Omai Announces Management Transition
OMG NEWS RELEASE 1
JULY 20, 2021
Omai Announces Management Transition
Toronto, Ontario — Omai Gold Mines Corp. (TSX VENTURE: OMG) ("Omai" or the "Company")
announces that Mario Stifano has resigned from hi s roles as President, Chief Executive Officer and
Director, effective immediately, in order to pursue other opportunities. We are pleased to announce
that Elaine Ellingham, a Director of Omai, has agreed to step in as interim CEO until a permanent CEO
has been identified and appointed, and a search process has commenced.
Ms. Ellingham is a seasoned mining executive and veteran geologist (P.Geo.) with over 35 years’
experience in the mining and exploration business. She has held numerous roles with junior and
major mining companies, from field geologist to corporate development, an d investor relations.
Elaine worked for the Toronto Stock Exchange fo r 8 years in corporate finance and as National
Leader, Mining. As a consultant since 2005, she has been a strategic advisor working with numerous
international companies and private equity groups. She has extensive board experience over 14
years. As a director of Richmont Mines Inc., Elai ne stepped in as interim CEO, introducing a new
chapter for the gold producer, where Renaud Adams (Omai’s Chairman) then led the company as CEO
through to the successful near-billion-dollar acquisition by Alamos Gold Inc. three years later.
R e n a u d A d a m s , C h a i r m a n o f t h e B o a r d o f D i r e c t o r s , c o m m e n t e d : “ O n b e h a l f o f t h e b o a r d a n d
management of Omai, I sincerely thank Mario, who was instrumental in the successful listing of Omai
on the TSX Venture Exchange and mobilizing the recently completed, initial 5,000-metre drill
program that has already proven successful in identifying extensions to the known mineralization at
depth below the past producing Wenot Pit.
“With the recent closing of the upsized non-brokered private placement, this sets our strong board
and management team in good stead to focus on accelerating exploration priorities on the Omai gold
project. We wish Mario every success as he takes on his new full-time role as CEO at Galantas Gold
Corporation. I look forward to working with Elaine and welcome her as interim CEO.”
Elaine Ellingham, interim CEO, commented: “I am pleased to step in while we complete the search for
a new CEO. Omai is a very exciting and unique pr oject. There are indeed few such successful past
producing gold properties with remaining historical resources at very attractive grades, located in a
mining-friendly jurisdiction. Omai hosts considerable conspicuous potential, both for verifying and
expanding the historical resources delineated by IAMGOLD Corporation, while aggressively
exploring some of the many nearby known exploration targets.”
The Company granted 1,000,000 stock options under the Company’s stock option plan in connection
with the management transition. The options are exercisable for a period five years at a price of $0.14
and vest 50% on each of the date of grant and July 30, 2022.
OMG NEWS RELEASE 2
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
About Omai Gold Mines Corp.
Omai Gold Mines Corp., through its wholly owned su bsidiary Avalon Gold Exploration Inc., holds a
100% interest in the Omai Prospecting License covering 4,590 acres, that includes the past producing
Omai gold mine. Once South America’s largest producing gold mine, Omai produced over 3.8 million
ounces of gold between 1992 and 2007. Mining ce ased at a time when the average gold price was
less than US$350 per ounce, leaving significant dr illed resources untapped. The Company’s short-
term priorities are to verify and expand the known resources, while advancing exploration on nearby
targets, providing a solid opportunity to create significant value for all stakeholders.
For further information, please see our website www.omaigoldmines.com or contact:
Elaine Ellingham
Interim CEO and Director
Phone: +1-416-473-5351