OAKVILLE, Ontario, April 09, 2019 (GLOBE NEWSWIRE) -- Broadway Gold Mining Ltd. (“Broadway” or the “Company”) (BRD.V) (BDWYF) is pleased to announce the appointment of Duane Parnham as Executive Chairman, assuming the roles of President and CEO, effective May 1, 2019. Parnham has served as a Director and conducted managerial duties since Broadway commenced trading as BRD on the TSX Venture Exchange on October 18, 2016.
The Company’s current President and CEO, Thomas Smeenk, is stepping down to pursue other endeavours.
"On behalf of the Board of Directors, I extend our sincerest thanks to Thomas for his important contributions to the Company’s progress and wish him every success with his future plans,” said Parnham. “We continue to work diligently to advance the exploration and development of our Broadway and Madison mines, and remain excited by our progress to date."
In addition, Broadway announces that Board members, consultants and employees have been granted a total of 675,000 options to purchase common shares of the Company at $0.10 each, exercisable for a period of five years from the date of issuance (the “Options”). The Options vest immediately and are subject to regulatory approval.
About Broadway Gold Mining Ltd.
Through its wholly owned Montana-based subsidiary, Broadway Gold Corp., the Company is focused on the exploration and development of its two mines, the Broadway and Madison mines, and the delineation of the porphyry source of their mineralization. The Company owns a 100% interest in the two mines and has staked an area of four-square-miles in the Butte-Anaconda region of Montana, a porphyry-based mining district. The Company is permitted for mining and exploration.
Approximately $20 million has been invested in the exploration, development and bulk sampling of the Madison mine since 2005. Whereas the Broadway mine produced 144,000 ounces of gold at an average grade of 0.32 oz/ton Au from 1880 to 1950, the Madison produced bulk samples of 13,242 tons at an average grade of 25% Cu and 0.32 oz/ton gold from 2005 to 2011.
The Company is expanding known copper and gold zones that are open to depth with a 2,200-foot infill drill program; working a surface exploration program that has identified new anomalies along the two-mile contact zone; seeking a senior mining company to drill porphyry targets identified by its soil geochemistry, its geophysics, and its discovery of Latite porphyry in holes C17-24 and C17-C27 (see news release dated January 22, 2018) that appear to be of significant size with intercepts to-date measuring up to 234 meters, open in all directions.
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This news release includes certain forward-looking statements or information. All statements other than statements of historical fact included in this release or other future plans, objectives or expectations of Broadway are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from Broadway's plans or expectations include risks relating to the actual results of current exploration activities, fluctuating commodity prices, possibility of equipment breakdowns and delays, exploration cost overruns, availability of capital and financing, general economic, market or business conditions, regulatory changes, timeliness of government or regulatory approvals and other risks detailed herein and from time to time in the filings made by Broadway with securities regulators. Broadway expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise except as otherwise required by applicable securities legislation.
Neither the TSX Venture Exchange Inc. 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 release.