Wallbridge Announces Appointment of Tony Makuch to Board of Directors
Wallbridge Announces Appointment of Tony
Makuch to Board of Directors
TORONTO
,
Dec. 9, 2019
/CNW/ -
Wallbridge Mining Company Limited (TSX:WM, FWB: WC7)
("Wallbridge"
or the "Company"
)
today announced that
Tony Makuch
, CEO of Kirkland Lake Gold
Ltd. ("
Kirkland Lake
"), has joined the Company's Board of Directors following
Kirkland Lake
becoming a 9.9% shareholder of Wallbridge pursuant to its private placement financing (the
"
Offering
"), which closed on
November 29, 2019
.
Mr. Makuch is a professional engineer (
Ontario
) with over 35 years of management, operations and
technical experience in the mining industry, having managed numerous projects in
Canada
and
the
United States
from advanced exploration through production. Most recently prior to joining
Kirkland
Lake
, Mr. Makuch was President and CEO at Lake Shore Gold Inc., from 2008 until its acquisition
by Tahoe Resources in 2016.
"We are excited to have
Kirkland Lake
as a strategic shareholder and we welcome
Tony Makuch
to
the team as a member of the Board of Directors," stated Wallbridge Chair Alar Soever. "Tony's
extensive experience in operations, resource development, capital markets and M&A will be very
beneficial to all shareholders as we advance Fenelon toward production."
In connection with the Offering, the Company entered into an agreement with
Kirkland Lake
on
December 6, 2019
granting
Kirkland
certain anti-dilution rights and the right to nominate one director
to the Board of Directors of the Company.
About Wallbridge Mining
Wallbridge is establishing a pipeline of projects that will support sustainable 100,000 ounce-plus
annual gold production as well as organic growth through exploration and scalability.
The Company is currently developing its 100%-owned Fenelon Gold Property, which is located
proximal to the Sunday Lake Deformation Zone, an emerging gold belt in northwestern
Quebec
with
an ongoing 70-
80,000 m
exploration drill program in 2019 and a recently-completed 33,500-tonne
bulk sample. Wallbridge is also pursuing additional advanced-stage projects which would add to the
Company's near-term project pipeline. Wallbridge is also the operator of, and a 20% shareholder in,
Loncan Canada Inc., a privately-held company with a large portfolio of nickel, copper, and PGM
projects in
Ontario's
Sudbury
Basin.
This press release may contain forward-looking statements (including "forward-looking
information" within the meaning of applicable Canadian securities legislation and "forward-
looking statements" within the meaning of the US Private Securities Litigation Reform Act of
1995) relating to, among other things, the operations of Wallbridge and the environment in
which it operates. Generally, forward-looking statements can be identified by the use of
words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled",
"estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or
variations of such words and phrases or statements that certain actions, events or results
"may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Wallbridge has
relied on a number of assumptions and estimates in making such forward-looking
statements, including, without limitation, the costs associated with the development and
operation of its properties. Such assumptions and estimates are made in light of the trends
and conditions that are considered to be relevant and reasonable based on information
available and the circumstances existing at this time. A number of risk factors may cause
actual results, level of activity, performance or outcomes of such exploration and/or mine
development to be materially different from those expressed or implied by such forward-
looking statements including, without limitation, whether such discoveries will result in
commercially viable quantities of such mineralized materials, the possibility of changes to
project parameters as plans continue to be refined, the ability to execute planned
exploration and future drilling programs, the need for additional funding to continue
exploration and development efforts, changes in general economic, market and business
conditions, and those other risks set forth in Wallbridge's most recent annual information
form under the heading "Risk Factors" and in its other public filings. Forward-looking
statements are not guarantees of future performance and such information is inherently
subject to known and unknown risks, uncertainties and other factors that are difficult to
predict and may be beyond the control of Wallbridge. Although Wallbridge has attempted to
identify important risks and factors that could cause actual actions, events or results to
differ materially from those described in forward-looking statements, there may be other
factors and risks that cause actions, events or results not to be as anticipated, estimated or
intended. Consequently, undue reliance should not be placed on such forward-looking
statements. In addition, all forward-looking statements in this press release are given as of
the date hereof.
Wallbridge disclaims any intention or obligation to update or revise any forward-looking
statements, whether as a result of new information, future events or otherwise, save and
except as may be required by applicable securities laws. The forward-looking statements
contained herein are expressly qualified by this disclaimer.
SOURCE
Wallbridge Mining Company Limited
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For further information:
please visit the Company's website at www.wallbridgemining.com or
contact: Wallbridge Mining Company Limited, Marz Kord, P. Eng., M. Sc., MBA, President & CEO,
Tel: (705) 682-9297 ext. 251, Email: [email protected]; Brian Penny, Chief Financial
Officer, Tel: (416) 716-8346, Email: [email protected]
CO: Wallbridge Mining Company Limited
CNW 07:30e 09-DEC-19