VANCOUVER, BRITISH COLUMBIA--(Marketwired - April 15, 2014) - Sutter Gold Mining Inc. (TSX VENTURE:SGM)(OTCQX:SGMNF) ("Sutter" or the "Company") announces that the Board of Directors has appointed a new Chief Financial Officer in an effort to further reduce ongoing general and administrative costs while maintaining financial and reporting standards.
Appointment of CFO
The Board is pleased to announce that Mrs. Amanda Miller, Controller of Sutter Gold Mining Inc. since October 2008, has been appointed Chief Financial Officer ("CFO") and Corporate Secretary. Mrs. Miller began her career with Moss Adams LLP, CPAs, and prior to joining Sutter was Financial Reporting Manager with US Gold Ltd. She has a BS in Accounting from the University of Wyoming.
The Board of Directors wishes to sincerely thank Robert Hutmacher, who served as CFO and Corporate Secretary since October 2008, for his efforts during his tenure which included detailed oversight of the financial aspects of the Sutter Gold Mine development, and several debt and equity financings. Mr. Hutmacher's duties as CFO were completed with professionalism, efficiency and were well thought out.
Mark T Brown, CA, Chairman of Sutter Gold, noted that, "It was a pleasure to work with Bob for these many years and we were very fortunate to have a CFO of his caliber guiding the financial aspects of Sutter Gold. The Board has a high level of confidence that Amanda will carry on the high standards in place as Sutter Gold continues to work towards becoming a gold producer."
In accordance with his employment contract, Mr. Hutmacher is entitled to a one-time severance payment in the amount of USD $400,000 (the "Debt"). The Company and Mr. Hutmacher have agreed that the Debt will be payable in: (i) USD $83,334 payable in cash immediately; (ii) USD $316,666 in common shares of the Company at a deemed price of CDN $0.20 per share which equates to a total of 1,746,641 shares, based on the noon exchange spot rate of US Dollars to Canadian dollars at the Bank of Canada on April 2, 2014.
The settlement is subject to the approval of the TSX Venture Exchange.
Sutter has two projects: the Lincoln Project located in Amador County, on the California Mother Lode Gold Belt, and the Santa Theresa Project located in the Northern Baja region of Mexico. Currently, the Company is completing the mill construction and underground development of the Lincoln Mine Project, beginning with the shallow portion of the Lincoln-Comet ore zone. The Lincoln-Comet and Keystone zones have a NI 43-101 compliant Indicated Resource estimate (completed in February 2008). Sutter currently controls approximately 3.6 miles of the Mother Lode of Amador County, with 90% of the property still unexplored.
In Mexico, Sutter holds the rights to the geologically similar, high-grade El Alamo district of northern Baja.
This news release contains "forward-looking information" under Canadian securities law. Any information that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words such as "expect", "anticipate", "believe", "plans", "estimate", "scheduling", "projected" or variations thereof or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-looking information. Forward-looking information relates to, among other things: the price of silver and gold; the accuracy of mineral resource and mineral reserve estimates; the ability of the Company to finance its operations and capital expenditures; future financial and operating performance including estimates of the Company's revenues and capital expenditures and estimated production.
Forward-looking information is subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from those reflected in the forward-looking information, including, without limitation, risks relating to: fluctuating commodity prices; calculation of resources, reserves and mineralization and precious and base metal recovery; interpretations and assumptions of mineral resource and mineral reserve estimates; exploration and development programs; feasibility and engineering reports; permits and licenses; title to properties; recent market events and conditions; economic factors affecting the Company; timing, estimated amount, capital and operating expenditures and economic returns of future production; operations and political conditions; environmental risks; and risks and hazards of mining operations. This list is not exhaustive of the factors that may affect any of the Company's forward-looking information. Forward-looking information about the future is inherently uncertain, and actual achievements of the Company or other future events or conditions may differ materially from those reflected in the forward-looking information due to a variety of risks, uncertainties and other factors. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated, described or intended. Accordingly, readers should not place undue reliance on forward-looking statements or information. The Company's forward-looking information is based on the assumptions, beliefs, expectations and opinions of management as of the date of this press release, and other than as required by applicable securities laws, the Company does not assume any obligation to update forward-looking statements and information if circumstances or management's assumptions, beliefs, expectations or opinions should change, or changes in any other events affecting such statements or information. For the reasons set forth above, investors should not place undue reliance on forward-looking information.
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