KAMLOOPS, BRITISH COLUMBIA--(Marketwire - Dec. 8, 2011) - Cassidy Gold Corp. (TSX VENTURE:CDX) (the "Company" or "Cassidy") is pleased to announce an update on its strategy and current activities.
-- Management completes full review of core asset and data - strategy
-- 1.097Moz contained in 20.45Mt grading 1.7g/t (cut-off @ 0.5g/t) NI 43-
101 gold resource at its Kouroussa project in Guinea
-- Pre-Feasibility Study underway - target completion in second half of
-- Deposit remodelling underway
-- Heap leach metallurgical test work
-- Geotechnical drilling
-- ESIA commencement - critical path item
-- Selection of contract partners underway
-- Objective to rapidly develop open pit gold mining operations
The recently appointed management team of Paul Rankine (President and Chief Executive Officer) and Marion Bush (Chief Operating Officer) bring extensive mining and finance experience to the Company. Following their detailed site assessment of the core near-surface gold assets in Guinea and the accompanying data, management has put a strategic plan in place to determine the commercial viability of development through the completion of a Pre-Feasibility Study.
Cassidy currently has a 1.097Moz contained in 20.45Mt grading 1.7g/t (cut-off @ 0.5g/t) NI 43-101 gold resource and a Scoping Study on its Kouroussa project in Guinea. The Company is progressing towards a completed Pre-Feasibility Study in the second half of 2012. It is intended that the Pre-Feasibility Study project managers will have been appointed by the end of 2011 alongside the appointment of an Environmental and Social Impact Assessment study manger. The Company's consultants will spend early 2012 working on the deposit remodelling, heap leach metallurgical test work and geotechnical drilling. It is expected that a new financial model will be available in the first quarter of 2012.
The Company is proposing to actively engage with the international investment community during the first half of 2012 within a structured communications programme as the Company looks to increase its global profile. Additionally the Company is keen to expose its management team to a variety of investors, analysts and investment and mining press over the course of the coming months.
Paul Rankine, a Qualified Person for the purposes of National Instrument 43-101, has read and taken responsibility for this news release.
Paul Rankine, CEO, commented: "The Board of Cassidy Gold is committed to rapidly developing the potential of the Kouroussa mine. Alongside this we believe that engagement with the global investment community will ensure that the Company is ideally situated to take advantage of the results of its upcoming strategy."
Paul has served as the CEO and a director of Zambezi Nickel Ltd. from May 2005 to February 2007, a director of Stellar Diamonds plc from August 2007 to October 2010 and a director of TomCo Energy plc from September 2011 to present, all companies listed on the London Stock Exchange's AIM. Paul has experience as a mining equities financial analyst and consultant and has held positions with JP Morgan Investment Management Inc., Citigroup Asset Management Ltd. and Altima Partners LLP. Additionally Paul holds a BSc (Eng) Mining and an MSc (Eng) Mineral Economics from the University of Witwatersrand and an MBA from the University of Cape Town, is a fellow of the Southern African Institute of Mining and Metallurgy and a professional member of the Society of Mining, Metallurgy and Exploration Inc. in the United States.
Marion graduated from Curtin University of Technology, Western Australia with a BSc (Geology) in 1993 and a Postgraduate Diploma (Applied Geology) in 1994. She graduated from the Imperial College in London, UK with an MSc (Mineral Project Appraisal) in 1998. Marion has experience in commercial management, analyst and marketing roles. Most recently she worked as an analyst for Zamin Advisors Ltd. and as a consultant with Digby Advisors Ltd.
Cassidy Gold Corp. is a gold exploration and development company listed on the TSX Venture Exchange (symbol CDX). Cassidy's principal asset is its 100% owned interest, subject to a 15% state participation, in the Kouroussa Gold Exploitation License and the surrounding gold exploration concessions in Guinea, West Africa. Cassidy's mission is to fast-track the development of the Kouroussa mine.
This news release contains certain statements that may be deemed "forward-looking statements". Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. 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 may differ materially from those in forward looking statements. Forward looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. The Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change, except as required by law.
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.