Crazy Horse Resources Announces Management Appointments to Strengthen Philippine Presence
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 04/08/13 -- Crazy Horse Resources Inc. (TSX VENTURE: CZH) (the "Company") - As announced previously, Crazy Horse Resources, Inc. has completed the pre-feasibility study for its Taysan Copper-Gold Project in Batangas Province in the Philippines. Despite the attractiveness of the Project and the continuing strength of expected long term copper prices, interest from mining companies in a trade sale or a joint venture has been tempered by poor market conditions for mining shares. As a result, the Company moved aggressively to conserve cash by reducing expenditures to the minimum necessary for maintaining the site while continuing with its marketing efforts.
While the Company has previously completed its application for the Financial and Technical Assistance Agreement (FTAA) mining license, the Philippine government has recently lifted its moratorium on the approval of FTAAs. Accordingly, at its March 14, 2013 AGM the Company proceeded swiftly to strengthen its local footprint and to focus on pursuing the issuance of the FTAA and environmental approvals in order to enhance further the marketing efforts for a joint venture or trade sale by adopting the following measures:
-- Appointment of Jose Leviste III as CEO and a Director: Mr. Leviste is a
Philippine national with extensive roots and connections at the Batangas
Province and Philippine national levels. A lawyer by background, he has
a law degree from, and was admitted to the bar in, New South Wales. He
has worked both in Australia and in the Philippines, where he has been
active in the resource sector.
-- Appointment of Brian Lueck as COO: Mr. Lueck, a highly experienced
geologist, is a former director and officer, as well as founder of the
Company, who has lived in the Philippines for 17 years and has extensive
local contacts in the Philippine mining industry and the government.
-- Appointment of Mitch Alland, previously Chairman and CEO, as Executive
Chairman to oversee the overall management of the Company.
Mitch Alland, Executive Chairman, comments: "These management changes significantly enhance our local presence and are aimed at obtaining the FTAA as soon as possible in that they should enhance our relations at the national and provincial level in the Philippines, both of which are important elements for success of a mining project in the country. With Jose Leviste as CEO and director and with Roderick (Dicky) Salazar, the leading Philippine lawyer in the mining sector also as director we have effectively strengthened our local footprint."
ON BEHALF OF THE BOARD OF CRAZY HORSE RESOURCES INC.
MITCHELL ALLAND, Executive Chairman
This press release includes "forward-looking statements" including forecasts, estimates, expectations and objectives for future operations that are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of Crazy Horse Resources Inc. There is no assurance that the Company will be successful in completing a sale or joint venture particularly in light of the current economic climate and the resulting valuation of commodities including copper. Such forward-looking information represents management's best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Crazy Horse Resources Inc. does not assume the obligation to update any forward-looking statement, except as required by applicable law.
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.
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