Kombat Copper Strengthens Management Team With Appointment of Stephan Theron as President and CEO
TORONTO, ONTARIO--(Marketwired - Jun 22, 2016) - Kombat Copper Inc. (TSX VENTURE:KBT) ("Kombat Copper" or the "Company") today announces that it has appointed Stephan Theron as President and CEO of Kombat Copper. Paul Bozoki will return to his role as CFO and Heidi Gerry will resume her role as Corporate Controller. Mr. Theron will also join the board of directors of Kombat Copper (the "Board") replacing Mr. Bozoki.
Mr. Theron brings to Kombat Copper 17 years of extensive management, capital project development and M&A experience within the mining industry. Prior to joining Kombat Copper, Mr. Theron was Managing Director at Liberty Metals & Mining, a private equity group based in Boston, Massachusetts. Mr. Theron was also a strategic member on the board of directors of True Gold Mining. Prior to his work in Boston, Stephan was President & CEO at Forbes & Manhattan Coal Corp., based in Toronto. While he worked at Forbes Coal, he led the acquisition, restructuring and development of two coal mines in South Africa. He has structured numerous mining focused investments and has worked on mining projects throughout Africa and North America. Mr. Theron holds two degrees in Finance and is a Certified General Accountant.
Justin Reid, Executive Chairman of Kombat Copper commented: "The Board of Kombat Copper is pleased to welcome Stephan as our new President and CEO. Stephan's extensive operational and African-focused experience, coupled with his detailed knowledge of project funding and investing will act to not only strengthen our core group, but position the Company as we advance through our previously announced mid-term initiatives and ultimately move back towards full scale production. We have a lot of work to do, and we believe Stephan is the right person to lead us. The Board would also like to thank Paul Bozoki, who will be returning to his role as CFO. Paul skillfully stepped in as CEO as we worked on our final restructuring plan."
Stephan Theron, President and CEO of Kombat Copper, commented: "I am pleased to join Kombat Copper at an important time in the copper price cycle. The Kombat Mine is very well positioned to act as a platform for future growth in Africa and potentially beyond. I'm looking forward to getting started, further enhancing the team's strength and implementing the mine development strategy."
In connection with Mr. Theron's appointment, the Company has granted Mr. Theron 1,500,000 stock options in accordance with the Company's stock option plan. The options have an exercise price of $0.05 and will expire five years from the date of grant. The options will vest immediately. The grant of options remains subject to the approval of the TSX Venture Exchange.
About Kombat Copper
Kombat Copper is a publicly traded Canadian exploration and development company with its core operations focused on copper resources in Namibia, one of the world's most prospective copper regions, where it has substantial assets in place with significant upside. The Company continues to hold an 80% interest in five mining licenses in the Otavi Mountainlands, an area of Namibia particularly known for its high-grade copper deposits. Within these licenses are three past-producing mines including the Company's flagship property, the Kombat Mine.
Kombat Copper has contracted EBM Mining Namibia to begin mining lead/copper mineralization at Kombat East, Kombat Central and potentially Gross Otavi within the year. Concentrates will be produced at the Company's production facilities, which are being refurbished by EBM. EBM is also evaluating opportunities to market aggregate stone and sand byproducts locally.
Kombat Copper's decision to (i) mine the near surface mineralization on the Kombat East and Kombat Central areas, and (ii) produce any concentrate from such mining and processing is not based on a feasibility study or mineral resource/reserve with demonstrated economic viability. Kombat Copper has decided to put certain areas of the Kombat Mine into production without first establishing mineral resources or mineral reserves, supported by a technical report and/or feasibility study. The Company cautions readers that such production may not be economically feasible and historically such projects have a much higher risk of economic or technical failure.
Cautionary Notes
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.
This news release may contain forward-looking statements. These statements include statements regarding the grant of stock options, the impact of the appointment and resignation of officers and directors of the Company, possible mineralization and deposits, the anticipated timeline regarding future exploration work, availability of results and production, the Company's expectations regarding mineral resources, EBM's ability to commence operations and operate the applicable portions of the Kombat mine, EBM's ability to make the requisite investments, the Company's expectations regarding the production and sales of mineralization from the Kombat Mine and potential development work and the Company's plans for the Kombat Mine including any financial impact and community impact. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially because of factors discussed in the management discussion and analysis section of our interim and most recent annual financial statements or other reports and filings with the TSX Venture Exchange and applicable Canadian securities regulations. We do not assume any obligation to update any forward-looking statements, except as required by applicable laws.
Contact
Kombat Copper Inc.
Rob Hopkins
Manager, Investor Relations
+1 (416) 861-5899
info@kombatcopper.com
www.kombatcopper.com