VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 04/02/13 -- Goldrock Mines Corp. (TSX VENTURE: GRM) -
Goldrock Mines Corp. ("Goldrock" or the "Company") is pleased to announce the appointment of Bassam Moubarak to the position of Chief Financial Officer.
Mr. Moubarak is a Chartered Accountant with expertise in corporate finance, corporate reporting, financial processes, financing and risk management. Mr. Moubarak has held senior management positions for mining companies including Petaquilla Minerals Ltd. where he was instrumental in raising in excess of $120 million to develop and bring into production the Molejon Gold Mine. He also played a key role in the sale of Petaquilla Copper Ltd to Inmet Mining Corporation for $400 million and negotiated the sale of Golden Arrow Resources Corporation's 1% net smelter royalty on Gualcamayo Gold Mine to Premier Royalty Inc. for $17.75 million. Mr. Moubarak has previously held the position of Senior Manager with the public accounting firm of Deloitte & Touche LLP., where he led audits of public companies and oversaw SOX 404 implementations with specific emphasis on the mining industry. Mr. Moubarak has a B.A. in Economics from Simon Fraser University.
Paul Matysek, President and CEO commented, "I am very pleased to welcome Bassam to Goldrock. His experience operating in South and Central America, and specifically in Argentina, will make him a valuable addition to the Company. His appointment and his skill in project financing is timely as the Company is planning to announce the results of its feasibility study on the Lindero heap leach gold project by the end of the month. On behalf of the board, I would also like to thank Art McQuade for his substantial contribution as CFO over the past five years."
The Company has granted Mr Moubarak incentive stock options to purchase up to 300,000 common shares at a price of $0.67 per share for a period of three years pursuant to its Stock Option Plan.
ON BEHALF OF THE BOARD OF DIRECTORS,
Paul Matysek, M.Sc., P.Geo, President and CEO
About Goldrock Mines Corp.
Goldrock Mines Corp. (the "Company") recently enhanced its management team and is pursuing a long-term objective to become an annual 250,000 ounce gold producer, both organically through the development of its existing properties and by the acquisition of near-term production assets through purchase or merger.
Goldrock is a Canadian-based explorer and developer focusing on the development of its 100% owned Lindero gold deposit and the exploration of the adjacent Arizaro gold-copper porphyry prospect located within the Lindero project in Salta province, northwestern Argentina. It is anticipated that the results of a feasibility study on the Lindero deposit will be announced this month. The feasibility study is based on a heap leach gold mine operating at approximately 15,000 tpd using a higher cut-off grade (0.35 to 0.4 g/t Au). Different production options are being assessed from a standard 10 year life of mine production plan to more selective mining approaches that would allow for initial processing of higher grade ore at reduced throughput, to reduce initial capital cost, followed by scaling up of the operation utilizing the early project cash flow.
The current NI 43-101 reported Measured and Indicated resources (at a 0.4 grams/tonne Au cut-off) for the Lindero deposit is 71.9 million tonnes grading 0.74 grams/tonne Au, containing 1.71 million ounces of gold. (see news release dated March 22, 2010).
The Company has been granted the primary mining permit (Declaracion de Impacto Ambiental) by the Salta provincial government allowing the Company to develop the Lindero open pit, heap leach gold mine.
David Keough, FAusIMM(CP), COO and a director of Goldrock Mines Corp., is a "qualified person" as such term is defined in National Instrument 43-101 (Standards of Disclosure for Mineral Projects) and has reviewed and approved the technical information and data included in this press release.
Caution Regarding Forward-Looking Statements
This press release includes certain statements that may be deemed "forward-looking statements". All statements in this discussion, other than statements of historical facts, that address future exploration drilling, exploration activities, anticipated metal production, internal rate of return, estimated ore grades, commencement of production estimates and projected exploration and capital expenditures (including costs and other estimates upon which such projections are based) and events or developments that the Company expects, are forward looking statements. Although the Company believes the expectations expressed in such forward looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include metal prices, exploration success, continued availability of capital and financing, and general economic, market or business conditions. Accordingly, readers should not place undue reliance on forward-looking statements.
This news release and the information contained herein does not constitute an offer of securities for sale in the United States and securities may not be offered or sold in the United States absent registration or exemption from registration.
Neither the TSX Venture Exchange, nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
Goldrock Mines Corp.
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