VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 04/04/13 -- F.D.G. Mining Inc. (TSX VENTURE: FDG) (the "Company" or "FDG") is pleased to announce that it has appointed JDS Energy and Mining Inc. (JDS) Vancouver, Canada (www.jdsmining.ca) to complete an evaluation, development and execution plan for the Company's 100% owned Topacio Project, Nicaragua, Central America. Antonio Ponte, Executive Chairman commented, "I am very pleased with the appointment of JDS who bring a team of professionals with exceptional project management, mine operation experience and expertise to work with the new FDG management team to advance the Topacio Project".
David St. Clair Dunn has resigned as President and Chief Executive Officer of the Company effective 4 April 2013 but will continue as a member of the Company's Board of Directors.
Antonio Ponte, Executive Chairman and a Director of the Company, has been appointed as Chief Executive Officer (CEO) of the Company effective 4 April 2013.
The Company is also pleased to announce that, effective 4 April 2013, Philipp D. Hoch has been appointed as Chief Financial Officer (CFO) of the Company. Mr. Hoch is an M.B.A. (lic. oec.) graduate of the University of Zurich, and started his career in 1991 with Price Waterhouse. Mr. Hoch began work with Swiss Re and in 1999 was appointed the Chief Group Controller and Member of the Executive Boards Division Finance. In 2004 Mr. Hoch became Chief Financial Officer of Swiss Re (UK) in London and was responsible for the implementation of the New Regulation (N4) of the FSA as well as other projects on capital optimization. In 2008 Mr. Hoch became Chief Financial Officer and Chief Risk Officer of Banca Del Gottardo Group. After the sale of the Bank Mr. Hoch became an independent consultant until 2010 when he was appointed Chief Financial Officer of Deutsche Bank (Suisse) AG until 2012.
Further to FDG's news releases dated 27 August 2012, 27 September 2012 and 31 October 2012, announcing a private placement of 531 units at a price of $1,000 per unit for gross proceeds of $531,000, which units are comprised of secured promissory notes in the aggregate amount of $531,000, bearing interest at the rate of 12% per annum and maturing on 31 October 2013, the Company is pleased to announce that the promissory note holders have agreed to convert the promissory notes, together with all accrued but unpaid interest thereon, into common shares in the capital stock of the Company at a price of $0.13 per share. The Company has also reached an agreement to settle an aggregate of $300,000 in outstanding debt in exchange for common shares in the capital stock of the Company at a deemed price of $0.13 per share. Pursuant to the shares for debt settlements, the Company proposes to issue up to an aggregate of 6,392,307 common shares in full settlement of the outstanding promissory notes and liabilities. The completion of the shares for debt settlements is subject to the approval of the TSX Venture Exchange.
The Company further announces that pursuant to its stock option plan, it has granted stock options to certain directors, officers and consultants of the Company to purchase up to a total of 3,900,000 common shares in the capital stock of the Company. The options are exercisable at a price of $0.13 per share for a term of five years from the date of granting.
About JDS Energy and Mining Inc (www.jdsmining.ca)
JDS is made up of a dynamic team of over 150 employees focused on delivering high quality engineering, construction, procurement and management solutions, both locally and internationally. JDS take projects from the early conceptual vision, right through every stage of planning and development, until they hand you the keys to a fully operational business. JDS offers extensive mining and mine management experience including infrastructure analysis, underground and surface project management, mine planning, production & general mine engineering, cost estimating and regulatory compliance.
About F.D.G. Mining Inc. (www.fdgmining.com)
FDG is a Canadian junior mining company engaged in the exploration and development of precious metal properties in Nicaragua. The Company is focused on advancing its core property, the past-producing 9,300 hectare Topacio Property. Topacio is located in a similar geological setting as B2Gold's La Libertad and El Limon mines, which are located to the northwest of Topacio. Topacio has a National Instrument 43-101 Inferred mineral resource estimate 1,491,634 tonnes (t) grading 5.71 grams per tonne (g/t) gold (Au) containing 273,742 ounces of Au (at 3.0 g/t Au cutoff) and 2,716,176 t grading 3.90 g/t Au containing 340,345 ounces of Au (at 1.5 g/t Au cut-off and a 2.0 metre minimum mining width). This resource was calculated by New Era Engineering Corporation, Randy Clarkson, P.Eng. Author. FDG trades on the TSX Venture Exchange under the symbol FDG.
On Behalf of the Board of Directors
Antonio Ponte, Chairman and Chief Executive Officer
This news release contains forward-looking statements, which relate to future events or future performance and reflect management's current expectations and assumptions regarding, among other things, the intended use of proceeds from the Financing. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Readers are cautioned that these forward looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected. The presence of gold deposits on nearby properties to the Company's property is not necessarily indicative of the gold mineralization on the Company's property. All of the forward-looking statements made in this news release are qualified by these cautionary statements and those in our continuous disclosure filings available on SEDAR at www.sedar.com. These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances save as required under applicable securities legislation. This news release does not constitute an offer to sell securities and the Company is not soliciting an offer to buy securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. The technical disclosure in this news release have been approved by Terry L. Tucker, P.Geo., Director of the Company and a Qualified Person as defined by National Instrument 43-101 of the Canadian Securities Administrators.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
F.D.G. Mining Inc.
Chairman and Chief Executive Officer
Most Popular Stories
- Dmytro Firtash, Ukrainian Billionaire, Arrested in Vienna
- Obama, Ukraine Discuss Russian Incursion in Crimea
- Obama's Overtime Initiative Praised, Condemned
- Republicans Warn Obama on Immigration
- Liberty Media Drops Sirius Bid
- Koch Brothers Step up Anti-Obamacare Campaign
- Calumet Photo Files for Bankruptcy
- FDIC Sues Big Banks Over Rate Manipulation
- Uli Hoeness, Bayern Munich President, Gets Prison for Tax Evasion
- West Readies Harsh Sanctions Against Russia