Precipitate Appoints Former President & Executive Director of Barrick's Pueblo Viejo Mining Operation as Advisor
Precipitate Appoints Former President & Executive
Director of Barrick's Pueblo Viejo Mining Operation as
Advisor
Vancouver, British Columbia--(Newsfile Corp. - November 20, 2018) -
Precipitate Gold Corp.
(TSXV: PRG) (the "Company" or
"Precipitate") is pleased to announce it has appointed Mr. Mejico Angeles-Lithgow as an advisor and consultant to the
Company.
Mr. Angeles-Lithgow is a Dominican national who, until March 2018 held the position of President and Executive Director of the
Barrick-Pueblo Viejo mining operation in the Dominican Republic, a joint venture company between Barrick (60%) and Goldcorp
(40%) which is the single largest investment in the country's economic history. Mr. Angeles-Lithgow worked at Barrick-Pueblo
Viejo for nearly 11 years, having held the position of Director of Government Affairs before being promoted to President and
Executive Director.
As President and Executive Director of Barrick-Pueblo Viejo, Mr. Angeles-Lithgow was responsible for co-managing one of the
largest gold mining operations in the world and one of the Dominican Republic's most important economic drivers, with an initial
infrastructure investment of approximately US$4.3 billion and a recent 2017 production rate of approximately 1.0 million ounces
gold per year at an all-in-sustaining cost per ounce of US$525*. The Company currently reports existing mining resources of
13.4 million ounces ("Moz") gold, 74.4 Moz silver, and 298.5 million pounds copper (measured and indicated mineral resource
from 169.5 million tons grading 2.46 g/t gold, 13.66 g/t silver and 0.08% copper) and an additional 3.6 Moz gold, 16.0 Moz
silver, and 87.2 million pounds copper in the inferred category**.
(*March 2018, NI 43-101 report
. **R
eported annual 2017
production, Barrick website)
.
Jeffrey Wilson, Precipitate President & CEO, stated, "We are pleased to welcome Mr. Angeles-Lithgow to the Company as an
advisor and consultant. In light of our recent announcement to acquire ground adjacent to Barrick's Pueblo Viejo mining
operation, Mr. Angeles-Lithgow will provide critical local and in-country expertise to augment the geological and business
acumen of the Company's management team and Board of Directors. Mr. Angeles-Lithgow's track record for establishing
mutually beneficial relationships between the mining sector and local communities, business leaders and government officials at
all levels, will provide invaluable insight to Precipitate as it commences activities at its Pueblo Grande Project. In his prior
capacities at Pueblo Viejo, Mr. Angeles-Lithgow established himself as an important leader in the country's mining sector, while
making unique contributions to an admirable precedent for successful and responsible mining in the Dominican Republic."
Prior to working at Barrick, Mr. Angeles-Lithgow was the Director of Commercial and Regulatory Affairs at Empresa
Generadora de Electricidad Haina, S.A. (E.G.E. Haina), one of the two power generation companies formed as a result of the
capitalization of the former state-owned power utility in the Dominican Republic and the reform of the power sector. He worked in
the power sector for over 8 years.
Prior to his experience in the power sector, Mr. Angeles-Lithgow held various positions in the private sector in the Dominican
Republic from which his involvement in marketing, sales, economic development, investment promotion, and community
development, add to his broad-based management experience.
Mr. Angeles-Lithgow received a B.Sc. in Business Administration from the Pontificia Universidad Católica Madre y Maestra
(PUCMM) in Santo Domingo, followed by a Master of Science in Finance from the University of Lancaster, England and a
Master's Degree in Power Sector Economic Regulation from the Pontifical University of Comillas of Madrid, Spain (program
delivered in Santo Domingo). He also completed a Master Degree in Security and Defense Studies from the Dominican
Republic's Ministry of Defense's Graduate School of Strategic Studies and holds a graduate degree as Geopolitics Specialist
from the same academic institution.
The Company also wishes to announce it has granted a total of 3,025,000 incentive stock options to directors, officers,
employees and consultants of the Company, subject to TSX Venture Exchange approval and acceptance.
Each option is
exercisable to purchase one common share of the Company until November 20, 2023 at a price of C$0.08 per common share in
accordance with the terms of the Company's stock option plan.
About Precipitate Gold:
Precipitate Gold Corp. is a mineral exploration company focused on exploring and advancing its mineral property interests in the
Tireo Gold Trend and Pueblo Viejo Camp of the Dominican Republic. The Company also maintains assets in southeast Yukon
Territory, specifically the Company's Reef property located immediately adjacent to Golden Predator's 3 Aces Project in the
Upper Hyland River area. The Company has entered into an Option to Purchase Agreement with Golden Predator whereby
Golden Predator can earn a 100% interest in the Reef claims by making certain staged payments in cash and shares and
warrants. Precipitate is also actively evaluating additional high-impact property acquisitions with the potential to expand the
Company's portfolio and increase shareholder value.
Additional information can be viewed at the Company's website
www.precipitategold.com
.
On Beha
lf of the Board of Directors of Precipitate Gold Corp.,
"
Jeffrey Wilson
"
President & CEO
For further information, please contact:
Tel: 604-558-0335
Toll Free: 855-558-0335
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This press release may contain "forward-looking information" within the meaning of applicable Canadian securities
legislation. All statements, other than statements of historical fact, included herein are forward looking information. Generally,
forward-looking information may be identified by the use of forward-looking terminology such as "plans", "expects" or "does
not expect", "proposed", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not
anticipate", or "believes", or variations of such words and phrases, or by the use of words or phrases which state that certain
actions, events or results may, could, would, or might occur or be achieved. This forward-looking information reflects
Precipitate Gold Corp.'s ("Precipitate" or the "
Company
") current beliefs and is based on information currently available to
Company
and on assumptions it believes are reasonable. Forward-looking information is subject to known and unknown
risks, uncertainties and other factors that may
cause the actual results, level of activity, performance or achievements of
Precipitate to be materially different from those expressed or implied by such forward-looking information. Such risks and
other factors may include, but are not limited to: the exploration concessions may not be granted on terms acceptable to the
Company
, or at all; general business, economic, competitive, political and social uncertainties; the concessions acquired by
the
Company
may not have attributes similar to those of surrounding properties; delay or failure to receive governmental or
regulatory approvals; changes in legislation, including environmental legislation affecting mining; timing and availability of
external financing on acceptable terms; conclusions of economic evaluations; and lack of qualified, skilled
labour
or loss of
key individuals. Although Precipitate has attempted to identify important factors that could cause actual results to differ
materially from those contained in forward-looking information, there may be other factors that cause results not to be as
anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information.
Precipitate does not undertake to update any forward-looking information, except in accordance with applicable securities
laws.