OMG NEWS RELEASE 1 Omai Gold Appoints Elaine Ellingham as Chief Executive Officer
OMG NEWS RELEASE 1
Omai Gold Appoints Elaine Ellingham as Chief
Executive Officer
October 19, 2021 (TORONTO) – Omai Gold Mines Corp. (TSXV: OMG) (“Omai”) today
announced the appointment of Elaine Ellingham to the position of President & Chief
Executive Officer (CEO). Ms. Ellingham, who assumes the role effective immediately,
has served as the interim CEO since mid-July. She will continue as a member of the
Board of Directors.
Renaud Adams, Chair comments “I am very pleased wit h the appointment of Elaine
Ellingham to the CEO role. The Board shares my view that Elaine's impressive
combination of technical expertise together with an extensive track record with
public mining companies make her the best fit for Omai, to lead the Company as we
aggressively explore and develop the resource poten tial of our Omai gold project in
Guyana. Since stepping into the interim role in la te July, Elaine has hit the ground
running with a focus on quickly assessing the project’s many targets and developing
a strategy to create value through both resource development and pursuing potential
new deposits."
Elaine Ellingham, as new CEO commented: “I am very excited and honoured to take
on this role. The Omai gold project in Guyana is a very exciting and unique project. I
have had the opportunity to spend three weeks on-site over the past few months, as
we strengthened the on-site technical team. We have had two drills turning over the
past three months and are nearing completion of the first phase of drilling that has
been focused on testing the depth extension below t he past producing Wenot pit.
This work will support the Company’s first NI 43-10 1 resource report, that is now
underway.“
She continued: “There are indeed few such successful past producing gold properties
with remaining historical resources, plus unexplore d extensions at depth and along
strike of the past producing deposits, and a number of attractive under-explored
targets. We believe there is great potential to quickly build significant gold resources
at very attractive grades and located in a mining-f riendly jurisdiction. I look forward
to leading the team as we explore and build gold re sources on this very prospective
property, with a focus on optimizing value for all stakeholders.”
Ms. Ellingham brings more than 35 years of diverse experience in the mining industry,
in technical, executive and board roles . She has held n umerous positions with junior
and major mining companies, from field geologist to corporate development, and
investor relations. Elaine worked for the Toronto Stock Exchange for 8 years in
corporate finance and as National Leader, Mining. As a consultant since 2005, she has
OMG NEWS RELEASE 2
been a strategic advisor working with numerous international companies and private
equity groups. As a director of Richmont Mines, El aine stepped in as interim CEO,
introducing a new chapter for the gold producer, wh ere Renaud Adams (Omai’s
Chairman) then led the company as CEO through to the successful near billion-dollar
acquisition by Alamos Gold three years later.
In conjunction with the appointment, the Board has granted the new CEO 2.0 million
stock options, at an exercise price of $0.12 per co mmon share. These options have a
five-year term, vesting 1/3 on the date of grant, 1 /3 on the 1 st year anniversary of the
date of grant, and the final 1/3 on the 2 nd anniversary.
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 subsidiary Avalon Gold Exploration
Inc., holds a 100% interest in the Omai Prospecting License covering 4,590 acres (18.575
sq. km), 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
1993 and 2005. Mining ceased at a time when the av erage gold price was less than
US$400 per ounce, leaving significant drilled resou rces 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
President & CEO
Omai Gold Mines Corp.
Phone: +1-416 473-5351
Cautionary Note Regarding Forward-Looking Statements
This news release includes certain “forward-looking statements” under applicable Canadian
securities legislation. Forward-looking statements include, but are not limited to, statements
with respect to the timing of completion of the drill program, and the potential for the Omai
gold project to allow Omai to build significant gold resources at attractive grades, and forward-
looking statements are necessarily based upon a number of estimates and assumptions that,
while considered reasonable, are subject to known and unknown risks, uncertainties and other
factors which may cause the actual results and futu re events to differ materially from those
expressed or implied by such forward-looking statem ents. Such factors include, but are not
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limited to general business, economic, competitive, political and social uncertainties; delay or
failure to receive regulatory approvals; the price of gold and copper; and the results of current
exploration. There can be no assurance that such st atements will prove to be accurate, as
actual results and future events could differ mater ially from those anticipated in such
statements. Accordingly, readers should not place u ndue reliance on forward-looking
statements. The Company disclaims any intention or obligation to update or revise any
forward-looking statements, whether as a result of new information, future events or
otherwise, except as required by law.