Vice-President of Exploration. "I also want to thank Kabir Ahmed for his many years of service to Reliant in spearheading the formation of the Company, launching its initial public offering and exchange listing, completing a series of successful financings, and assembling a strong management team and a portfolio of prospective mineral exploration properties."

In his capacity as Chairman of Reliant, Mr. Ahmed will continue to be responsible for regulatory compliance and assisting the Company with corporate finance activities. Recently, Mr. Ahmed successfully completed a $375,000 flow-through financing for Reliant, and is now leading the efforts to further strengthen Reliant's treasury by augmenting the flow-through funds already raised with additional non-flow-through equity capital.

The flow-through funds already raised will be allocated to the Company's (i) MC Dalhousie project in the Stewart, British Columbia gold district and (ii) Borden Lake South project in the Chapleau, Ontario gold district. Reliant's exploration team is currently developing an exploration budget and program for the two projects, and expects to carry out the programs as soon as weather conditions are favorable for drilling. Reliant expects to commence the exploration planning for its two other mineral projects – the North Nonacho project in the Northwest Territories and the Esten project near Elliot Lake, Ontario – upon completion of the non-flow-through financing.

The Company intends to increase the size of its board of directors from four to five and to appoint an additional independent director on or prior to the effective date of Mr. Hara's appointment as the Company's President and CEO.

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 and uranium. The Corporation holds: (i) an option to acquire a 100% interest in the MC Dalhousie Property located in northwestern British Columbia, Canada; (ii) an option to acquire a 100% interest in the North Nonacho Property in the vicinity of Nonacho Lake, Northwest Territories, Canada; (iii) an option to acquire a 100% interest in the Esten Property located 10 km south of Elliott Lake, Ontario, Canada, as well as 16 units staked by the Company contiguous to the Esten Property; and (iv) a 100% interest in the Borden Lake South Property, comprised of 288 claims, located 10 km east of town of Chapleau, Ontario. The common shares of Reliant trade on the TSX Venture Exchange under the stock symbol "REC". The Company has 19,502,777 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 continuous disclosure documents filed by Reliant from time to time with the Ontario, British Columbia and Alberta 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 and Chief Executive Officer and Director
    (416) 365-6580
    (416) 946-1951