Symbol: TSX: ME
TORONTO, June 21,
2023 /CNW/ - Moneta Gold Inc. (TSX: ME)
(OTCQX: MEAUF) (FSE: MOPA) ("Moneta" or the
"Company") announced today a change in the executive
leadership of the organization. Gary
O'Connor is stepping down from his position as CEO of Moneta
effective July 1, 2023.
The Company will begin an executive search for a new CEO and Mr.
Josef Vejvoda will act as interim
CEO, effective July 1, 2023,
following the departure of Gary
O'Connor as the CEO and a director of the Company.
Mr. Vejvoda, the interim CEO, has served as the Chairman of
Moneta's board of directors since June
2021. He also acts as a special advisor to K2 &
Associates Investment Management Inc., a multi-strategy investment
fund. Previously Josef was a portfolio manager at K2 from
Aug 2013 and became K2's Chief
Executive Officer in Oct 2018 and
Chief Compliance Officer in Mar 2017,
until stepping back from administrative duties in March 2021 to focus solely on special projects.
Mr. Vejvoda has over twenty-five years of extensive capital markets
experience and has held senior management roles at a number of the
country's largest financial institutions including Merrill Lynch
Canada, National Bank Financial, and TD Securities. Josef has
served on numerous public company boards.
"Gary O'Connor's unique skillset
has helped Moneta grow the Company's resource estimate
significantly during his six year tenure. I would like to
personally thank Gary for his dedication and geological insights.
We wish Gary all the best as Moneta transitions to the next phase
of the Company's progression towards becoming a gold producer in
the coming years", stated Josef
Vejvoda.
The board expresses its appreciation to Mr. O'Connor for his
service to Moneta and wishes him success in his future
endeavours.
About Moneta Gold
Moneta is a Canadian-based gold exploration company focused on
advancing its 100% wholly owned Tower Gold project, located in the
Timmins region of Northeastern Ontario, Canada's most prolific
gold producing camp. The September
2022, PEA study outlined a combined open pit and underground
mining and a 7.0 million tonne per annum conventional leach
operation over a 24-year mine life, with 4.6 Moz of recovered gold,
generating an after-tax NPV5% of $1,066M, IRR of 31.7%, and a 2.6-year payback at
a gold price US$1,600/oz. Tower Gold
hosts an estimated gold mineral resource of 4.5 Moz indicated and
8.3 Moz inferred. Moneta is committed to creating shareholder value
through the strategic allocation of capital and a focus on the
current resource upgrade drilling program, while conducting all
business activities in an environmentally and socially responsible
manner.
The Company's public documents may be accessed at www.sedar.com.
For further information on the Company, please visit our website at
www.monetagold.com or email us at info@monetagold.com.
Certain statements in this press release including certain
information about Moneta's business outlook, objectives,
strategies, plans, strategic priorities and results of operations,
as well as other statements which are not current statements or
historical facts, constitute "forward-looking information" or
"forward-looking statements" (collectively "forward-looking
statements") within the meaning of applicable Canadian securities
laws. All statements, other than statements of historical fact,
that address activities, events or developments that the Company
believes, expects or anticipates will or may occur in the future
(without limitation, statements regarding exploration programs,
potential mineralization, future plans and objectives of the
Company, updated to the mineral resources, and the timing and
results thereof) are forward looking statements. Sentences and
phrases containing words such as "believe", "estimate",
"anticipate", "plan", "will", "intend", "predict", "outlook",
"goal", "target", "forecast", "project", "scheduled", "proposed",
"expect", "potential", "strategy", and the negative of any of these
words, or variations of them, or comparable terminology that does
not relate strictly to current or historical facts, are all
indicative of forward–looking statements. These forward-looking
statements reflect the current expectations or beliefs of the
Company based on information currently available to the
Company.
Forward–looking statements are subject to inherent risks and
uncertainties, and are based on several assumptions, both general
and specific, which give rise to the possibility that actual
results or events could differ materially from Moneta's
expectations expressed in or implied by such forward–looking
statements and that Moneta's business outlook, objectives, plans
and strategic priorities may not be achieved. These statements are
not guarantees of future performance or events, and Moneta cautions
you against relying on any of these forward–looking statements.
Forward–looking statements are provided in this press release for
the purpose of assisting investors and others in understanding
Moneta's objectives, strategic priorities and business outlook, and
in obtaining a better understanding of Moneta's anticipated
operating environment. Readers are cautioned that such information
may not be appropriate for other purposes. Examples of
forward–looking statements in this press release include, but are
not limited to statements with respect to Moneta's search for a new
chief executive officer.
Forward looking statements are subject to a number of risks
and uncertainties that may cause the actual results of the Company
to differ materially from those discussed in the forward-looking
statements, and even if such actual results are realized or
substantially realized, there can be no assurance that they will
have the expected consequences to, or effects on the Company.
Important risk factors that could cause actual results or events to
differ materially from those expressed in, or implied by, the
forward–looking statements contained in this press release include,
but are not limited to: uncertainties inherent in the business of
mineral exploration and extraction; uncertainty with respect to the
Company's liquidity and ability to secure additional financing;
uncertainty of mineral resources; security threats to the Company's
information technology systems; the current global financial
condition; the market price of securities and substantial
volatility in the market price of commodities; fluctuations of
commodity prices; the Company's history of net losses; possible
loss of interests in mineral properties; title risks; uncertainty
relating to surface rights; environmental risks; risks associated
with joint venture agreements; risks relating to statutory and
regulatory requirements; uncertainty relating to the Company's
competition with other gold exploration and development companies
for materials and supplies; the Company's dependence on key
management and employees; uncertainty arising from international
conflict and other geopolitical tensions and events, including but
to limited to Russia's invasion of
Ukraine; uncertainty in respect of
COVID–19 and any resurgence of same; uncertainty in respect of
procuring licenses and permits from various governmental
authorities; the term and extension of concession contracts;
uninsurable risks; obligations under option and joint venture
agreements; uncertainty as to whether mergers and amalgamations
will be completed successfully; the Company's relationships with
the communities in which it operates; internal conflicts of
interest; infrastructure risks; the Company's lack of a dividend
policy; and the fact that the outstanding common shares of the
Company could be subject to dilution. Readers are cautioned that
the risks referred to above are not the only ones that could affect
Moneta. Additional risks and uncertainties not currently known to
Moneta or that Moneta currently deems to be immaterial may also
have a material adverse effect on Moneta's financial position,
financial performance, cash flows, business, or reputation.
Forward–looking statements made in this press release are
based on a number of assumptions that Moneta believed were
reasonable at the time it made each forward–looking statement. The
assumptions, although considered reasonable by Moneta on the day it
made the forward–looking statements, may prove to be inaccurate.
Accordingly, our actual results could differ materially from our
expectations. There can be no assurance that forward–looking
statements will prove to be accurate, as actual results and future
events could differ materially from those anticipated in such
statements. Any forward-looking statement speaks only as of the
date on which it is made and, except as may be required by
applicable securities laws, the Company disclaims any intent or
obligation to update any forward-looking statement, whether as a
result of new information, future events or results or otherwise.
Although the Company believes that the assumptions inherent in the
forward-looking statements are reasonable, forward-looking
statements are not guarantees of future performance and accordingly
undue reliance should not be put on such statements due to the
inherent uncertainty therein.
SOURCE Moneta Gold Inc.
