Chesapeake Gold Completes Acquisition of Alderley Gold Corp. Appointments of Directors and Officers
Chesapeake Gold Completes Acquisition of
Alderley Gold Corp. Appointments of Directors
and Officers
Vancouver, British Columbia--(Newsfile Corp. - January 20, 2021) - Chesapeake Gold Corp. (TSXV:
CKG) (OTCQX: CHPGF) ("
Chesapeake
" or the "
Company
") is pleased to announce that it has
completed the acquisition of Alderley Gold Corp. ("
Alderley
"), a private British Columbia mining
technology company on the terms as previously announced by news release on December 10, 2020.
With the acquisition of Alderley, Chesapeake gains access to an innovative precious metals oxidation
processing technology (the "
Technology
") together with certain asset rights and proprietary databases,
creating the path towards a new growth oriented and innovative gold and silver producer. Chesapeake
will now focus on progressing the Metates project towards production using the Technology in a heap
leach operation.
Management and Board of Directors Changes and Additions
Further to completion of the acquisition of Alderley, Mr. Alan Pangbourne has been appointed Chief
Executive Officer and a director of Chesapeake, and Mr. Randy Buffington has joined the Board as a
director.
Mr. Taje Dhatt has been appointed Vice President, Corporate Strategy and Development.
Mr.
Randy Reifel will continue as President and Chairman of Chesapeake's Board.
In conjunction with the reorganization of the Company, Messrs. Gerald Sneddon and Greg Smith have
stepped down from the Board of Directors, and Mr. Sneddon has also resigned as Executive Vice
President Operations.
Randy Reifel, President, commented: "Gerry has been a great friend and as one of Chesapeake's
founders, we truly recognize his dedication, leadership and contributions since inception. I would also
like to thank Greg Smith for his sound financial expertise and industry knowledge provided to the Board."
Mr. Derek Green and Mr. Doug Flegg have been appointed to the Board of Directors to fill the two
vacancies created by the departure of Messrs. Sneddon and Smith. Mr. Green was formerly the
President and CEO of CI Investments one of Canada's largest investment fund companies. During his
23 year tenure, assets under management grew from $2 billion to $107 billion. Mr. Flegg has over 30
years experience in mining finance, including positions in global equity sales and as a strategic advisor.
During 2005-2015, Mr. Flegg was the Managing Director of Global Mining Sales with BMO Capital
Markets, building a strong
reputation and relationships with institutional clients and senior industry
management.
"I am excited about Chesapeake's future with Metates being developed as a heap leach operation
together with other strategic opportunities," stated Randy Reifel, President. "Derek Green and Doug
Flegg's diverse backgrounds in the capital markets complements the expertise of the Company's current
Board of Directors.
Their perspectives and contributions will be of great value as Metates moves forward
and the Company grows."
Stock Option Grants
The Board of Directors have granted 150,000 incentive stock options ("Options") to each of Mr. Green
and Mr. Flegg at an exercise price of $4.55 per share. The Options are exercisable for a term of five
years and will vest as to 25% annually on each anniversary of the date of the grant.
About Chesapeake
Chesapeake Gold Corp. is focused on the discovery, acquisition and development of major gold-silver
deposits in North and South America. Chesapeake's flagship asset is the Metates project ("Metates")
located in Durango State, Mexico. Metates hosts one of the largest undeveloped gold-silver-zinc
deposits in the Americas.
Chesapeake also has developed an organic pipeline of satellite exploration properties strategically
located near Metates. In addition, the Company owns 74% of Gunpoint Exploration Ltd. ("Gunpoint")
which owns the Talapoosa gold project in Nevada.
About Alderley
Alderley Gold Corp. is a Canadian company, founded in 2018, and focused on the advancement and
development of proprietary technologies that significantly reduce the cost of construction and processing
for certain refractory sulphide precious metal ore bodies. With a team of highly successful mine builders
and entrepreneurs, Alderley seeks to significantly improve the project economics of existing orebodies
and greatly reduce their planned environmental footprints.
For Further Information:
For more information on Chesapeake and its Metates Project, please visit our website at
www.chesapeakegold.com
or contact Randy Reifel at (604) 731-1094 or Alan Pangbourne at
.
CHESAPEAKE GOLD CORP
"
P. Randy Reifel
"
President & Chairman
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this
news release.
Forward-looking Statements
This news release contains "forward-looking information" which may include, but is not limited to,
statements with respect to completion of the Alderley transaction and use and application of Technology.
Forward-looking statements are based on the opinions and estimates of management as of the date
such statements are made and are based on various assumptions.
Forward-looking statements involve known and unknown risks, uncertainties and other factors which may
cause the actual results, performance or achievements of the Company to be materially different from
any future results, performance or achievements expressed or implied by the forward-looking
statements. Such factors include, among others, the successful integration of the Alderley transaction,
the successful application of the Technology to the Metates project, general business, economic,
competitive, political and social uncertainties; the actual results of exploration activities; changes in
project parameters as plans continue to be refined; accidents, labour disputes and other risks of the
mining industry, and political instability. Although the Company has attempted to identify important
factors that could cause actual actions, events or results to differ materially from those described in
forward-looking statements, there may be other factors that cause actions, events or results to differ from
those anticipated, estimated or intended. Forward-looking statements contained herein are made as of
the date of this news release and the Company disclaims any obligation to update any forward-looking
statements, whether as a result of new information, future events or results, except as may be required by
applicable securities laws. 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.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/72396