Vancouver, British Columbia--(Newsfile Corp. - April 13, 2021) - Cabral Gold Inc. (TSXV: CBR) (OTC PINK: CBGZF) ("Cabral" or the "Company") is pleased to announce the appointment of Rodney Cooper, P.Eng., to Cabral's Board of Directors, with immediate effect.
Rodney Cooper is a mining engineer with a degree in Applied Science (Mining) from Queen's University in Kingston, Ontario, and also holds an MBA from the University of Toronto.
Mr. Cooper worked in various capacities with Echo Bay Mines for 12 years from 1985 onwards, and was Mine Superintendent at Homestake's high-grade Eskay Creek Mine from 1997 to 2000. He joined Kinross Gold Corporation in 2000 and was VP Technical Services for Kinross from 2002 to 2006. During this time, he made numerous trips to Brazil evaluating gold opportunities, and worked on Kinross' world-class Paracatu gold mine and the Gurupi project.
From 2006 to 2009 he joined Baffinland Iron Mines as Vice President Operations and Chief Operating Officer, before being appointed a Vice President and senior mining analyst with Dundee Securities in Toronto from 2009 to 2011. While with Dundee, Mr. Cooper covered several companies with Brazilian assets. From the period 2011 to 2017, Mr. Cooper was President and COO of Labrador Iron Mines, prior to establishing his own consulting firm.
Mr. Cooper is Principal at Cooper Mine Management and Valuation Consulting and is a director of Moneta Porcupine Mines Inc. which has a number of gold exploration projects in Ontario, including a 50% JV with Kirkland Lake Gold. He was formerly a director at Klondex Gold until the company was acquired by Hecla.
The Company also announces that Dennis Moore has resigned from the Board of Directors as part of his retirement process. The Board would like to thank Dennis for his significant contributions to both the Cuiú Cuiú gold project and the Company, and wishes him well in his retirement.
Alan Carter, Cabral's President and CEO commented, "We are delighted that Rod has agreed to join our Board of Directors. His education and wide experience as a mining engineer, analyst and mining executive brings a diverse set of skills and expertise to Cabral's Board. His experience with Kinross Gold and its Paracatu gold mine in Brazil in particular, should prove invaluable to Cabral as we continue to advance towards unlocking the high-grade potential of the Cuiú Cuiú gold project".
Issuance of Stock Options and RSU's
Cabral's Board of Directors has approved the granting of restricted share units ("RSUs") pursuant to the Company's RSU plan. Subject to any necessary or required approval of the TSX Venture Exchange, the RSUs entitle the holders to acquire a total of 584,374 common shares in the capital stock of the Company. In respect of the 126,041 RSUs granted to three independent directors, fifty percent of the RSUs will vest 18 months after the date of grant with the remainder vesting after 36 months. In respect of 435,416 RSUs granted to non-independent directors, officers and employees (five recipients), one hundred percent of the RSUs will vest 36 months after the date of grant. In respect of the remaining 22,917 RSUs granted to a consultant, one hundred percent of the RSUs will vest 18 months after the date of grant.
Cabral's Board of Directors has approved the granting of stock options pursuant to the Company's stock option plan. The stock options entitle the holders to purchase a total of 600,000 common shares in the capital stock of the Company at a price of $0.49 per common share. The grant includes 300,000 stock options granted to a director of the Company. The stock options are exercisable for five years and are subject to vesting over 24 months.
About Cabral Gold Inc.
The Company is a junior resource company engaged in the identification, exploration and development of mineral properties, with a primary focus on gold properties located in Brazil. The Company has a 100% interest in the Cuiú Cuiú gold district located in the Tapajós Region, within the state of Pará in northern Brazil. Two gold deposits have so far been defined at Cuiú Cuiú and contain 43-101 compliant Indicated resources of 5.9Mt @ 0.90g/t (200,000 oz) and Inferred resources of 19.5Mt @ 1.24g/t (800,000 oz).
The Tapajós Gold Province is the site of the largest gold rush in Brazil's history producing an estimated 30 to 50 million ounces of placer gold between 1978 and 1995. Cuiú Cuiú was the largest garimpo in the Tapajós and produced an estimated 2Moz of placer gold historically.
FOR FURTHER INFORMATION PLEASE CONTACT:
President and Chief Executive Officer
Cabral Gold Inc.
Dr Adrian McArthur, B.Sc. Hons, PhD. FAusIMM., a consultant to the Company as well as a Qualified Person as defined by National Instrument 43-101, supervised the preparation of the technical information in this news release.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as such term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains certain forward-looking information and forward-looking statements within the meaning of applicable securities legislation (collectively "forward-looking statements"). The use of the words "will", "expected" and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Such forward-looking statements should not be unduly relied upon. This news release contains forward-looking statements and assumptions pertaining to the following: strategic plans and future operations, and results of exploration. Actual results achieved may vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors. The Company believes the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct.
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