MONTREAL, Dec. 5, 2016 /CNW Telbec/ - ALGOLD RESOURCES
LTD. (TSX.V: ALG – the "Corporation"). Algold is pleased
to announce two significant additions to its management team, as
well as a grant of stock options.
Appointment of Thierry Vergnol - President of Algold
Mauritania SARL. and Vice-President Government, Community Relations
& Security of Algold Resources Ltd.
Thierry Vergnol joins the Corporation as President of Algold
Mauritania SARL., the Corporation's operating Mauritanian
subsidiary and will also be driving additional activities, as
Vice-President Government, Community Relations & Security of
Algold Resources Ltd.. Mr. Vergnol is a Franco-Mauritanian with
over 15 years' experience in international business, and has an
excellent understanding of opportunities and challenges faced by
international businesses operating in Africa and Mauritania in particular. After graduating
with a business degree in France,
Mr. Vergnol settled in Mauritania,
with a focus on intercultural business relations. Mr. Vergnol is
also the founder and manager of a private foundation for the
promotion of Mauritania's cultural
and historical heritage.
Algold Chairman Benoit La Salle
commented, "The Board is very pleased to have Thierry join Algold's
management team. Thierry adds tremendous experience in operations
and government relations, and we look forward to working with
Thierry and the rest of our management team on our ongoing
Mauritanian operations."
Appointment of Alex Ball -
Algold Resources Ltd. - Executive Vice-President Finance &
Corporate Development
Alex Ball joins Algold as
Executive Vice-President Finance & Corporate Development. Mr.
Ball's career includes extensive corporate finance experience,
including $5 billion in debt and
equity financing and M&A transactions in mining with UBS
Canada, CIBC, BMO Nesbitt Burns and OMERS. Mr. Ball has an MBA in
Finance at Toronto's Rotman School of Management and obtained his BA
in Economics from McGill
University.
Algold CEO Francois Auclair
commented, "Alex brings tremendous experience, drive and energy to
Algold's corporate finance strategy, and will be a key contributor
in expanding our financing operations to support future expansions
of our Mauritanian operations."
Option Grants
In connection with these appointments
and as part of its compensation process, the Corporation has
granted a total of 1,500,000 stock options to insiders, expiring
after 10 years and exercisable at a price of $0.285. These
options were issued under Algold's stock option plan, and will vest
1/3 on the date of grant, 1/3 on the first anniversary of the date
of grant and 1/3 on the second anniversary of the date of
grant.
ABOUT ALGOLD
Algold Resources Ltd is focused on the
exploration and development of gold deposits in West Africa. The board of directors and
management team are seasoned resource industry professionals with
extensive experience in the exploration and development of
world-class gold projects in Africa.
Algold is the operator of all of its exploration licenses in
Mauritania. Algold owns 100% of
Tijirit, which represents an area of more than 1,000 km2,
situated approximately 25 kilometers southeast of the Tasiast gold
mine as well as the Akjout properties, which were acquired from
Gryphon Minerals (Australia)
through a transaction completed earlier in 2016. Exploration is
being carried out on the Eleonore, Sophie I, Sophie II-III and
Lily zones. The Kneivissat property is 90% owned by Algold and the
Legouessi property is being managed through a 51% earn-in interest
agreement with Caracal Gold LLC. Algold can earn up to a 90%
interest in the Legouessi exploration permit (reference Algold's
press release dated October 10, 2013 for more details),
however, Caracal has the right to participate in the joint venture
at either 51% or 75% by funding its share of expenditures.
CAUTIONARY LANGUAGE REGARDING FORWARD-LOOKING
INFORMATION
This press release contains and refers to
forward-looking information based on current expectations. All
other statements other than statements of historical fact included
in this release are forward-looking statements (or forward-looking
information). The Corporation's plans involve various estimates and
assumptions and its business is subject to various risks and
uncertainties. For more details on these estimates, assumptions,
risks and uncertainties, see the Corporation's most recent Annual
Information Form and most recent Management Discussion and Analysis
on file with the Canadian provincial securities regulatory
authorities on SEDAR at www.sedar.com. These forward-looking
statements are made as of the date hereof and there can be no
assurance that such statements will prove to be accurate.
Forward-looking statements are subject to significant risks and
uncertainties, and actual results and future events could differ
materially from those anticipated in such statements. Accordingly,
readers should not place undue reliance on forward-looking
statements that are included herein, except in accordance with
applicable securities laws.
Algold Resources Ltd.
1320, boul. Graham, bureau 132,
Mont-Royal, Québec, H3P 3C8,
www.algold.com
SOURCE Algold Resources Ltd.