South Atlantic Gold Announces Corporate Changes, Welcomes New Directors
TSX-V: SAO
South Atlantic Gold Announces Corporate Changes, Welcomes New Directors
Kelowna, British Columbia, January 5, 2022 - SOUTH ATLANTIC GOLD INC. (TSX-V: SAO) (“South Atlantic”
or the “ Company”) announces the creation of a Technical Committee, Compensation Committee and
changes to the Audit Committee. Two new members will be joining the Board of Directors including Mr.
Rick Brown and Mr. Bill O’Hara while Mr. Antenor Silva is re signing from the Board . The n umber of
Directors will be changed to seven in total.
Douglas Meirelles, CEO stated, “ Following the successful financing we just completed, we have made
positive changes to our Board structure including the formation of Technical and Compensation
Committees. We are very pleased to welcome both Rick Brown and Bill O’Hara to the Board. The vast
experience from both these men will strengthen the experience levels already seen at the Board Level at
South Atlantic. We are also very pleased to work with Jon Hill on the Technical Committee with his broad
skill sets, especially in Brazil. Lastly, w e would like to thank Mr. Antenor Silva for his guidance during the
formation of South Atlantic Gold as we move forward.”
Technical Committee
The Technical Committee will be chaired by Mr. Rick Brown, a new director to the Company. Mr. S. Mitchel
Wasel and Mr. Jonathan Victor Hill will be joining the Committee. Mr. Hill will not be joining the Board of
Directors.
With over 30 years of management and operational experience in the junior mining industry, Mr. Brown
will provide additional geologic and operational guidance to South Atlantic. He has been based in Latin
America since 1993 in Peru, Argentina, Brazil and Colombia. He is credited with the outcrop discovery of
the El Hilorico gold project (1 million ounces) in Peru, negotiating the acquisition of Newmont Argentina
SA for Aquiline Resources, which included the the Navidad silver project (750 million ounces), and the
acquisition of the Mara Rosa gold project (1.5 million ounces) in Brazil. Currently, he is an independent
director of Peruvian Metals Corp. and an active investor in several listed (both TSX and ASX) junior
explorers and developers. Mr. Brown holds a BApp.Sc degree in Geology from Curtin University of
Techology, Australia, an MBA from Business School Sao Paulo, Brazil and is a Fellow of the Society of
Economic Geologists (SEG). He speaks fluent Spanish and Portuguese.
Mr. Jonathan Hill is currently Senior Advisor at Jaguar Mining Inc. Mr. Hill has over 30 years’ experience
in global exploration, mining operational and project development in Africa, Australia and North and
South America. He was directly involved in the discovery of several world-class projects while at AngloGold
Ashanti Limited. His experience includes exploration, development, due diligence, corporate
development, mine geology and coordination/liaison with mine planning and reporting of mineral
reserves and resources. Mr. Hill is Chairman of the Board of Royal Road Minerals Limited and a director
of Stratabound Minerals Corporation. His private company, Exploration Outcomes Ltda provides
exploration advisory services to international client companies. He holds a BSc (Hons) degree in Economic
Geology from the University of Cape Town and a BAppSc degree in Applied Geology from the Queensland
University of Technology.
TSX-V: SAO
Compensation Committee
The Compensation Committee will be chaired by Mr. Marc Leduc. The other members of this Committee
will include Mr. Adam Davidson and Mr. Bruce Higson-Smith.
Audit Committee
Due to the resignation of Mr. Antenor Silva, Mr. Bill O’Hara will be joining both the Board of Directors and
the Audit Committee.
Mr. O’Hara is currently Managing Partner of LACG Capital Inc. He started his career at First Marathon
Securities in equity research analyzing gold companies. After moving into the institutional equity sal es
role at National Bank Financial and then Credit Suisse First Boston, he joined Haywood Securities Inc. in
2003. During his time at Haywood, Mr. O’Hara advanced to become Managing Director and Head of Equity
Sales and a member of the Board of Directors. In late 2020, after almost 25 years identifying, analyzing
capital raising and strategically advising both investment funds and corporate entities across many
sectors, he formed LACG Capital Inc. whose mandate is to provide capital markets advisory service s to
both public and private companies in the early stages of growth. Sectors of focus include Mining and
Psychedelics as well as Special Situations. Mr. O’Hara holds a Master of Science (Econs) degree from the
London School of Economics with distinction, and the CFA designation.
Option Grant
Effective today the Company has granted an aggregate 3,560,000 stock options (the “ Options”) to its
directors, officers, consultants and employees of the Company.
The Options are exercisable for a period of five years at a price of $0.06 per common share in accordance
with the terms of the Company’s 10% rolling Stock Option Plan approved by shareholders on October 22,
2021.
ON BEHALF OF THE BOARD
Douglas Meirelles, President and CEO
For more information regarding this news release, please contact:
Anne Hite, Vice President, Investor Relations
T: 250-762-5777
Email: [email protected]
Cautionary Note Regarding Forward-Looking Information
This news release contains statements that constitute "forward -looking Information", as such term is used in
applicable Canadian securities laws . Such forward -looking information involves known and unknown risks,
uncertainties and other factors that may cause the Company’s actual results, performa nce or achievements, or
developments in the industry to differ materially from the anticipated results, performance or achievements
expressed or implied by such forward-looking information. Forward-looking information includes statements that are
not histo rical facts and are generally, but not always, identified by the words "expects," "plans," "anticipates,"
TSX-V: SAO
"believes," "intends," "estimates," "projects," "potential" and similar expressions, or that events or conditions "will,"
"would," "may," "could" or "should" occur.
Although the Company believes the forward-looking information contained in this news release is reasonable based
on information available on the date hereof, by its nature forward-looking information involves assumptions and
known and unknown risks, uncertainties and other factors which may cause our actual results, level of activity,
performance or achievements, or other future events, to be materially different from any future results, performance
or achievements expressed or implied by such forward-looking information. There can be no assurance that the
Fundamental Acquisition will be completed as proposed or at all.
Examples of such assumptions, risks and uncertainties include, without limitation, assumptions, risks and
uncertainties associated with general economic conditions; the Covid -19 pandemic; adverse industry events; the
receipt of required regulatory approvals and the timing of such approvals; that the Company maintains good
relationships with the communities in which it operates or proposes to operate, future legislative and regulatory
developments in the mining sector; the Company ’s ability to access sufficient capital from internal and external
sources, and/or inability to access sufficient capital on favorable terms; mining industry and markets in Canada and
generally; the ability of the Company to implement its business strategies; competition; the risk that any of the
assumptions prove not to be valid or reliable, which could result in delays, or cessation in planned work, risks
associated with the interpretation of data, the geology, grade and continuity of mineral deposits, the possibility that
results will not be consistent with the Company’s expectations, as well as other assumptions risks and uncertaintie s
applicable to mineral exploration and development activities and to the Company, including as set forth in the
Company’s public disclosure documents filed on the SEDAR website at www.sedar.com.
THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS NEWS RELEASE REPRESENTS THE EXPECTATIONS OF
THE COMPANY AS OF THE DATE OF THIS NEWS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH
DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD
NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE THE COMPANY MAY ELECT TO, IT DOES NOT
UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE
WITH APPLICABLE LAWS.
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 .