VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 01/07/13 -- Batero Gold Corp. (TSX VENTURE: BAT) ("Batero" or "the Company") is pleased to announce that the escrowed proceeds from the offering of subscription receipts that was completed by the Company on December 13, 2012, in the amount of $12,003,614 (including all accrued interest), have been released from escrow to the Company following the satisfaction of the escrow release conditions. Concurrently, the 18,456,000 subscription receipts held by certain shareholders of Consorcio Minero Horizonte S.A. ("Horizonte" and together with its affiliates and shareholders, the "Horizonte Group") have been converted into an equal number of common shares and 5,000,000 common share purchase warrants (the "Subscription Receipt Conversion"). As a result of the Subscription Receipt Conversion, the Horizonte Group now owns or controls approximately 35% of Batero's issued and outstanding shares.
In connection with the Subscription Receipt Conversion, the Horizonte Group has exercised its right to appoint two nominees to the board of directors of the Company (the "Board"). Felix Navarro-Grau Hurtado and Ernesto Bendezu Flores, nominees of the Horizonte Group, have been appointed to the Board. Juan David Uribe, a new nominee of the Company, has also been appointed to the Board. Nick Demare, Leonard Harris, and Darrell Podowski have resigned from the Board. The reconstituted Board now consists of Brandon Rook, Darryl Lindsay, Felix Navarro-Grau Hurtado, Ernesto Bendezu Flores, and Juan David Uribe. The new appointments are subject to the approval of the TSX Venture Exchange.
"On behalf of the Board, we are happy to welcome Felix Navarro-Grau Hurtado, Ernesto Bendezu Flores, and Juan David Uribe to the Board. Their collective extensive mining and business experience are expected to greatly benefit Batero and its shareholders. We would also like to thank Nick Demare, Leonard Harris, and Darrell Podowski, who have resigned from the Board to accommodate the new appointments, for their past efforts" stated Brandon Rook, President, CEO and Director of the Company.
The biographies for the newly appointed members of the Board are as follows:
Felix Navarro-Grau Hurtado:
Mr. Navarro-Grau has been the General Manager of Desafio Minero S.A.C., an affiliate of Horizonte, since August of 2010. Mr. Navarro-Grau has also served as a Director of Antioquia Gold Inc. since August of 2010, and is also a director of several private companies that form part of the Navarro Grau group, including Horizonte. Mr. Navarro Grau has a B.Sc. in Economics from Universidad del Pacifico in Lima, Peru, and has specialized studies in finance and business administration, with 17 years of experience in the mining sector. He has been in charge of developing the mining business of Consorcio Minero Horizonte S.A., the fifth largest gold producer (second underground) in Peru with production in excess of 200,000 ounces a year and a consolidated group of mining properties under exploration. Mr. Navarro Grau has served as director of the Mining Engineers Institute of Peru, the National Mining Society of Peru and has been president of the XXIX Mining Convention of Peru - PERUMIN. Mr. Navarro Grau is a resident of Lima, Peru.
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