VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov 1, 2012) - Mansfield Minerals Inc. (the "Company" or "Mansfield") (TSX VENTURE:MDR) is pleased to announce changes to its board of directors and executive team as the Company accelerates the development of its 100% owned feasibility stage Lindero gold project in northern Argentina.
Mr. Paul Matysek, M.Sc., P.Geo, joins the Mansfield team as President and Chief Executive Officer (CEO) and David Keough, FAusIMM(CP), is appointed to the newly created role of Chief Operating Officer (COO).
Mr. Matysek is a mining entrepreneur, professional geochemist and geologist with over 30 years of experience in the mining industry. He has held senior executive and director positions with several natural resource exploration and development companies and is a proven company builder with his most recent assignment being President and CEO of Lithium One Inc. whose world class lithium development project was in northern Argentina. In July 2012, Lithium One merged with Galaxy Resources of Australia via $112M plan of arrangement to create an integrated lithium company of global significance. Prior to Lithium One, Mr. Matysek was the President and CEO of Potash One Inc. where he was the architect of the $434 million friendly takeover of Potash One by K+S Ag, which closed in early 2011. Prior to founding Potash One, Mr. Matysek was the Founder, President and CEO of Energy Metals Corporation ("EMC"), a premier uranium company traded on the New York and Toronto Stock Exchanges. Mr. Matysek led EMC as one of the fastest growing Canadian companies in recent years, increasing its market capitalization from $10 million in 2004 to approximately $1.8 billion when acquired by a larger uranium producer in 2007.
David Keough has held several executive leadership positions with companies including Crocodile Gold, (Australia), Goldcorp (South America), Wheaton River (Asia Pacific), Minera Alumbrera Ltd. (Argentina) and Placer Dome Inc. (Asia Pacific). David has been involved in the mining industry for more than 25 years including 6 years of direct operating experience in Argentina and brings international experience in mining and exploration, project evaluation, feasibility studies, construction and project and business development. He has extensive operational experience in both large open pit and precious metal mining and processing operations, including two gold heap leach mines in Latin America. David possesses solid expertise in occupational health and safety, community and government relations, environmental management and sustainable development projects. He holds a B.Sc (Applied Science) and post graduate qualifications in Mineral Economics and Mining Law and is a Registered Mine Manager in the state of Western Australia.
Gordon Leask on behalf of the board commented, "We are very pleased that Paul Matysek and David Keough have agreed to join the Company, as it accelerates the development of the Lindero gold project. Both have had considerable previous experience with projects in Argentina and will complement the existing experience of the Company''s Argentina based management team. Paul''s experience in the capital markets and proven ability to maximize the value of resource assets for the benefit of all stakeholders and David''s technical and operating skills and expertise in the gold sector strengthens the Company as it takes the next steps towards mine development and production. We thank out-going directors, Dr. Murray Hitzman and George Cavey, for their efforts and wish them every success in their future endeavors."
Paul Matysek commented, "I would like to thank Gordon for his past leadership and the rest of the Board on their success in the discovery and advancement of both the Lindero gold deposit and Arizaro copper-gold porphyry prospect. I look forward to working with David and the Board in moving Lindero towards production in the next 18 months and developing a maiden 43-101 copper-gold resource for the adjacent Arizaro property."
Stock Option Grant
The Company also announces that incentive stock options have been granted to directors and officers to purchase up to 1,575,000 common shares at a price of $0.70 per share, and 500,000 common shares at a price of $0.95 per share, all for a three year period, pursuant to its Stock Option Plan.
David Keough, FAusIMM(CP), COO and a director of Mansfield Minerals Inc 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.
ON BEHALF OF THE BOARD OF DIRECTORS,
Paul Matysek, M.Sc., P.Geo, President and CEO
About Mansfield Minerals Inc.
Mansfield Minerals Inc. is a Canadian-based explorer and developer focusing on the development of the Lindero gold deposit and the exploration of the adjacent Arizaro gold-copper porphyry prospect located within its 100% owned Lindero project, Salta province, northwestern Argentina. A full bankable feasibility study on the Lindero deposit has been commissioned with completion anticipated in early 2013. This final feasibility study will be based on a heap leach gold mine operating at approximately 15,000 tpd using a higher cut-off grade of 0.4 grams/tonne Au, increasing average grades early in the production schedule and lowering initial capital requirements. 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 Company has retained Kappes Cassiday and Associates as lead consultant in collaboration with AMEC Americas Limited, Mine Development Associates, Seegmiller International and American Au Ag Associates to produce the full bankable feasibility study.
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 environmental permit (DIA, Declaracion de Impacto Ambiental) by the Salta Provincial Government allowing the Company to develop the Lindero open pit, heap leach gold mine. This is the primary permit required for project development. The Company intends to aggressively move to finance and build the project following completion of the bankable feasibility study.
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.