Southern Empire Appoints Ted Kavanagh to the Board of Directors
Southern Empire Appoints Ted Kavanagh to
the Board of Directors
VANCOUVER, BC
,
June 10, 2021
/CNW/ - Southern Empire Resources Corp. ("Southern Empire")
(TSXV: SMP) announces the appointment of P.E. (
Ted) Kavanagh
to the board of directors and the
resignation of
Latika Prasad
as a director.
"We would like to thank Latika for her help and guidance in the formative stages of Southern
Empire and we wish her all the best in her future endeavours"
stated Southern Empire's Chairman
Ron Netolitzky
.
Southern Empire's CEO,
Dale Wallster
stated: "
As Southern Empire continues to explore, develop
and expand its exposure in southern
North America
, the addition of global mine financing and
mergers and acquisitions experience has moved to the forefront of our governance needs. With
the appointment of
Ted Kavanagh
, Southern Empire adds over forty years of significant exploration
and mine finance experience. This is a meaningful step forward in our drive to be a leading
exploration and development company."
Mr. Kavanagh is an accomplished executive who most recently was Director of Metals & Mining
Finance, Americas for Société Générale where he originated and executed corporate and project
finance facilities, marketed metals and foreign exchange hedging and trading lines, and provided
related advisory services. From 1991 until joining Société Générale in 2013, he acted in a similar
capacity for a series of banks including Standard Americas, Inc. (Standard Bank), HSBC Securities
(
USA
) Inc., HSBC Securities (
Canada
) Inc., Republic National Bank of
New York
and Mase Westpac
Inc.
Prior to 1991, Ted held senior geological and business development positions with companies
including FMC Gold Company, Meridian Minerals Corporation and
Denison Mines
(US) Inc.
Ted holds a Master's degree in Geology from
Dartmouth
College where his thesis explored the
origin of copper mineralization at the Carr Fork deposit, last mined by Kennecott Copper
Corporation, a subsidiary of Rio Tinto plc, as part of their Bingham Canyon operations in
Utah
. He is
also a graduate of
Western University
where he completed his Honours Bachelor of Science thesis
on porphyry copper-type mineralization in the Chibougamau Complex,
Quebec
.
Southern Empire also announces that it has granted an aggregate of 400,000 incentive stock options
(the "Options"), having an exercise price of
$0.30
per share. The Options can be exercised for a
period of five years from the date of grant and are subject to the policies of the TSX Venture
Exchange.
About Southern Empire Resources Corp
.
Southern Empire is focused on the acquisition, exploration and development of metals and minerals
deposits in
North America
.
In the Cargo Muchacho mountains of
Imperial County, California
, Southern Empire owns 100 per
cent of the historical gold-producing American Girl mine property and holds options to acquire a 100-
per-cent interest in the adjacent 2,160-hectare (5,338-acre) Oro Cruz property located
approximately 22.5 kilometres (14 miles) southeast of the operating Mesquite gold mine of Equinox
Gold Corp.
At Oro Cruz, extensive historical drilling and large-scale open-pit and underground mining of the
American Girl, Padre y Madre, Queen and Cross oxide gold deposits by the American Girl Mining
Joint Venture (AGMJV; ultimately owned 53 per cent by MK Gold Company and 47 per cent by
Hecla Mining Company) occurred between 1987 and 1996. During that time, gold was recovered by
either heap leaching of lower-grade, or milling of higher-grade ores until AGMJV operations ceased
in late 1996 because of declining gold prices leaving the Oro Cruz property with many gold
exploration targets in addition to the historical inferred resource estimate, reported In 2011 by
Lincoln Mining Corp., totalling 341,800 ounces gold based on 4,386,000 tonnes averaging 2.2 grams
gold per tonne at a cut-off grade of 0.68 g/t Au (4,835,000 tons at 0.07 ounce gold per ton; please
refer to the Cautionary Notice Regarding Historical Resource Estimate below).
On behalf of the Board of Directors of Southern Empire Resources Corp.,
Dale Wallster
, CEO and Director
Cautionary Notice on Forward-Looking Information
Information provided in this news release may contain forward-looking information or forward-looking
statements that are based on assumptions as of the date of this news release. Such information or
statements reflect management's current estimates, beliefs, intentions and expectations and are not
guarantees of future performance. Southern Empire cautions that all forward-looking statements are
inherently uncertain and that actual performance may be affected by a number of material factors,
many of which are beyond its respective control. Such factors include, among other things: risks and
uncertainties relating to Southern Empire limited operating history, the need to comply with
environmental and governmental regulations, results of exploration programs on its projects and
those risks and uncertainties identified in its annual and interim financial statements and management
discussion and analysis. Accordingly, actual and future events, conditions and results may differ
materially from the estimates, beliefs, intentions and expectations expressed or implied in the
forward-looking information. Except as required under applicable securities legislation, Southern
Empire undertakes no obligation to publicly update or revise forward-looking information.
Cautionary Notice Regarding Historical Resource Estimate
The historical resource estimate outlined above is disclosed in a technical report dated
April 29,
2011
, prepared for Lincoln Mining Corp. by Tetra Tech, Inc. and filed on Canadian Securities
Administrators' System for Electronic Document Analysis and Retrieval (SEDAR). It is termed an
inferred mineral resource, which is a category set out in NI 43-101. It was based on historical
reverse circulation and core drill hole sample, underground channel sample, and blasthole sample
assay results and calculated using ordinary kriging to estimate gold grades in 10-foot-by-10-foot-by-
five-foot blocks. Accordingly, Southern Empire considers this historical estimate reliable as well as
relevant as it represents key targets for future exploration work. However, a QP has not done
sufficient work to verify or classify the historical estimate as a current mineral resource and Southern
Empire is not treating this historical estimate as current mineral resources.
Work Programs During the COVID-19 Pandemic
Timing of Southern Empire's exploration programs will be contingent on governmental regulations
regarding the COVID-19 pandemic and also the availability of exploration-related personnel, drill
contractors, equipment, lodging, et cetera. Southern Empire will adhere to COVID-19 directives
regarding safe working practices putting worker, community and national safety first and will
proceed with exploration and development work programs only if potential COVID-19 risks can be
effectively managed.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is
defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy
of this release.
SOURCE
Southern Empire Resources Corp.
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For further information:
on Southern Empire please visit both www.smp.gold and SEDAR or
contact: Lubica Keighery, (778) 889-5476, [email protected] .
CO: Southern Empire Resources Corp.
CNW 10:26e 10-JUN-21