VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 25, 2013) - True Gold Mining Inc. (TSX VENTURE:TGM) ("True Gold" or the "Company") announced today that our enhanced Owner's Team delivers the full spectrum of talent and expertise in strategy, finance, exploration, operations and mine production to advance the Karma Gold Project ("Karma Project") to production and drive resource discovery at the target-rich Karma and Liguidi properties.
"We are wholly focused on growing a successful gold exploration, development and production company in West Africa, and believe that the new True Gold Owner's Team is perfectly positioned to achieve our ambitions to build and operate an open-pit, low capex, heap-leach gold mine," said Mark O'Dea, True Gold's Executive Chairman.
"As we enter 2013, we are well-capitalized, and dedicated to advancing our Karma Project and adding new resources through exploration programs to test strong, wide-spread gold mineralization at Karma and Liguidi," added O'Dea. "We are committed to delivering results and growing long-term value for our shareholders."
The new True Gold Owner's Team includes:
Mark O'Dea, Executive Chairman: Dr. O'Dea (Ph. D, P. Geo.) has created strong, well-financed companies built on high-quality projects and run by technical leaders. He has led teams that have created more than $2.5 billion in shareholder value in the last decade. He was Founder and CEO of Fronteer Gold and Aurora Energy, and Founder and Chairman of Pilot Gold and Blue Gold Mining. He was instrumental in advancing eight significant deposits through Fronteer Gold, which was sold to Newmont Mining Corp. in 2011.
Dwayne Melrose, President and CEO: Mr. Melrose (P. Geo.) has over 30 years' experience in the mining industry, ranging from early-stage exploration through to mine operations in both open pit and underground mine operations in Canada, Kyrgyzstan, USA, Kazakhstan and at the Fuwan silver deposit in China. He spent 21 years with Cameco Corporation/Centerra Gold Inc., and at the Kumtor Gold Mine, Kyrgyzstan, where he was directly responsible for the discovery of the high-grade SB Zone and development of satellite deposits.
OPERATIONS AND DEVELOPMENT
Peter Carter, COO and VP Engineering: Mr. Carter (P. Eng.) is a mine builder and operator with over 25 years' experience in the mining industry. He has had assignments in engineering, production management, project development and construction with an emphasis on open pit mining operations at the Kumtor Gold Mine, Kyrgyzstan, the Boroo Mine, Mongolia and in the Ukraine. As project manager, he oversaw permitting and feasibility studies for hard-rock and heap leach gold projects in Canada and overseas.
Steve Cole, Karma Project Manager: Mr. Cole (P. Eng.) has over 20 years experience in operations, engineering and development of mining projects. He has held leadership roles in many projects, from feasibility phase to production. He was Project Director with Aurora Energy and Engineering Manager for Fronteer Gold. He managed engineering studies and projects related to Aurora Energy's uranium project in Labrador and Fronteer Gold's gold projects in Nevada.
Jim Lincoln, Feasibility Consultant: Mr. Lincoln (M.Sc., P.Geo.) has played key roles in more than 15 feasibility and development stage projects. He has held senior roles with Boliden, Cominco and Pegasus Gold. He was Fronteer Gold's VP Operations, responsible for managing the transition of the company's Turkish gold projects through resource definition, economic analysis and feasibility. He was also COO for Aurora Energy, taking a leadership role in advancing the company's uranium project in Labrador.
Gary Simmons, Metallurgical Consultant: Mr. Simmons (B.S. Extractive Metallurgy) has more than 35 years of experience with mining companies in project management, process development, mill operations, design engineering, research and development and corporate due diligence. He played key roles with Fronteer Gold on the flagship Long Canyon and Northumberland projects, and was Senior Technical Director, Metallurgy and Technology for Newmont Mining Company.
Robert (Bob) Martinez, Director: Mr. Martinez (B.S. Eng.) has developed and managed some of the world's premier mining projects. He has over 34 years of mine operation and plant design experience with major mining companies such as Phelps Dodge Corp, AMAX Inc., and Amselco Minerals. He was President and COO of Coeur d'Alene Mines Corp. and General Manager of the Rochester and Alligator Ridge open-pit gold mines in Nevada.
EXPLORATION AND RESOURCE ESTIMATION
Ian Cunningham-Dunlop, Senior VP, Exploration: Mr. Dunlop (P. Eng.) has more than 30 years of exploration experience, much of it in senior roles with successful exploration companies and large, integrated mining organizations. He served as VP Exploration for Fronteer Gold and Aurora Energy, COO/VP Exploration for Pilot Gold, and held leadership positions at Rubicon Minerals Corp and Barrick Gold Corp./Homestake Canada Inc.
Christopher Lee, Chief Geoscientist: Mr. Lee (M.Sc., P. Geo.) has more than 20 years experience in mineral exploration and resource evaluation. He specializes in the application of structural geology to target generation and resource modeling. Formerly, as Chief Geoscientist at Fronteer Gold and Aurora Energy, he was responsible for resource modeling, estimation and growth of 9 million ounces of gold and 130 million pounds of uranium, in 11 deposits located in Nevada, Turkey and Labrador.
Scott Heffernan, VP Exploration: Mr. Heffernan (M.Sc., P.Geo) is a registered professional geologist with 15 years of mineral exploration and management experience. He has designed and implemented multi-million dollar exploration programs throughout the Americas that have led to several significant gold and base metal discoveries.
PROJECTS FINANCE AND BUSINESS DEVELOPMENT
Ryan Torvik, CFO: Mr. Torvik (CA) has over 15 years of executive management, finance, operations, mergers and acquisitions and capital markets experience. Prior to joining True Gold, Mr. Torvik was CFO with one of the Lundin Group Companies, primarily focused in the Russian Federation and Commonwealth of Independent States.
Alex Holmes, VP Business Development: Mr. Holmes (M.Sc., CFA) has a successful track record in capital markets and merger and acquisition transactions, having led, co-led or managed hundreds of mining financing mandates and many successful merger and acquisition transactions in the mining sector. Previously VP, Investment Banking for NCP Northland Capital Partners Inc. and VP, Investment Banking with PI Financial Corp.
Paul Sweeney, Financial Advisor: Mr. Sweeney has more than 30 years of experience in financial management of mining and renewable energy companies. He has served in senior executive roles for many publicly traded resource companies, including as President of Plutonic Power, CFO of Canico Resource Corp (acquired by Vale) and CFO of Sutton Resources Inc (acquired by Barrick). Since 2011, Mr. Sweeney has served as an independent financial advisor to a number of companies in the resource sector.
Sebastian D'Amici, Corporate Controller: Mr. D'Amici (CA) has extensive experience in capital markets, merger and acquisition transactions, corporate finance, financial planning and analysis and complex regulatory environments. He previously worked with CHC Helicopters as Manager of Business Development, as an associate in the investment banking group of Clarus Securities and as a senior associate within the assurance practice of PricewaterhouseCoopers.
Nolan Watson, Director: Mr. Watson is founder, President and CEO of Sandstorm Gold Ltd. and Sandstorm Metals & Energy Ltd. He is a former CFO of Silver Wheaton Corp., where he raised over $1 billion in debt and equity to fund company growth.
An independent Definitive Feasibility Study (DFS) is currently underway at the Karma Project. The project's feasibility study is based on a 1.03-million-ounce, in-pit indicated leachable resource averaging 0.94 g/t Au (34.2 million tonnes)1. Proven international companies with exceptional reputations are performing the study, including:
Senet (Pty) Ltd., Feasibility Lead: Senet (http://www.senet.co.za/), one of the leading project management and engineering firms in the field of mineral processing, is conducting the DFS for the Karma Project. The DFS entails development of a comprehensive operating plan and cost estimate for an open-pit, heap-leach gold mine.
SRK Consulting and Knight-Piesold (Pty) Ltd., Feasibility Partners: Senet subcontracted the mining and heap leach pad and hydrology design portions of the DFS to SRK Consulting (http://www.srk.co.za/en) and Knight-Piesold (Pty) Ltd. (http://www.knightpiesold.com/en/), respectively, also of South Africa.
Roche Ltd., Consulting Group, Feasibility Partner: Roche Ltd., Consulting Group (http://www.roche.ca/index_en.php) is one of the largest construction engineering firms Canada and, for 50 years, has made a name for itself in building, construction, energy, environment and industrial engineering. True Gold has hired Roche to perform environmental work for the DFS.
McClelland Laboratories, Inc., Metallurgy: True Gold has appointed McClelland Laboratories (http://www.mettest.com/) to conduct and oversee metallurgical work for the Karma Project. McClelland has provided metallurgical testing and research services to the gold, silver, and copper mining industries since 1986.
MacCormick International Mining Consultancy, CSR: True Gold has engaged MacCormick (http://maccormickimc.com/) to create and implement a comprehensive CSR program for the Karma Project. MacCormick helps mining companies assess, design and implement CSR programs worldwide.
For a copy of the new True Gold corporate presentation, please click here:
The Company announced its name change from Riverstone Resources Inc. to True Gold Mining Inc. on Friday, February 22, 2013. For more information on the name change, please click here:
Ian Cunningham-Dunlop, P. Eng., Senior VP, Exploration, is the Company's designated Qualified Person for this news release within the meaning of NI 43-101, and has reviewed and verified that the information contained in this release is accurate and approves of the written disclosure of same.
About True Gold
True Gold Mining Inc. is where gold comes to life. We are committed to growing a profitable gold exploration, development and production company, by focusing on projects with low cost profiles, low technical risks and solid economics. True Gold's top-tier management, technical, and operations teams have discovered, built, and operated mines around the globe - infusing True Gold with the depth and scope of a major, while retaining the energy, agility, and entrepreneurial spirit of a junior.
Additional information about the Company and its activities may be found on the Company's website at www.truegoldmining.com and under the Company's profile at www.sedar.com.
ON BEHALF OF THE BOARD
Mark O'Dea, Executive Chairman
Certain statements made and information contained in this news release and elsewhere constitutes "forward-looking information" within the meaning of Canadian securities legislation. Such forward-looking statements are based on certain assumptions and are subject to risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements, including, without limitation, with respect to statements regarding the potential increase to mineral resources, the assumptions set forth in this news release and in the Company's news release of October 3, 2012 and risks and uncertainties relating to the interpretation of drill results and the estimation of mineral resources, the geology, grade and continuity of mineral deposits, the possibility that future exploration, development results will not be consistent with the Company's expectations, accidents, equipment breakdowns, risk of undiscovered, title defects and surface access, labour disputes, the potential for delays in exploration and permitting activities, the potential for unexpected costs and expenses, commodity price fluctuations, currency fluctuations, political risk and other risks and uncertainties, including those described under Risk Factors in each management discussion and analysis and in the Company's annual information form which are available under the Company's profile at www.sedar.com. Forward-looking information is based on various assumptions including, without limitation, the expectations and beliefs of management, the assumed long term price of gold, that the Company will receive required permits and access to surface rights, that the Company can access financing, appropriate equipment and sufficient labour and that the political environment within Burkina Faso will continue to support the development of environmentally safe mining projects. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements. Accordingly, readers are advised not to place undue reliance on forward-looking statements.
This news release may use the terms "measured", "indicated" and "inferred" as these terms are defined under Canada's National Instrument 43-101. U.S. Investors are advised that, while such terms are recognized and required by Canadian regulations, they are not recognized by the United States Securities and Exchange Commission ("SEC") and may not be comparable to similar information for United States mining or exploration companies. As such, certain information contained on this news release concerning descriptions of mineralization and resources under Canadian standards is not comparable to similar information made public by United States companies subject to the reporting and disclosure requirements of the SEC. U.S. investors are cautioned not to assume that any part or all of the mineral deposits described in these categories will ever be converted into proven or probable reserves, as defined in the SEC's Industry Guide No. 7.
(1) See the Company's news release dated October 3, 2012 and independent NI 43-101 compliant Technical Report titled "Technical Report and Updated Resource Estimate on the Karma Project, Burkina Faso, West Africa", dated effective October 1, 2012, filed on SEDAR (www.sedar.com) November 7, 2012.
Neither 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.