TORONTO, ONTARIO--(Marketwire - July 16, 2012) - Valencia Ventures Inc. (TSX VENTURE:VVI) ("Valencia" or the "Company") is pleased to announce Mr. Brett New has been appointed President, Chief Executive Officer and a Director effective July 17, 2012. Mr. Leigh has resigned as President and Chief Executive Officer but will remain actively involved with the Company as a Director.
Mr. New is a capital markets professional who has spent his entire career focused on the natural resources space. He joined Forbes & Manhattan, Inc. ("F&M") in 2011 where he has led the group's new business development in Africa and he has also worked with a number of portfolio companies on a variety of financings. Prior to joining F&M, Mr. New has held numerous sell side and buy side roles based both domestically and internationally where he has structured and executed a substantial number of debt, equity and mergers & acquisitions transactions in the oil & gas and mining spaces. Mr. New holds a Masters in Finance from London Business School, a Bachelor of Commerce from the University of Saskatchewan and is also a CFA charterholder.
"The Board takes great pleasure in Brett's appointment and we look forward to his valuable contribution as Valencia shifts its business focus towards resource opportunities in Africa," said Fred Leigh. "He will bring a strong skill set to the management team and we have great confidence in his ability to lead the company going forward."
The Board of Directors is now comprised of Mr. New, Mr. Leigh, Mr. Bernie Wilson, and Mr. Benoit Moreau, who joined the board following the Company's recent annual and special meeting of its shareholders. Mr. Moreau has over 25 years of experience in the mining industry. A geologist who graduated from Université of Montreal, he has a mining engineer degree from École Polytechnique of Montreal and an MBA from University du Quebec à Montreal. He was previously the Founder and former President of GeoMega Resources Inc. From 2006 to 2008, he was Project Manager for EarthMetrix Inc., a company offering mineral exploration services and from 1999 to 2006, he was president of Global Ionix Inc., a company specialized in metallurgical processes (acquired by Capimont Inc. in 2006). Mr. Moreau is a member of the Ordre des Ingénieurs du Québec.
Change of Focus
The Company will now focus on the identification, evaluation, acquisition and development of early stage natural resources projects in West Africa. The Company has initially identified prospects in Sierra Leone, Ivory Coast and Guinea. "West Africa is a hot area right now and the potential there is enormous," said Mr. New. "It is a very exciting region."
In addition, as approved by shareholders at the annual and special meeting of shareholders held on June 11, 2012, the common shares of the Company have been consolidated such that one new common share was issued for every ten old common shares. A letter of transmittal will be sent by mail to shareholders advising that the share consolidation has taken effect and instructing shareholders to surrender the certificates evidencing their common shares for replacement certificates representing the number of common shares to which they are entitled as a result of the consolidation. Until surrendered, each certificate representing common shares prior to the consolidation will be deemed for all purposes to represent the number of common shares to which the holder thereof is entitled as a result of the consolidation.
Valencia is a Canadian resource company with common shares that trade on the TSX Venture Exchange under the symbol VVI.
Forward - Looking Information
Certain information set forth in this press release contains "forward-looking information" under applicable securities laws. Except for statements of historical fact, certain information contained herein constitutes forward-looking information, including statements with respect to management's assessment of Valencia future plans and operations, which statements are based on Valencia's current internal expectations, estimates, projections, assumptions and beliefs, which may prove to be incorrect. Some of the forward-looking information may be identified by words such as "expects" "anticipates", "believes", "projects", "plans", and similar expressions. These statements are not guarantees of future performance and undue reliance should not be placed on them. Such forward-looking information necessarily involve known and unknown risks and uncertainties, which may cause Valencia's actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such forward-looking information. These risks and uncertainties include, but are not limited to: liabilities inherent in mine development and production; geological, mining and processing technical problems; Valencia's inability to obtain required mine licenses, mine permits and regulatory approvals required in connection with mining and mineral processing operations; title matters; foreign operations issues; local community issues; competition for, among other things, capital, acquisitions of reserves, undeveloped lands and skilled personnel; incorrect assessments of the value of acquisitions; changes in commodity prices and exchange rates; currency and interest rate fluctuations; various events which could disrupt operations and/or the transportation of mineral products, including labour stoppages and severe weather conditions; the demand for and availability of rail, port and other transportation services; and management's ability to anticipate and manage the foregoing factors and risks. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Valencia undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking information.
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