Satori Resources Inc.
TSX VENTURE : BUD

Satori Resources Inc.

November 14, 2016 19:01 ET

Satori Appoints William Ansley as President and Chief Executive Officer and Announces Private Placement

TORONTO, ONTARIO--(Marketwired - Nov. 14, 2016) -

THIS PRESS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.

Satori Resources Inc. (TSX VENTURE:BUD) ("Satori" or the "Company") is pleased to announce the appointment of Mr. William Ansley as President and Chief Executive Officer, and as a director of the Company.

Mr. Ansley is a Chartered Professional Accountant with over 12 years of mining experience and was a member of two teams that placed 6 mines into production over an 8 year period in Sudbury and Timmins Ontario.

Formerly, Mr. Ansley held the positions of Director of Business Development for FNX Mining Inc., and Vice President of Corporate Planning and Strategy for Lakeshore Gold Corp. Most recently, Mr. Ansley was Chief Operating Officer of Mineral Streams Inc., which was acquired by AuRico Metals Inc. in September 2015.

Mr. Reid will continue to serve the Company in the capacity of Executive Chair of the board of directors.

Bruce Reid would like to welcome Mr. Ansley to the position of President and Chief Executive Ofiicer. "This is a welcome opportunity for Satori to bring on board a new individual who will help the Company focus on its current assets while looking to expand the asset base. As a significant shareholder of the Company I look forward to working closely with Will to see Satori reach its full potential."

Mr. Ansley states, "I am excited about the opportunity to work with Bruce Reid and the other Satori directors on advancing the Tartan Lake Gold Mine Project. The asset is a former producing gold mine with historical recovered grades of approximately 6 grams per tonne, has certain key infrastructure in place, including on-site power, and is located in Flin Flon, Manitoba, a world class mining camp. In addition to the known Main gold zone, the land package boasts 2,670 hectares of the prolific Flin Flon Greenstone belt hosting numerous gold occurances worthy of exploration."

The Company also intends to complete a private placement offering of 1,000,000 common shares, subscribed solely by Mr. Ansley, at $0.10 per share for net proceeds of $100,000. The private placement is subject to TSX Venture Exchange and regulatory approval.

Satori has also granted 500,000 incentive stock options to Mr. Ansley. The stock options have an exercise price of $0.10 per share and are exercisable in tranches for a period of up to five years.

ABOUT SATORI RESOURCES INC.

Satori is a Toronto-based mineral exploration and development company whose primary property is the Tartan Lake Gold Mine Project (100% interest), located in the prolific Flin Flon Greenstone Belt, Manitoba. The Tatran Lake Gold Mine produced 48,000 ounces of gold from 1987-1989 at approximately 6 grams per tonne gold (recovered). The Project hosts a 440 tonne/day gold concentrator, largely intact, related infrastructure, and a decline providing access to developed mining blocks within the Main and South Zones to a vertical depth of 320 metres. For further information, please visit www.satoriresources.ca.

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.

CAUTION REGARDING FORWARD-LOOKING INFORMATION

This news release of Satori contains statements that constitute "forward-looking statements." Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause Satori's actual results, performance or achievements, or developments in the industry to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements.

Contact Information

  • Bruce Reid
    Executive Chair
    Satori Resources Inc.
    C: (647) 500-4495

    Will Ansley
    Chief Executive Officer
    Satori Resources Inc.
    C: (905) 580-3251

    Shanda Kilborn
    Corporate Secretary
    Satori Resources Inc.
    C: (416) 303-3344