SOURCE: Vermillion Gold

Vermillion Gold Inc.

December 10, 2013 15:22 ET

Vermillion Gold Announces Ronald Shorr as New CEO

MINNEAPOLIS, MN--(Marketwired - December 10, 2013) - Vermillion Gold Inc. has elected Ronald Shorr as its Chairman and CEO. From 2004 until mid-2012, he was President and CEO of TSX-Venture listed Maudore Minerals Ltd., a Quebec gold explorer.

Vermillion Gold was founded by Ernest K. Lehmann in 2006. The Company explores potential gold deposits in the highly prospective Abitibi Greenstone Belt underlying northern Minnesota, an extension from southern Ontario, in close proximity to the Rainy River and Hammond Reef deposits. Vermillion assembled over 17,500 acres covering seven target areas with known gold mineralization explored during the 1980s by a number of the largest resource companies (including Newmont, Rio Tinto, BHP, Yamana, Vale-Inco, Kerr-McGee, and Meridian Gold). Due to the nearby Mesabi Iron Range, trained miners, paved access, transportation, power, water, and local facilities are all readily available.

Considerable shallow drilling by others occurred in the 1980s with 45 drill holes (37 drill holes on the current Vermillion lands and 8 on adjacent properties), discovering gold mineralization within quartz veins and shear zones. About four years ago, Vermillion drilled 9 holes in its primary target, the Virginia Horn, resulting in gold values up to 78 g/mt (2.5 oz/mt) over 2.3 ft., and 1+ g/mt over 225 ft., indicating both high grade and wide zones of mineralization. Sitting on the edge of the town of Virginia, Minnesota, the target zone is right beside an asphalt road which runs through the property.  

At Maudore Minerals Ltd., Mr. Shorr was responsible for leading the discovery of a roughly 2 million ounce high grade gold resource in Quebec. He raised over $35 million for Maudore; when he left the company there was over $11 million dollars in cash and only 30 million shares (fully-diluted). Under Ron Shorr's administration, Maudore accumulated almost 35,000 acres (55 square miles) of claims and drilled more than 325,000 meters (about 1,000 core holes). Maudore shares rose from $0.19 to a high of almost $7 in his tenure. Mr. Shorr has been involved with research, development, restructuring, and financing corporations for over 30 years, including operations, acquisitions and fund raising. Mr. Shorr's experience includes positions of Chief Operating and Chief Financial Officer for another mining company which discovered a 110 million ton industrial mineral resource -- making him the proud "discoverer" of two major mineral deposits. He has served on the Board of Directors of ten mining companies, including one gold explorer which sold out to a major NYSE-listed gold mining company.

Mr. Shorr has acted as an advisor and consultant in several large merger transactions/dispositions and assisted in raising hundreds of millions of dollars in public offerings. He was the senior metals analyst for Morgan Stanley Dean Witter, E.F.Hutton, Bear Stearns, and the Natwest Bank. Mr. Shorr was rated many times among the top analysts covering the mining industry by Institutional Investor on its All-America team. His financial advice on mining has often been quoted in the Wall Street Journal, Barron's, FORTUNE magazine, and Business Week. Mr. Shorr holds a Chartered Financial Analyst (CFA) designation. He graduated from the University of Michigan (B.A.) and Harvard Business School (M.B.A.). Subsequently, he attended graduate school at the Krumb School of Mines at Columbia University. He is a member of the AIME and the New York Society of Security Analysts and co-authored a chapter for "Economics of the Mineral Industry."

Vermillion's active management team includes:

Dr. Henry (Rick) Sandri, President & COO: Mining Executive, over 30 years' experience, senior positions with Duluth Metals, Select Resources, Inco Ltd., & Burlington Northern; helped raise $30 million & managed the discovery of the 900 million tonne Cu-Ni-PGM Nokomis Deposit, Minnesota; Education: Georgetown (B.Sc.), American (M.A.) & Colorado School of Mines (Ph.D.).

Bill Rowell, Exploration Manager: Geologist, over 30 years' experience exploring for gold and base metals in North & South America, including the discovery of the 3 million oz Gualcamayo Gold Deposit, Argentina; Education: University of Western Ontario (B.Sc. and M.Sc.).

Statements in this release that are not historical facts are "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and Canadian Securities laws. Forward-looking statements involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of the Company, including, but not limited to, the impact of the general economic conditions, industry conditions, dependence upon regulatory approvals and the availability of financing. Readers are cautioned that any such statements are not guarantees of future performance and that the actual developments or results may vary materially from those in these "forward-looking statements."

Contact Information

  • On behalf of the Board of Directors of Vermillion Gold Inc.:
    Ronald Shorr
    Chief Executive Officer
    Telephone: 212/288-1811