Aurania Appoints Vice President – Exploration and Grants Stock-Based Options
Toronto, Ontario, November 3rd, 2017 – Aurania Resources Ltd. (TSXV: ARU) (“Aurania” or the “Company”) is pleased to announce that Mr. Jean Paul Pallier has been appointed Vice President – Exploration to lead the exploration of the Company’s Lost Cities – Cutucu Project in southeastern Ecuador (the “Project”). The Company also granted 430,000 stock options and 124,500 restricted stock units (“RSUs”) to management, directors and members of the Ecuadorian exploration, community relations and administration team.
Appointment of VP-Exploration
Jean Paul (“JP”) has been Aurania’s Chief Geologist since 2013 and played a central role in due diligence of the Project, leading up to its acquisition in April of this year. We are pleased to announce his promotion to VP-Exploration, effective immediately. JP worked closely with CEO, Dr. Keith Barron, and President, Dr. Richard Spencer, in setting out an effective exploration strategy for the large and underexplored Project area. Subsequently JP has been responsible for assembling and training the in-country technical team that has hit the ground running, conducting the stream sediment geochemical survey, reconnaissance geology and sampling programs, while monitoring the airborne geophysics, which is near completion.
JP holds an MSc in Geology from Lorraine Université (1995) and a BSc (Maitrise) from the University of Oviedo (Spain) and UBO – Brest. He has over 20 years’ experience in exploration for precious metals and uranium.
JP started his career as a junior geologist with ASARCO during the discovery of the Camp Caiman project in the jungle in French Guiana and remained with the project through grassroots exploration, geophysical surveys, drilling of a 1.6 Moz gold resource and completion of a feasibility study under Iamgold. JP also worked as an exploration geologist on the Dornod uranium project in Mongolia with Emeelt Mines LLC and as a project manager with Golden Star Resources Ltd. on the Paul Isnard gold project that contains 2.75Moz proven and probable reserves and 3.85Moz measured & indicated resources in French Guiana. In 2009, JP joined Aurania as manager of the Siviez and Marecottes uranium and Mont-Chemin gold projects in Switzerland.
Aurania has granted a total of 430,000 stock options to management, directors, and members of the exploration, community relations and administration team. A total of 13 individuals participated in this grant, many of whom have joined the Company since the acquisition of EcuaSolidus S.A. (“ESA”). The stock options have an exercise price of $2.00, corresponding to the pricing of the most recently completed private placement and at a premium to yesterday’s closing price.
Members of ESA’s community relations, administration and exploration team in Ecuador were granted a total of 124,500 RSUs in Aurania that vest over a period of three years.
Dr. Keith Barron, CEO and major shareholder of the Corporation, who draws no salary from the Company, was not granted additional stock options or RSUs.
Aurania is a junior exploration mining company engaged in the identification, evaluation, acquisition and exploration of mineral property interests, with a focus on precious metals and copper. Its flagship asset, The Lost Cities – Cutucu Project, is located in the Jurassic Metallogenic Belt in the eastern foothills of the Andes mountain range of southeastern Ecuador.
Information on Aurania and technical reports are available at www.aurania.com and www.sedar.com, as well as on Facebook at https://www.facebook.com/auranialtd/, Twitter at https://twitter.com/auranialtd, and LinkedIn at https://www.linkedin.com/company/aurania-resources-ltd-.
For further information, please contact:
Dr. Richard Spencer
Aurania Resources Ltd.
Chief Financial Officer
Aurania Resources Ltd.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
This news release contains forward-looking information that involves substantial known and unknown risks and uncertainties, most of which are beyond the control of Aurania. Forward-looking statements include estimates and statements that describe Aurania’s future plans, objectives or goals, including words to the effect that Aurania or its management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, or “plan”. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to Aurania, Aurania provides no assurance that actual results will meet management’s expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, Aurania’s company’s objectives, goals or future plans, statements, exploration results, potential mineralization, the corporation’s portfolio, treasury, management team and enhanced capital markets profile, the estimation of mineral resources, exploration and mine development plans, timing of the commencement of operations and estimates of market conditions. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, failure to identify mineral resources, failure to convert estimated mineral resources to reserves, the inability to complete a feasibility study which recommends a production decision, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, regulatory, environmental or other project approvals, political risks, inability to fulfill the duty to accommodate First Nations and other indigenous peoples, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, capital and operating costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry, and those risks set out in Aurania’s public documents filed on SEDAR. Although Aurania believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Aurania disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.