Tarachi Gold Corp. Announces Director Addition and Change of Auditor
VANCOUVER, April 7, 2021 - Tarachi Gold Corp. (CSE: TRG) (OTCQB: TRGGF) (Frankfurt: 4RZ) ("Tarachi" or the "Company") is pleased to announce that Mr. Veljko Brcic has agreed to join the Board of Directors and he will replace Mr. Leighton Bocking. The Company would like to thank Mr. Bocking for his time and dedication and wishes him all of the best in his future endeavors. Mr. Brcic has ten years of industry experience. He currently is VP of Corporate Development with Vizsla Silver Corp. and Inventa Capital. Prior to that, he was a Senior Associate of the investment team at Pala Investments, a Swiss-based mining focused private equity fund. During his time at Pala, Mr. Brcic was involved in the origination, negotiation and due diligence of multiple investments covering a range of commodities - most notably precious and battery metals - geographical locations, and stages of development. He also supported many of Pala's portfolio companies on a range of strategic initiatives, M&A opportunities and financial planning. Mr. Brcic holds an MBA from HEC Paris and a BCom with honours from UBC. His native language is Spanish.
Cameron Tymstra, CEO stated, "I would like to thank Leighton for his years of guidance with the Company and am looking forward to working with Veljko. I expect Veljko's years of corporate development and project evaluation experience will prove invaluable to Tarachi as we develop our existing projects and look to add to our portfolio in Mexico".
The Company also announces that it has changed its auditors from Baker Tilly WM LLP (the "Former Auditor") to MNP LLP (the "Successor Auditor") effective April 7, 2021. At the request of the Company, the Former Auditor resigned as the auditor of the Company effective April 7, 2021 and the board of directors of the Company appointed the Successor Auditor as the Company's auditor effective April 7, 2021, until the next Annual General Meeting of the Company. There were no reservations in the Former Auditor's audit reports for the relevant period, being the financial year ended July 31, 2020. In accordance with National Instrument 51-102 - Continuous Disclosure Obligations ("NI 51-102"), the Company has filed a Change of Auditor Notice (the "Notice") on SEDAR together with letters from both the Former Auditor and Successor Auditor, with each letter confirming agreement with the statements contained in the Notice, as applicable. There were no reportable events as defined in NI 51-102 between the Former Auditor and the Company.
About Tarachi Gold
Tarachi Gold is a Canadian-listed junior gold exploration company focused on exploring and developing projects in Mexico. The Company's Tarachi project covers 3,708ha of highly prospective mineral concessions in the Sierra Madre gold belt of Sonora, Mexico in close proximity to Alamos Gold's Mulatos mine and Agnico Eagle's La India mine. Tarachi has also acquired the Magistral Mill and tailings project in Durango, Mexico. Magistral includes a 1,000 tpd mill and access to a tailings resource (non-compliant with NI 43-101) estimated to contain 1.3Mt at 2.05g/t Au which the Company expects to bring into production in 2022.
Qualified Person
Lorne Warner, P.Geo, VP Exploration and Director of the Company is a qualified person as defined by National Instrument 43-101 and has reviewed and approved the scientific and technical disclosure in this news release.
SPECIAL NOTE REGARDING FORWARD LOOKING STATEMENTS
This news release includes certain "Forward-Looking Statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and "forward-looking information" under applicable Canadian securities laws. When used in this news release, the words "anticipate", "believe", "estimate", "expect", "target", "plan", "forecast", "may", "would", "could", "schedule" and similar words or expressions, identify forward-looking statements or information. These forward-looking statements or information relate to, among other things: the completion of the PEA; future exploration programs including the completion of electrical and other audits, a detailed review of the current plant, equipment and Merrill-Crowe system and the mobilization of an auger drill rig, and the completion of drill holes; and receipt of assay results.
Forward-looking statements and forward-looking information relating to any future mineral production, liquidity, enhanced value and capital markets profile of Tarachi, future growth potential for Tarachi and its business, and future exploration plans are based on management's reasonable assumptions, estimates, expectations, analyses and opinions, which are based on management's experience and perception of trends, current conditions and expected developments, and other factors that management believes are relevant and reasonable in the circumstances, but which may prove to be incorrect. Assumptions have been made regarding, among other things, the price of silver, gold and other metals; no escalation in the severity of the COVID-19 pandemic; costs of exploration and development; the estimated costs of development of exploration projects; Tarachi's ability to operate in a safe and effective manner and its ability to obtain financing on reasonable terms.
These statements reflect Tarachi's respective current views with respect to future events and are necessarily based upon a number of other assumptions and estimates that, while considered reasonable by management, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors, both known and unknown, could cause actual results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements or forward-looking information and Tarachi has made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation: the Company's dependence on one mineral project; precious metals price volatility; risks associated with the conduct of the Company's mining activities in Mexico; regulatory, consent or permitting delays; risks relating to reliance on the Company's management team and outside contractors; risks regarding mineral resources and reserves; the Company's inability to obtain insurance to cover all risks, on a commercially reasonable basis or at all; currency fluctuations; risks regarding the failure to generate sufficient cash flow from operations; risks relating to project financing and equity issuances; risks and unknowns inherent in all mining projects, including the inaccuracy of reserves and resources, metallurgical recoveries and capital and operating costs of such projects; contests over title to properties, particularly title to undeveloped properties; laws and regulations governing the environment, health and safety; the ability of the communities in which the Company operates to manage and cope with the implications of COVID-19; the economic and financial implications of COVID-19 to the Company; operating or technical difficulties in connection with mining or development activities; employee relations, labour unrest or unavailability; the Company's interactions with surrounding communities and artisanal miners; the Company's ability to successfully integrate acquired assets; the speculative nature of exploration and development, including the risks of diminishing quantities or grades of reserves; stock market volatility; conflicts of interest among certain directors and officers; lack of liquidity for shareholders of the Company; litigation risk; and the factors identified under the caption "Risk Factors" in Tarachi's management discussion and analysis. Readers are cautioned against attributing undue certainty to forward-looking statements or forward-looking information. Although Tarachi has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be anticipated, estimated or intended. Tarachi does not intend, and does not assume any obligation, to update these forward-looking statements or forward-looking information to reflect changes in assumptions or changes in circumstances or any other events affecting such statements or information, other than as required by applicable law.
SOURCE Tarachi Gold Corp.
Contact
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