Batero Gold Announces Change in Directors
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Nov 7, 2013) - Batero Gold Corp. ("Batero," or the "Company") (TSX VENTURE:BAT) is pleased to announce a change in directors. Mr. Ernesto Bendezú Flores has resigned from the board of directors and Mr. Felipe Ferraro has been appointed as a new director.
"On behalf of the Board, we are happy to welcome Mr. Felipe Ferraro to the Board. Mr. Ferraro's extensive mining and business experience are expected to greatly benefit Batero and its shareholders. We would also like to thank Mr. Ernesto Bendezú Flores, who has resigned from the Board to accommodate the new appointment, for his past efforts," stated Darryl Lindsay, Interim CEO and Director of the Company.
Mr. Felipe Ferraro is currently the General Manager for Cori Puno SAC, a mining and exploration company started in 2004 and owned by the principal stakeholders of Consorcio Minero Horizonte ("CMH"). Currently, CMH is the second largest underground gold mining company in Peru and fifth largest gold producer in all of Peru, producing over 200,000 ounces of gold in 2012.
Mr. Ferraro was appointed General Manager of Cori Puno SAC in 2010 and holds a Masters in Business Administration from the University ESAN-Stanford University. Cori Puno SAC operates the Untuca open pit and underground mine in Peru, with 2012 annual production of 30,000 ounces of gold. Cori Puno SAC also engages in exploration at Pomarani, Santa Rosa, Pullucunoyoc and additional projects in Peru.
Mr. Ferraro's professional experience is closely linked to mining, business, enterprise and metalworking industries, food processing and heavy equipment for earthmoving.
Darryl Lindsay, Ph.D. P.Geo., Interim Chief Executive Officer at Batero Gold, is the qualified person, as defined by National Instrument 43-101, and is responsible for the technical information provided in this release and all future news releases.
ON BEHALF OF THE BOARD OF BATERO GOLD CORP.
Darryl Lindsay, Interim CEO, Batero Gold Corp.
ABOUT BATERO GOLD
Batero Gold Corp. is a precious and base metals exploration and development Company. The Company is focused on two primary objectives. The first of these objectives is the advancement of the La Cumbre oxide deposit. La Cumbre is located within the Company's 100% owned Batero-Quinchia Gold Project, which sits within Colombia's emerging and prolific Mid Cauca gold and copper belt. Batero is moving the La Cumbre oxide deposit towards the goal of making a production decision, once the appropriate level of study has been completed, and intends to first target the near and at surface higher grade oxidized gold mineralization at the deposit.Batero's second objective is to pursue opportunities to acquire prospective high-grade, production focused mineral properties in Colombia and Latin America. In pursuing both these objectives, Batero plans to leverage its secure treasury position, strong regional relationships, experienced management team, and long-term financial partners. Shares of the Vancouver-based company trade on the Toronto Venture Exchange under the symbol BAT.
FORWARD-LOOKING STATEMENTS
Certain of the statements and information in this press release constitute "forward-looking statements" or "forward-looking information". Any statements or information that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects", "anticipates", "believes", "plans", "estimates", "intends", "targets", "goals", "forecasts", "objectives", "potential" or variations thereof or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-looking statements or information.
Forward-looking statements or information relate to the Company's anticipated content and cost of exploration programs, anticipated timing and results of exploration programs, planned exploration and development programs, the potential for a production decision to be made, the potential commencement of any development of a mine at the Batero-Quinchia project following a production decision, and the potential for any mining or production at the Batero-Quinchia project. These statements relate to analysis and other information that are based on expectations of future performance as set out in the PEA, including gold and silver production and planned work programs. In addition, forward looking statements relate to, among other things: developing the most efficient and cost-effective leach processing circuit for the Cumbre gold deposit, the timing and scope of expected diamond drilling; resource estimate grades on the Batero-Quinchia project; scope of mineralization within the Batero-Quinchia project; timing of receipt of permits and regulatory approvals; the sufficiency of the Company's capital to finance the Company's operations; geological interpretations and potential mineral recovery processes.
Forward-looking statements or information are subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from those reflected in the forward-looking statements or information, including, without limitation, risks relating to: uncertainty as to actual capital costs, operating costs, production and economic returns, and uncertainty that development activities will result in a profitable mining operation at the Batero-Quinchia project, fluctuations in the spot and forward price of gold or certain other commodities; changes in national and local government legislation, taxation, controls, regulations and political or economic developments in Canada, Colombia or other countries in which the Company may carry on business in the future; the uncertainties involved in interpreting geological data; business opportunities that may be presented to, or pursued by, the Company; operating or technical difficulties in connection with mining activities; the speculative nature of gold exploration and development, including the risks of obtaining necessary licenses and permits; risks related to mineral resource estimates being based on interpretations and assumptions which may result in less mineral production under actual conditions than is currently estimated and to diminishing quantities or grades of mineral resources as the Batero-Quinchia project is mined; and contests over title to properties, particularly title to undeveloped properties. In addition, there are risks and hazards associated with the business of gold exploration, development and mining, including environmental hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins, flooding and gold bullion losses (and the risk of inadequate insurance, or the inability to obtain insurance, to cover these risks).
Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in the forward-looking statements or information. The Company's forward looking statements and information are based on beliefs, expectations, and opinions of management on the date the statements are made. For the reasons set forth above, investors should not place undue reliance on forward looking statements or information.
The information in this news release is not intended to be an exhaustive review of all matters or developments that may affect the Company. It should be read in conjunction with all other disclosure documents of the Company. No securities commission or other regulatory authority has reviewed the accuracy or adequacy of the information presented in this news release.
Neither 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.