Quimbaya Gold Inc. Strengthens Corporate Governance and Board Appointments

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VANCOUVER, BC, Aug. 23, 2024 /CNW/ - Quimbaya Gold Inc. (CSE: QIM) (OTCQB: QIMGF) ("Quimbaya" or the "Company") is pleased to announce the approval of its comprehensive corporate governance policies by the Board of Directors (the "Policies"). Their implementation reinforces the Company's continued commitment to transparency, accountability and best business practices. These Policies will guide the operations of the Board of Directors and its committees, including the Management Committee, Audit Committee, and others. Additionally, the Company has appointed Olivier Berthiaume as a new director, effective immediately, and Terence Ortslan to its Advisory Board. These appointments significantly bolster Quimbaya's expertise in management and mining, adding valuable knowledge and experience in capital markets.

The newly approved Corporate Governance Charters encompass a comprehensive set of policies and guidelines designed to enhance the governance framework of Quimbaya Gold. These charters will guide the operations of the Board of Directors and its committees, including the Management Committee, Audit Committee, and others.

Key elements of the Corporate Governance Charters include:

• Board Responsibilities: Outlines the duties and responsibilities of the Board of Directors, including oversight of management, budgeting and strategic planning, and risk management.
• Committee Structure: Defines the roles, composition, and responsibilities of each Board committee to ensure effective oversight and decision-making.
• Ethical Standards: Establishes a Code of Conduct for all directors, officers, and employees, promoting integrity, fairness, and accountability in all business activities.
• Shareholder Rights: Reinforces the rights of shareholders and ensures transparent communication and engagement.
• Risk Management: Implements a robust structure for identifying, assessing, and managing risks that could impact the company's performance and reputation.

About Olivier Berthiaume

Mr. Olivier Berthiaume is an accountant with over 12 years of experience working with early-stage companies in the Canadian markets. He holds a Bachelor of Business Administration from HEC Montreal and specializes in private-to-public market transactions, compliance, corporate governance, and corporate growth strategies. Mr. Berthiaume has held various director and officer positions in junior mining companies.

About Terence Ortslan

Mr. Terence Ortslan is a seasoned resource executive with over 40 years of experience, having served in advisory capacities across the mining, metals, and fertilizer sectors. He provides guidance on investment and technical aspects of the industry, as well as strategic and policy advice tailored to mining companies. Additionally, Mr. Ortslan advises financial institutions on investment decisions, offers direction to international industry organizations, and consults with governments on fiscal and industrial regulations. He also supports universities in enhancing their educational standards and assists corporations with decision-making, boardroom leadership, shareholder value enhancement, and strengthening ESG parameters. Mr. Ortslan holds a Bachelor of Engineering & Applied Geophysics and an MBA from McGill University.

Alexandre P. Boivin, CEO of Quimbaya Gold, commented: "The approval of our updated policies underscores our dedication to upholding the highest standards of corporate governance. By establishing clear guidelines and principles, we are ensuring that Quimbaya Gold remains a leader in ethical business practices and continues to deliver value to all stakeholders. Further, I am delighted to welcome Olivier to the Board. His successful management of startups have been instrumental to Quimbaya since its inception. Additionally, I am very pleased to have Terence on our Advisory Board, where he will be available to support our leadership and serve the interests of our stakeholders."

About Quimbaya Gold

Quimbaya aims to consolidate gold reserves through the exploration and acquisition of mining properties in Antioquia, Colombia. Managed by an experienced team in the mining sector, Quimbaya Gold is focused on three projects in the regions of Segovia (the Tahami Project), Puerto Berrio (the Berrio Project), and Abejorral (the Maitamac Project), all located in the Antioquia Province, Colombia.

Cautionary Statements

Certain statements contained in this press release constitute "forward-looking information" as that term is defined in applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward-looking information. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as "intends", "anticipates", or "plans" or variations of such words and phrases or statements that certain actions, events or results "may", "could", "should", "would" or "occur". Forward-looking information by its nature is based on assumptions and involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Quimbaya to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. Although Quimbaya's management believes that the assumptions made and the expectations represented by such information are reasonable, there can be no assurance that the forward-looking information will prove to be accurate. Furthermore, should one or more of the risks, uncertainties or other factors materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements or information. Readers are cautioned not to place undue reliance on forward-looking information as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Forward-looking information contained in this news release is expressly qualified by this cautionary statement. The forward-looking information contained in this news release represents the expectations of Quimbaya as of the date of this news release and, accordingly, is subject to change after such date. Except as required by law, Quimbaya does not expect to update forward-looking statements and information continually as conditions change.

Neither the Canadian Securities Exchange nor its regulation services provider accepts responsibility for the adequacy or accuracy of this release.

SOURCE Quimbaya Gold Inc.