Cyprium Mining Appoints Alain Lambert as CEO
MONTREAL, QUEBEC--(Marketwired - May 20, 2015) - Cyprium Mining Corp. ("Cyprium" or the "Company") (TSX VENTURE:CUG)(TSX VENTURE:CUG.DB) is pleased to announce that it has appointed its current Chairman Mr. Alain Lambert as Chief Executive Officer of the Company. Mr. Lambert, who co-founded Cyprium in 2012, will now act as Chairman and C.E.O.
Mr. Lambert commented: "Last week marked a significant milestone for our company as we officially started the flotation process of the first 1,000 tons of stockpiles from the historic Potosi Silver mine located just 42 kilometers from the Aldama plant. For a short video of the opening ceremony we held with our employees, just click on the following YouTube link: https://youtu.be/xdl2H3jXjAc"
Mr. Lambert added: "With the start of operations behind us, I look forward to leading our team in the execution of Cyprium's business plan. Our plan is clear and is centered on four strategic imperatives. First and foremost we need to secure medium to long-term supply of mineralized material with acceptable head grades from nearby mines for the plant. Secondly, we will optimize plant processes and continue to improve efficiencies to maximize recoveries in order to ensure satisfactory margins. Thirdly, we will make investments to double the current plant capacity 100 tons per day before the end of the year. Finally, we will continue to evaluate opportunities in northern Mexico which will include the possible acquisition or co-participation in existing mines and/or plants where we can deploy our financial resources and technical expertise for the benefit of our shareholders."
The Company also announced that Mr. Ron Keenan, a director of the Cyprium since October 2013 and Cyprium's Vice President Business Development since March 2014 has been named Chief Operations Officer (C.O.O.). Mr. Keenan has over 25 years of experience in business development, leading employees in a safe and organized environment, organizational structure, costs control, asset utilization, reorganizing, consolidating and integrating companies with multiple branches or regions. Prior to joining Cyprium, was Executive Director, Commercial Development, responsible for a 175 employee unit of Newalta Corporation which was Canada's largest battery recycling/secondary lead smelter.
Mr. Keenan commented: "In line with Cyprium's strategic priorities of optimizing plant processes, improving efficiencies to maximize recoveries and doubling capacity before year-end, I am working with our team on the Aldama plant's operational plans and budgets which I expect to finalize before the end of June. Key aspects of this plan include making investments in technology and equipment, including a full on-site laboratory and the automation of certain functions."
Mr. Lambert and Keenan and the Company's C.F.O. Isabelle Gauthier lead a team of five senior executives and over fourteen employees in Mexico. Both Mr. Lambert and Keenan have relocated to Chihuahua, Mexico. The five senior executives in Mexico are:
1 - Roberto Banda as Senior Exploration Manager. Mr. Banda who joined Cyprium in 2013, has over 40 years of experience as a geologist in Mexico.
2 - Jorge Guzman as Senior Manager, Plant Operations. Mr. Guzman is an Industrial Engineer and is the owner of the Aldama plant and has over 20 years of experience in flotation processes.
3 - Alex Anchondo as Project and Operations Manager. Mr. Anchondo is an Electrical Industrial Engineer and has over 15 years of experience in procurement and logistics and will play a leadership role in the Aldama´s Plant project to increase the current 100 tons/day capacity to 200 tons/day. Mr. Anchondo is also in charge of dealing with key suppliers to ensure satisfactory pricing and continuity of supply.
4 - Enrique Montaya as Head Plant Superintendent. Mr. Montaya is an Industrial Chemistry Engineer with over 35 years of experience in managing processing plants in Mexico. Mr. Montaya designed the Aldama plant and oversaw its construction in 2007.
5 - Araceli Cano as Head of Quality Control and Laboratory Operations. Mrs. Cano is a Metallurgical Engineer with over nine years of experience in viability, gravimetric and flotation studies. She has also has experience in managed cyanidation operations and quality control for fresh minerals and work in process materials.
Mr. Jorge Guzman stated: "I welcome the opportunity to join the Cyprium team and I look forward to contributing my experience and knowledge of the mining industry in Northern Mexico to make our partnership a real success. I am currently working closely with Cyprium to identify sources of mineralized material and finalize the operational plans and budget for the Aldama plant." He concluded: "I have worked closely with Mr. Lambert and Mr. Keenan over the last few months and I am convinced that by working together we now have the right team in place to execute on Cyprium's stated goals. With the financial and technical support of Cyprium I can foresee our team working together not only to maximize the operations of the Aldama plant but also to evaluate other opportunities for Cyprium."
The Company also announces that Mr. Carlos Arzola will be a nominee as director of Cyprium at its upcoming shareholders' meeting to be held in Montreal on June 19. Mr. Arzola is a Mexican lawyer based in Chihuahua with strong experience in commercial law, corporate law, regulatory compliance and lobbying. His clients are mostly international enterprises that do businesses or wish to start doing businesses in Mexico That includes labor contracts and recruitment, legal and administrative procedures before tax authorities, corporate governance, and intellectual property protection, also represent financial institutions with collection matters as well as assisting clients who need funding for their projects through loans or loans. He advise mining companies on legal matters regarding any sort of administrative procedures, such as obtaining and renewing mining concessions, and in general complying with all the legal requirements related with mining activities such as securing surface rights, due diligence, incorporation of mining companies and drafting agreements related to mining concessions.
Mr. Andre St Michel has resigned as President, CEO and director of the Company effective immediately.
About Cyprium Mining Corporation
Cyprium Mining looks for projects located in Northern Mexico that have a potential for profitable production in the short-term and a large exploration potential. Cyprium is committed to maximizing the potential of projects by funding exploration programs mainly through cash flows generated by production instead of funding such programs strictly through equity offering thus limiting shareholder dilution. Cyprium Mining prioritizes projects which are easily accessible and close to large urban centers.
Cyprium also has the exclusive use of 100 metric tons per day flotation plant located twenty kilometers outside the City of Chihuahua in Northern Mexico (the "Aldama Plant"). Cyprium Mining has the exclusive use of the Aldama Plant under a five year agreement with its owner during which Cyprium will use the Aldama Plant on a variable cost basis. Cyprium will purchase mill feed for its own account and will be responsible for the supervision of all metallurgic processes, including quantitative chemical analysis, assaying of samples, determining feed grades and the sale of concentrates (see October 1st, 2014 news release).
Cyprium also owns 51% of Coyame Copper SA de CV ("Coyame Copper"), a Chihuahua, Mexico based mining exploration company and has an option to increase its stake in Coyame Copper to 70% for a consideration of US $1.2 million payable over a period of eighteen months following the exercise of the option. Coyame Copper's Las Cristinas Project consist of four adjacent exploration concessions (Las Cristinas, La Parrita, La Verde and La Lagrimosa) covering 684 hectares.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains "forward-looking information" (within the meaning of applicable Canadian securities laws) and "forward -looking statements" (within the meaning of the U.S. Private Securities Litigation Reform Act of 1995). Such statements or information are identified with words such as "anticipate", "believe", "expect", "plan", "intend", "potential", "estimate", "propose", "project", "outlook", "foresee" or similar words suggesting future outcomes or statements regarding an outlook. Such statements include, among others, those concerning the Company's anticipated plans for developments of the Company and its mining projects".
Such forward-looking information or statements are based on a number of risks, uncertainties and assumptions which may cause actual results or other expectations to differ materially from those anticipated and which may prove to be incorrect. Assumptions have been made regarding, among other things, management's expectations regarding future growth, plans for and completion of projects by Company's third party relationships, availability of capital, and the necessity to incur capital and other expenditures. Actual results could differ materially due to a number of factors, including, without limitation, operational risks in the completion of Company's anticipated projects, delays or changes in plans with respect to the development of Company's anticipated projects by Company's third party relationships, risks affecting the ability to develop projects, risks inherent in operating in foreign jurisdictions, the ability to attract key personnel, and the inability to raise additional capital. No assurances can be given that the efforts by the Company will be successful. Additional assumptions and risks are set out in detail in the Company's MD&A, available on SEDAR at www.sedar.com.
Although the Company believes that the expectations reflected in the forward-looking information or statements are reasonable, prospective investors in the Company's securities should not place undue reliance on forward-looking statements because the Company can provide no assurance that such expectations will prove to be correct. Forward-looking information and statements contained in this news release are as of the date of this news release and the Company assumes no obligation to update or revise this forward-looking information and statements except as required by law. Investors should note that the Las Cristinas property has no established mineral resources or mineral reserves as defined by NI 43-101. Although Cyprium Mining has made an initial production decision based on historical production records and the results of the recent sampling, a feasibility study of its projects has not been completed and there is no certainty that the proposed operations will be economically or technically viable.
Contact
Alain Lambert, Chairman and C.E.O.
alambert@cypriummining.com
(514) 219-7988
Ron Keenan, C.O.O.
rkeenan@cypriummining.com
(514) 915-3836
www.cypriummining.com