DAR ES SALAAM, TANZANIA and LOS ANGELES, CA--(Marketwire - Feb 7, 2013) - Ruby Creek Resources, Inc. (PINKSHEETS: RBYC) reports a number of significant corporate changes.
BOARD, CEO and CFO RESIGNATIONS
As reported on the Form 8-K's filed with the SEC, the Company's Chief Financial Officer, Myron Landin resigned November 23, 2012. Effective January 28, 2013 Ruby Creek received and accepted the resignations of David Bukzin and Darren Ofsink as directors of the Company. Also on January 28, Dan Bartley resigned from his positions as President and CEO held since February 1, 2012. Mr. Bukzin, Mr. Ofsink and Mr. Landin also resigned from all positions they held in the Company's Tanzanian subsidiaries. Mr. Bartley held no positions with the Tanzanian subsidiaries.
CHANGE of CONTROL
Mr. Robert Slavik, former President and Chief Executive Officer, has retaken control of the Company and been returned to the positions of President and Chief Executive Officer with the immediate goal of bringing Ruby Creek's Gold Plateau Project into production. As a condition of his return as President and Chief Executive Officer of Ruby Creek, former director David Bukzin has granted an option to Mr. Slavik to purchase 6,000,000 of Mr. Bukzin's shares and Mr. Slavik was granted immediate proxy to vote those shares. This proxy, together with the shares already held by Mr. Slavik constitutes a change of control of Ruby Creek Resources in favor of Mr. Slavik.
After leaving Ruby Creek management last February 2012, Mr. Slavik was focused on establishing operations for his Tanzanian GoldFields Company in the northwest of Tanzania along the Lake Victoria gold belt. Discussions commenced with Ruby Creek in September 2012 when Mr. Slavik was asked by the Company's Board to assist with funding or strategies to keep Ruby Creek out of receivership. General terms were agreed to in November and closing occurred January 28, 2013. During this long process Mr. Slavik provided the funding required for sustaining Ruby Creek's Tanzanian operations including a month long complete audit, inventory and assessment of the Company's Gold Plateau assets.
The Company also announces the appointment of Mr. Jürg Bühler as a Director of Ruby Creek Resources. Mr. Bühler has more than 20 years experience in all aspects of the financial markets. He began his career in 1989 with Bankers Trust AG, Zürich and over the years gained extensive experience working for a number of high profile companies in Europe. In 2007, he founded Global Vision Investments (Cayman Islands), a company responsible for creating DynamiteF3 and Dynamite CTA Fund (now the AIP Liquid Trading Fund). In 2008 he founded Global Vision Investments AG in Zug, Switzerland. He resides in Switzerland.
ADVISORY BOARD CHANGES
Ruby Creek welcomes new members to its Advisory Board: Mr. Daniel John Major, Mr. Robert J. Moriarty and Mr. Toby Hansen.
Mr. Major attended Cambourne School of Mines, United Kingdom, from 1984 to 1987 where he obtained his Honors Degree in Mining Engineering. His career spans more than 25 years in the mining industry where he has established a solid track record starting with Rio Tinto at Rossing Uranium in Namibia, and later as a mining analyst with HSBC and then JP Morgan in London. More recently Mr. Major was Chief Executive and later Non-Executive Chairman of Basic Element Mining and Resource Group in Russia, and held leadership positions in several Canadian listed mining companies with exploration and producing assets in Canada, Russia and South America. Mr. Major recently accepted the position of Chief Executive Officer of GoviEx Uranium Inc., a private Canadian company focused on becoming a significant uranium producer through the continued exploration and development of its Madaouela Project and its other uranium properties in Niger. Mr. Major's production focus will assist the Company in selecting and assisting the technical team in production strategy decisions.
Mr. Moriarty, with his wife Barbara, started a mining information website, 321gold.com, at the very bottom of the gold market in 2001. They were convinced that gold and silver were as low as they were likely to go, and wanted to give other investors a foundation for adding resource stocks to their portfolios. The website has become influential, getting as many as 120,000 visitors a day. The popularity of 321gold.com comes directly from the site's quality and track record. They later added 321energy.com to cover oil, natural gas, gasoline, coal, solar, wind and nuclear energy. Both sites feature articles, editorial opinions, pricing figures and updates on relevant current events. Before his Internet career, Mr. Moriarty was a Marine F-4B pilot and O-1C/G forward air controller with more than 820 missions in Vietnam. A captain at age 22, he was the youngest naval aviator in Vietnam and one of the war's most highly decorated pilots. He holds 14 international aviation records, and in 1982 flew an airplane through the pillars of the Eiffel Tower. When asked why, his answer was typical of his style: "Just for fun," he said. In 2008 Mr. Moriarty began a mining venture in Tanzania named Gold Standard Tanzania after he found a major and previously unknown surface gold project in Southern Tanzania. He began to mine in 2009 before selling the company to Ruby Creek in 2011. Bob looks forward with great pleasure to helping Ruby Creek advance this Tanzanian project.
Mr. Toby Hansen had left Ruby Creek management to accept an engineering position in Europe. Mr. Hansen requested and we happily agreed to add Mr. Hansen to our Advisory Board where he will continue with process engineering and gold recovery. Onsite, his focus has been the review of processes and analysis of systems and materials as well as developing strategies for maximizing returns on gold and other mineral concentrates. Mr. Hansen has been an engineer for over 20 years, beginning his career designing rare earth magnetostrictive transducers for medical, oil/gas and industrial applications where he obtained a wealth of knowledge of diverse materials and processes. Subsequent to transducer design he has spent the last six years leading research and development efforts to enhance electromagnetic devices. Mr. Hansen earned a bachelor in Mechanical Engineering at the University of Utah and a Masters Degree in Engineering Mechanics at Iowa State University. He was the editor of the Heavy Metal Investor featuring a quarterly market newsletter and through his newsletter, he was among the first to identify the potential of the Gold Plateau Project. Mr. Hansen worked with Company CEO Robert Slavik to establish Ruby Creek in Tanzania (being the 3rd person hired) and has a strong continuing belief in the Project. We welcome his continuing involvement.
Ruby Creek also takes this opportunity to thank Mr. Jim Richmond who recently left the Advisory Board. The Company extends its appreciation for his service and wishes him success in all his future endeavors.
The Company is pleased that Mr. Brian Fiddler has rejoined its Management team as Controller. Mr. Fiddler returns to Ruby Creek after serving as Ruby's CFO from May 2008 until February 2010. He has been a Member in good standing of the Certified General Accountants' Association of British Columbia and the Certified General Accountants' Association of Canada since 1992. From 1992 to the present he has been providing financial consulting to private and public companies in the United States, Canada, Hong Kong and China. His areas of focus include mining, oil & gas, technology, heath/nutrition and environmental products. He also provides business consulting to private corporations seeking to go public as well as assisting companies in raising investment capital. His work includes preparing financial statements in US and CDN GAAP, IFRS, consolidations, pro-forma, US and CDN registration statements for IPO's, SOX 404 and exchange listing upgrades. Since January 1993, he has served as the Chief Financial Officer of Hard Creek Nickel Corp, a Canadian public company developing a nickel sulphide deposit in north central British Columbia, Canada. Additionally Mr. Fiddler has served as a volunteer Secretary/Treasurer for the New Westminster Victims Assistance Association since 2006, as a member of the City of New Westminster Family Court Committee from 2010 to present and served as a Treasurer for the British Columbia Aboriginal Mine Training Association from 2009 - 2010.
Robert (Bob) Gray and James (Sonny) Dalzell, who, since February 1, 2012, were in charge of Tanzanian operations, are no longer associated with Ruby Creek Resources.
Ruby Creek further reports that agreement has been reached between the Company and Gold Standard (Grand Cayman) for the restructure of an overdue $1,000,000 debenture as well as agreement on changes to an earlier debenture that was converted in early 2012. Under the original agreement payments of $350,000 were due May 26, 2012 and Nov 26, 2012.
As disclosed in earlier news releases, on February 8, 2012, Ruby Creek initiated legal action against Handeni Gold Inc., in the State of New York addressing Handeni's undisclosed and fraudulent re-sale of all or part of the Mkuvia properties with those sales occurring between March 2010 and October 2010 and damaging Ruby Creek's business. Handeni filed a separate legal action in the Province of British Columbia against Ruby Creek on February 23, 2012, seeking the payments, which it had earlier waived with respect to the property rights it had wrongfully conveyed.
The Supreme Court in British Columbia ordered the dismissal of Handeni's civil claim against Ruby Creek on the grounds that the Court in BC did not have jurisdiction and further that the dismissal was without prejudice to Ruby's action in New York against Handeni. Ruby Creek's new management can now focus its attention on resolution of this legal action in the State of New York.
Ruby Creek has expanded its Tanzanian office in Dar es Salaam and has relocated its U.S. office from New York to Los Angeles.
Mr. Slavik Comments:
"I extend a personal welcome to our new Director, Advisory Board members and new Staff members. We all look forward to continued progress in re-establishing operations and furthering the development of our first mining license on our Gold Plateau project. We have many challenges ahead of us and we have made much progress in a short time, I look forward to informing you of further progress as it concludes.
"We have a number of short-term objectives on both the operations and corporate sides of Ruby Creek. Operationally, we are finalizing new equipment selection and purchases, completing existing equipment repairs, restoring and improving our two Camps and increasing staffing levels both at our mine site and our Dar es Salaam office including re-establishing the social and community programs that we had proudly formerly sponsored. Corporately we must bring resolution to the Handeni lawsuit and I welcome the opportunity to meet with the Chairman of Handeni Gold to resolve outstanding matters between our Companies. We must bring our Company back to full reporting and disclosure status by completing and filing the outstanding Form 10-K and Form 10-Q as soon as possible. We are establishing a monthly CEO shareholder live update forum to help keep shareholders fully informed about our progress.
"We have brought together a team working toward our common goals and our team will continue to grow. I am pleased to be back with Ruby Creek especially after such a difficult and challenging time for us all and I look forward to the rest of 2013 with excitement and optimism."
About Ruby Creek Resources, Inc.
Ruby Creek is developing a gold property located in Tanzania known as the Gold Plateau. Ruby's Gold Plateau Project consists of a property with a 10-year mining license and a number of adjacent properties containing similar deposit characteristics. The region hosts extensive artisanal gold mining activities. Ruby Creek has mining and processing equipment on site and is restarting the test and commissioning phase of its gold production plan. Ruby Creek intends to begin a hard rock exploration program on the properties in later 2013.
This news release may include certain "Forward-looking statements" within the meaning of Section 21E of the United States Securities Exchange Act, as amended. All statements, other than statements of historical fact, included in this release are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. This notice expressly qualifies all forward-looking statements in this release. The Company, through its management, makes forward-looking public statements concerning its expected future operations, performance and other developments. Such forward- looking statements are necessary estimates reflecting the Company's best judgment based upon current information and involve a number of risks and uncertainties, and there can be no assurance that other factors will not affect the accuracy of such forward-looking statements. It is impossible to identify all such factors, factors that could cause actual results to differ materially from those estimated by the Company. They include, but are not limited to, government regulation, managing and maintaining growth, the effect of adverse publicity, litigation, competition and other factors, which may be identified, from time to time in the Company's public announcements.
On behalf of Ruby Creek Resources, Inc.
Robert Slavik, President and CEO