TORONTO, ONTARIO--(Marketwire - Aug. 3, 2011) - Rio Verde Minerals Development Corporation ("Rio Verde" or the "Company") (TSX:RVD), is pleased to announce that its ordinary shares will commence trading on the Toronto Stock Exchange ("TSX") at the open of market today, August 3, 2011, under the symbol RVD.
Rio Verde is focused on the exploration and development of fertilizer projects in Brazil. Rio Verde's primary potash project, the Sergipe Potash Project, consists of 86 exploration licenses, in 7 separate land holdings, over a total area of 123,170 hectares of land currently licensed and/or under application. Based on the analysis and processing of an extensive database, comprised of 286 oil wells and 234 km of 2D-seismic lines, Rio Verde has selected three priority targets believed to contain sylvinite and carnallitite mineralization. Drilling has commenced on the Company's priority prospect, the Sergi Potash Prospect, and Rio Verde anticipates positive results.
Rio Verde's Phosphate Portfolio is made up of several exploration projects across Brazil and covers an area of 577,023 hectares of land currently licensed and/or under application. Many of these projects are located on known mineralization, and three have the ability to be drill ready this year. With a treasury of approximately $13M, Rio Verde is fully funded to execute its initial exploration program.
Stephen Keith, Rio Verde's President and CEO, states, "The listing of Rio Verde on the TSX is a significant milestone for the Company. Our focus is to develop sustainable, profitable projects and to deliver positive shareholder value. With this listing, our shareholders will be able to realize greater growth as we look forward to a successful year."
Appointment of New Board Members
Rio Verde is very pleased to announce the appointments of Mr. John Van Brunt and Mr. Victor Bradley to the Board of Directors, effective July 28, 2011.
Mr. Van Brunt has over 40 years of managerial experience in the mining and fertilizer industries. From 1965 to 2003, he worked for Cominco Ltd. and its subsequent IPO, Agrium Inc., where he sequentially held the positions of Vice-President Operations, President and CEO, and Director. Under Mr. Van Brunt's leadership, Agrium demonstrated significant growth, expanding its geography and product portfolio, increasing wholesale and retail sales, and modernizing its production assets. Since 2004, he has been Vice-Chairman and Director of Spur Ventures Inc., and, since 2008, a Director of Cyprus-based Uralchem Holdings PLC. Mr. Van Brunt was previously Director and Chairman for the Canadian Fertilizer Institute (CFI), Potash/Phosphate Institute (IPNI), Foundation for Agronomic Research (FAR), The Fertilizer Institute (TFI), Canpotex Ltd. and the International Fertilizer Industry Association (IFA).
Mr. Bradley brings over 45 years of experience in the international mining sector, and is currently Chairman and Director at Osisko Mining Corporation. In 1994, he founded Yamana Gold Inc. and worked as CEO, Director, Chairman and Lead Director. Over the last five years, Mr. Bradley has created a number of companies, and he has held Director positions at Nevoro Inc., Nortec Minerals Corp., Frontier Pacific Mining Corporation, Aura Minerals Inc., Caerus Resource Corporation, Meridian Gold Inc. and Castillian Resources Corp.
Concurrently, Mr. Stuart Comline and Mr. Warren Newfield have resigned as Rio Verde Board Members.
Rio Verde Chairman, David Beatty, states, "We are very pleased with the addition of Mr. Van Brunt and Mr. Bradley to the Board of Directors. They bring a wealth of knowledge and experience, which will provide the Company with valuable guidance as we move forward on our primary projects and aim to become the leading Brazilian fertilizer mining and development company. At the same time, we would also like to thank Mr. Newfield and Mr. Comline for their significant contributions and involvement in Rio Verde over the last several months. Rio Verde would not have been able to get this far without their efforts."
About Rio Verde Minerals Development Corp.
Rio Verde Minerals Development Corp. is a publicly traded company focused on the exploration and development of fertilizer projects in Brazil. The Company's goal is to become the leading Brazilian fertilizer mining and development company by selecting prime assets that are near infrastructure, with known mineralization, in regions without significant social or environmental issues. The Company plans to fast-track the best projects to development to create stakeholder value. Rio Verde's shares trade on the main board of the TSX, under the symbol RVD.
Rio Verde holds one potash project and a portfolio of phosphate projects in Brazil. Potash and phosphate fertilizers have favourable supply and demand dynamics, and Rio Verde has a significant cost advantage by being based in Brazil, a country that imports about 90% of its potash and 50% of its phosphate needs. Rio Verde's near-term primary objective is to focus its potash exploration on establishing a Canadian National Instrument 43-101 resource.
This press release contains forward-looking statements. All statements, other than of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future (including, without limitation, statements regarding the estimation of mineral resources, exploration results, potential mineralization, potential mineral resources and mineral reserves) are forward-looking statements. Forward-looking statements are often identifiable by the use of words such as "anticipate", "believe", "plan", may", "could", "would", "might" or "will", "estimates", "expect", "intend", "budget", "scheduled", "forecasts" and similar expressions or variations (including negative variations) of such words and phrases. Forward-looking statements are subject to a number of risks and uncertainties, many of which differ materially from those discussed in the forward-looking statements. Factors that could cause actual results or events to differ materially from current expectations include, among other things, without limitation, failure to establish estimated mineral resources, the possibility that future exploration results will not be consistent with the Company's expectations, the price of potash and phosphate, changes to regulations affecting the Company's activities, including tax and trade laws and policies; delays in obtaining or failures to obtain required regulatory permits and approvals from government authorities; delays in commencing the Company's proposed drilling program, exploration costs varying significantly from estimates; uncertainties relating to the availability and costs of financing needed to complete exploration activities and demonstrate the feasibility of the Company's projects; the success of future exploration and development initiatives; and other risks involved in the mineral exploration and development industry.. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement.