Unigold Inc.

Unigold Inc.

October 18, 2010 11:44 ET

Unigold Announces Appointment of Executive Chairman and Chief Financial Officer, Office Relocation and Grant Of Options

TORONTO, ONTARIO--(Marketwire - Oct. 18, 2010) - Unigold Inc. ("Unigold" or the "Company") (TSX VENTURE:UGD) is pleased to announce that Mr. Joseph Hamilton has been appointed Executive Chairman of the Company. The current non-executive Chairman, Dr. Talal A. Alshair, will remain on the Board of Directors. Unigold is also pleased to announce that Mr. John Green has been appointed Chief Financial Officer, subject to the approval of the TSX Venture Exchange. Mr. Green replaces Mr. Joseph Del Campo who has resigned as CFO but will continue as a Director. Mr. Hamilton and Mr. Green will assist in the implementation of Unigold's new strategy and growth plans. 

As part of the change in the executive management of the Company, Mr. Daniel Danis intends to step down as President and CEO of the Company once a successor is found. Mr. Danis and Mr. Hamilton will direct the search for a new Chief Executive Officer. Mr. Danis will continue to serve as a Director to provide continuity to the management of the company and the development of the projects in the Dominican Republic. "I am pleased to see the Company move forward into the next stage in its development. Having worked on this project for over 8 years, I am more optimistic than ever about its potential and will continue to contribute to its development as a Director and on the technical team of the Company," stated Mr. Danis.

Mr. Hamilton brings a wealth of capital markets and mining sector experience to the position of Executive Chairman. Mr. Hamilton is a Professional Geologist with over 14 years of experience in mineral exploration, over seven years as a mining analyst in the investment industry and five years in mineral project development as an executive. He was previously the Interim co-CEO at Noront Resources and the Chief Executive Officer of African Copper plc. Mr. Hamilton is currently the Chairman of Noront Resources Ltd., a director of Mirabela Nickel Limited and a director of Malbex Resources Inc. He is a Chartered Financial Analyst, a member of the CFA Institute and a member of the Institute of Corporate Directors.

Mr. Green has 30 years of experience working with both producing and exploration and development stage companies in the mining sector. Mr. Green has worked with Falconbridge Limited, Lac Minerals Limited, AfriOre Limited, Platexco Inc., and Intrepid Minerals Ltd. in a variety of roles including CFO and Director. For the last seven years, as Controller of High River Gold Mines Ltd., he has been closely involved with the financing and construction of two new open-pit gold mines. Mr. Green has a MBA in finance and is a member of the Society of Management Accountants.

Unigold Inc. will move its executive office from Montreal to Toronto during the fourth quarter of 2010 and is presently finalizing a lease on new premises.

As part of his incentive compensation plan, the Board granted Mr. Green 500,000 share purchase options priced at $0.24, the closing price October 13. The options have a term of five years and vest immediately.

About Unigold Inc.

Unigold Inc. is exploring to find and develop gold deposits on its 100-per-cent-owned 226 km2 Neita Property located in the Dominican Republic. Having the largest land package in the Dominican Republic, the goal is to target bulk tonnage, open pit able, oxide gold deposits within a very similar geological setting to the world class Pueblo Viejo gold project located 150 kilometres to the south-east. The economics of any discovery will be significantly improved by the fact that Unigold is benefiting from a 16-year holiday on all corporate taxes, sales taxes and import duties in the Dominican Republic.

Certain statements contained in this press release may be deemed "forward-looking statements". All statements in this release, other than statements of historical fact, that address events or developments that the Corporation expects to occur, are forward looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential", "scheduled" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although the Corporation believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include gold prices, access to skilled consultants, results of exploration and development activities, uninsured risks, regulatory changes, defects in title, availability of personnel, materials and equipment, timeliness of government approvals, actual performance of facilities, equipment and processes relative to specifications and expectations, unanticipated environmental impacts on operations market prices, continued availability of capital and financing and general economic, market or business conditions. These factors are discussed in greater detail in the Corporation's most recent Annual Information Form filed on SEDAR, which also provides additional general assumptions in connection with these statements. The Corporation cautions that the foregoing list of important factors is not exhaustive. The Corporation believes that the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward looking statements included in this press release should not be unduly relied upon. These statements speak only as of the date of this press release.

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.

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