IGR Announces New Management, New Board and Yukon Development.
Mr. Gonzalo Torres Macchiavello has been named CEO of IGR and Mr. Lyle Durham will serve as President of the Company. Mr. Torres Macchiavello has extensive international managerial experience in energy, mining and large infrastructural projects while Mr. Durham has experience in the development of junior companies. Mr. Torres Macchiavello has also become a Board member of the company.
Mr. Richard M. Clyne has joined IGR's Board. Mr. Clyne has considerable experience in large contract negotiations, including joint ventures and partnering agreements. He currently has a private practice providing negotiating services to a Fortune 20 company.
Mr. Lyle Durham will continue to serve as Board member.
Mr. David H. Francisco resigned from his position as a member of the IGR Board, effective June 2, 2009.
Development Activities:
International Gold Resources (IGR) and Ryanwood Exploration have entered into an agreement for further exploration and potential development of the Bonanza and King Solomon (formerly Crown Jewel) properties situated in the Dawson Mining District of the Yukon Territory. The agreement provides IGR an option to acquire an undivided 100% right, title and interest to both properties from Ryanwood, in exchange for certain cash payments, stock participation and potential future royalties in the event production occurs. The encouraging exploration results to date, as well as both properties' proximity to the recent significant Underworld Resources gold ore discovery, led to IGR's decision to increase its control of these targets and to accelerate exploration activities in this promising area.
About International Gold Resources:
The vision of International Gold Resources, Inc. is to become recognized as one of the world's premier early stage mineral exploration companies.
This news release contains "forward-looking statements" within the meaning of section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements include statements that relate to government mining permit approvals, the intention and ability to protect the Company's legal rights to its assets in Brazil, the ability to retain future rights to the Cupixi licenses or identify financial or other partners for the Company's Cupixi or Yukon projects and the ability of the Company to obtain additional opportunities in gold. Factors that could cause actual results to differ materially from these forward-looking statements include, among others: the uncertainty of operating in foreign countries; the volatility of mineral prices; potential operating risks of mining, development, and exploration; environmental and governmental proceedings, regulations, and permits, including the mining license approval process and outcome; changes in applicable laws, regulations, or legal requirements pertaining to the Cupixi Project, the Company, and/or its affiliates; availability of financing; force majeure events; and other risk factors as described from time to time in the Company's filings with the Securities and Exchange Commission. These factors are often beyond the Company's ability to control or predict.
For further information, please contact: Mr. Lyle Durham (Vice President, Investor Relations). 206-601-4499
International Gold Resources, Inc. Provides Update on its Brazil and Corporate Strategies
In August 2008, IGR announced that it had filed an amendment to the Company's application for approval of its Cupixi mineral license with the Brazilian National Department of Mineral Production (DNPM). Despite the filing of the amended license application and a complete geologic report that fully addressed the DNPM's initial comments to the Company's 2007 license filing, and the significant efforts of the Company to secure the license, the DNPM as of yet has not issued the license.
The Company has developed an Interim Plan to secure the Cupixi manganese licenses in Brazil. The Interim Plan consists in the engagement of experienced international business consultants located in the US and in Brazil with substantial experience in energy and mining in Brazil, and with an understanding of the norms and procedures of the Brazilian Governmental concession system applications.
The team of consultants will be conducting the activities from Brasilia (Brazil's capital city), where DNPM is located and the decisions and approvals are submitted and granted. After a thorough analysis of the licenses status within the DNPM is performed, the team will work towards the final steps required to obtain the licenses from the DNPM.
The Company has retained Gonzalo Torres-Macchiavello to head up this effort and secure the Cupixi license for IGR. Mr. Torres-Macchiavello has many years of successful experience doing business in Brazil for large corporations, such as NRG Energy Inc., AES GENER, Pennsylvania Power & Light Latin America and EMSA Mining.. He also has developed entrepreneurial activities in Brazil. Mr. Torres-Macchiavello lived in Brazil many years where he obtained his Bachelors and Master Degrees in Business Administration. Gonzalo will be going to Brasilia and Amapa state to formally kick-off the process and carry out the Company's property objectives.
Dave Francisco (IGRU's Chairman of the Board) said, "The Company is very excited to have Mr. Torres-Macchiavello working to help solve the issues in Brazil, and we are confident we have a Interim Plan that will secure our Cupixi license and get the Company back on track. It is also important to mention that the Brazilian manganese exports to China have increased compared with other producing countries"
The company is still working on an avenue to keep up on their work commitments in the Yukon and will try to secure this arrangement.
The Company also has accepted the resignation of Robert Dumont as CEO and a member of the Board of Directors. This position will be filled in the next few months as we make progress on the Cupixi Manganese projects.
About International Gold Resources:
The vision of International Gold Resources, Inc. is to become recognized as one of the premier early stage mineral exploration companies in the world.
This news release contains "forward-looking statements" within the meaning of section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements include statements that relate to government mining permit approvals, the intention and ability to protect the Company's legal rights to its assets in Brazil, the ability to retain future rights to the Cupixi licenses or identify financial or other partners for the Company's Cupixi or Yukon projects and the ability of the Company to obtain additional opportunities in gold. Factors that could cause actual results to differ materially from these forward-looking statements include, among others: the uncertainty of operating in foreign countries; the volatility of mineral prices; potential operating risks of mining, development, and exploration; environmental and governmental proceedings, regulations, and permits, including the mining license approval process and outcome; changes in applicable laws, regulations, or legal requirements pertaining to the Cupixi Project, the Company, and/or its affiliates; availability of financing; force majeure events; and other risk factors as described from time to time in the Company's filings with the Securities and Exchange Commission. These factors are often beyond the Company's ability to control or predict.
International Gold Resources, Inc. Signs Letter of Intent with UltraGold Holdings LLC, for Gold Exploration Project in Guinea, West Africa
The agreement provides for the Company and UltraGold to jointly explore and earn-in to a 25% interest in the share capital of GoldenFrank Resources Inc. ("GoldenFrank") and an interest of 50% in GoldenFrank's interest in the Balandougou property for a total combined direct and indirect interest of 62% in the property. The Company and UltraGold may earn their interest by funding and conducting up to 15,000 meters of drilling in three phases on the Balandougou property which is located near the Mali border in Northeastern Guinea. The project is in the Siguiri Basin Area which hosts numerous gold mines in Northeastern Guinea and Southwestern Mali, including AngloGold Ashanti's Siguiri mine, located approximately 100 kilometers South of Balandougou, Crew Gold's Lefa mine and Kiniero's SEMAFO mine.
Company Chairman, David H. Francisco commented, "This is a very exciting opportunity for IGR and provides the Company with an advanced, low-cost, exploration project in an area that has the potential for a large gold deposit."
The property is comprised of three contiguous exploration licenses covering approximately 400 square kilometers. There are multiple gold showings and four identified and active artisanal gold mines on the property. Gold on the property is primarily found in quartz veins and free nuggets in the surrounding laterite near contact with mineralized structures. Sampling and reconnaissance work conducted by GoldenFrank and its independent consultant have returned multiple high-grade samples from the artisanal mine areas and have identified seven advanced targets for reconnaissance drilling.
The IGR/UltraGold Agreement
Under the terms of the letter of intent, and subject to definitive documentation and funding, the Company has the right to earn approximately 12.5% of GoldenFrank's share capital and a 25% direct interest in GoldenFrank's property for a combined direct and indirect interest of 31% in the Balandougou.
Company President and CEO, Robert L. Dumont said, "This is a very positive development for us. The UltraGold joint venture will give us direct participation in an ongoing exploration project through two very experienced and well established Guinea-based partners. Our investment will go directly into a drilling campaign and we avoid the significant overhead associated with many start-up exploration projects."
About UltraGold
UltraGold Holdings LLC is a privately held exploration company pursuing gold opportunities in Guinea, West Africa. In addition to the GoldenFrank project, UltraGold is exploring, jointly with Newmont Mining Corporation, one of the world's largest gold companies, a large exploration license block in the Siguiri Basin Area approximately 25 kilometers South of AngloGold Ashanti's Siguiri Mine. UltraGold's managing Director, Guinean Operations, Jean Laprade has over 25 years of international mining industry experience, including 10+ years in Guinea. He has held senior financial and mining operations experience with Alcoa and Ashanti Goldfields. Mr. Laprade is also the Honorary Consul of Canada for Guinea.
About GoldenFrank
GoldenFrank ( www.goldenfrank.com ) is a privately held gold exploration company based in Montreal, Canada pursuing gold opportunities in Guinea, West Africa. GoldenFrank's President and CEO, Maurice Giroux is a professional geologist with more than 30 years of international mining, financing and management experience, including 13 years working in Guinea. He has developed excellent business relations with several West African countries though a long-term geological assignment with the World Bank and has managed exploration and development projects in West Africa for Semafa, Searchgold and Stellar Pacific.
About International Gold Resources:
The vision of International Gold Resources, Inc. is to become recognized as one of the premier early stage mineral exploration companies in the world. In addition to the UltraGold Joint Venture, the Company holds option rights to four gold exploration projects in the Yukon Territories, Canada and continues to work for the issuance of its Cupixi mineral license for its manganese project in Amapa State, Brazil.
This news release contains "forward-looking statements" within the meaning of section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements include, without limitation, statements regarding the Balandougou property in Guinea; the implication that the Balandougou property's proximity to AngloGold Ashanti's Siguiri mine and other regional mining operations may lead to the discovery of gold deposits; that exploration costs will be low; that the Balandougou project area has the potential for a large gold discovery; statements about the presence of gold and artisanal mining on the Balandougou property; the gold content and grade of samples from the Balandougou. Where the company expresses or implies an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and believed to have a reasonable basis. Forward looking statements, however, are subject to risks, uncertainties, and other factors that could cause actual results to differ materially from these forward-looking statements. Such factors include, among others: the uncertainty of operating in foreign countries; the volatility of mineral prices; potential operating risks of mining, development, and exploration; environmental and governmental proceedings, regulations, and permits, including the mining license approval process and outcome; changes in applicable laws, regulations, or legal requirements pertaining to the Cupixi Project, the Company, and/or its affiliates; availability of financing; force majeure events; and other risk factors as described from time to time in the Company's filings with the Securities and Exchange Commission. These factors are often beyond the Company's ability to control or predict.
For further information, please contact: Mr. Lyle Durham (Vice President, Investor Relations). 206-601-4499.
International Gold Resources, Inc. Provides Update on its Brazil and Corporate Strategies
In August 2008, IGR announced that it had filed an amendment to the Company's application for approval of its Cupixi mineral license with the Brazilian National Department of Mineral Production (DNPM) that included a complete geologic report addressing the DNPM's initial comments to the Company's 2007 license filing. Following the submission, the Company's President and Chief Executive Officer, Robert L. Dumont spent approximately six weeks in Macapa, Brazil working with the Company's Brazilian legal counsel TozziniFreire Advogados ("Tozzini"), a Sao Paulo-based law firm with expertise in mining applications and licenses in an effort to secure the issuance of the Cupixi license. Despite the filing of the amended license application and the significant efforts of Company management, the DNPM as of yet has not issued the license.
At the same time, the global economic downturn has caused the Company to re-evaluate its corporate and Brazilian strategies.
Mr. Dumont commented, "We have seen a dramatic reduction in base metal, steel and steel input commodity prices as well as available capital for base and ferro metal exploration-stage projects over the past year. We do not think it is prudent at this time to continue to expend significant sums of money on the Cupixi project or other Brazilian mineral assets in the current economic environment. Therefore, we have significantly downsized our Brazilian organization and spend rate in an effort to preserve our limited cash. Our Chairman, David H. Francisco, intends to return to Brazil in mid January as part of our continued effort to seek Brazilian financial partners as well as explore other options to protect and preserve a longer-term option on the Cupixi manganese project in the event that market conditions improve."
Although the Company is re-evaluating the priority of its Cupixi project, the Company continues to advance a strategy for its existing non-Brazilian gold assets as well as look for new opportunities in gold.
Company Chairman, David H. Francisco said, "While the market has changed for base and ferro metals from a year ago, we are still very bullish on gold and believe that long-term fundamentals support higher gold prices. We continue to hold our Yukon options and are in discussions with potential partners to fund additional work on those properties in 2009. We are also looking at new potential opportunities in gold that we hope to be able to communicate in more detail with investors soon."
About International Gold Resources:
The vision of International Gold Resources, Inc. is to become recognized as one of the premier early stage mineral exploration companies in the world.
This news release contains "forward-looking statements" within the meaning of section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements include statements that relate to government mining permit approvals, the intention and ability to protect the Company's legal rights to its assets in Brazil, the ability to retain future rights to the Cupixi licenses or identify financial or other partners for the Company's Cupixi or Yukon projects and the ability of the Company to obtain additional opportunities in gold. Factors that could cause actual results to differ materially from these forward-looking statements include, among others: the uncertainty of operating in foreign countries; the volatility of mineral prices; potential operating risks of mining, development, and exploration; environmental and governmental proceedings, regulations, and permits, including the mining license approval process and outcome; changes in applicable laws, regulations, or legal requirements pertaining to the Cupixi Project, the Company, and/or its affiliates; availability of financing; force majeure events; and other risk factors as described from time to time in the Company's filings with the Securities and Exchange Commission. These factors are often beyond the Company's ability to control or predict.
For further information, please contact: Mr. Lyle Durham (Vice President, Investor Relations). 206-601-4499
International Gold Resources, Inc. Files Amended Application for Approval of its Cupixi Mineral License
In October, 2007, IGR announced the discovery of a manganese target on its Cupixi exploration claims in Amapa State, Brazil along with the filing of its original mineral license application with the DNPM. During the first half of 2008, in response to comments received from the DNPM, the Company performed additional technical evaluation of the work performed at the Cupixi project prior to the original October 2007 submittal.
The amended application report, prepared by Progem Consultaria e Meio Ambiente Ltda. (Progem), an independent and highly respected geologic consulting firm based in Goiania, Brazil addresses fully the DNPM's comments and further supports the existence of a potentially significant manganese target at Cupixi. The Progem report indicates that the Company's Exploration Claim Block 858.034/2001 in the Cupixi area contains an estimated minimum 26 million tonnes of manganese ore. The estimate is based on a delineated surface area of approximately 2 km by 0.7 km containing several manganese outcrops up to 150 meters in length. The estimate is supported by soil samples, trenches of up to 18 meters, and auger holes. The estimate is not compliant with Securities and Exchange Commission and Canadian NI43-101 standards.
Company President and Chief Executive Officer, Robert L. Dumont commented, "I am extremely pleased with the quality of the work performed by Progem and the efforts of Mike Michels, Vice President, Brazilian Operations and the rest of our Brazilian team to complete this process. I look forward to receiving approval from the DNPM to continue our exploration and development efforts at Cupixi."
At such time as the Company's amended mineral license application is approved by the DNPM, the Company intends to seek additional financing to drill on the property and conduct additional feasibility work on Claim Block 858.034/2001 to further determine the grades, depth, and potential economics of the manganese target. If merited, then the Company will have one year from the date of approval to seek a mining concession. An application for a mining concession must include, among other things, a plan for economic development of the deposit, description of processing and ancillary facilities, proof of financial capacity, and satisfaction of various environmental and other required operating permits.
The Cupixi target also appears to trend to the north-east extending on to the Company's Exploration Claim Block 858.037/2007 to the immediate north of Claim Block 858.034/2001, where the Company had suspended drilling pending the approval of a mining license for Claim Bock 858.034/2001. The Company has five years to work on Claim Block 858.037/2007 before it must submit an application for a mining license, providing further potential for exploration upside at Cupixi.
About International Gold Resources:
The vision of International Gold Resources, Inc. is to become recognized as one of the premier early stage mineral exploration companies in the world.
This news release contains "forward-looking statements" within the meaning of section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements include statements that relate to the Company's mining exploration results, government mining permit approvals, estimates of tonnes of manganese ore on the Company's properties, the sufficiency of soil sampling, trenching and auguring to estimate tones of manganese ore, and the intention and ability to conduct additional drilling and feasibility work on the Company's properties. Factors that could cause actual results to differ materially from these forward-looking statements include, among others: the uncertainty of operating in foreign countries; the volatility of mineral prices; potential operating risks of mining, development, and exploration; the uncertainty of estimates of mineralized material and deposits; environmental and governmental proceedings, regulations, and permits, including the mining license approval process and outcome; changes in applicable laws, regulations, or legal requirements pertaining to the Cupixi Project, the Company, and/or its affiliates; availability of financing; force majeure events; and other risk factors as described from time to time in the Company's filings with the Securities and Exchange Commission. These factors are often beyond the Company's ability to control or predict.
For further information, please contact: Mr. John S. Gaensbauer (Vice President, Corporate Development): 720-496-4160 and 1-800-480-9008 (U.S. only). Website: http://www.intlgold.com.