WINNIPEG, MANITOBA--(Marketwired - Mar 18, 2014) - San Gold Corporation (SGR.TO)(SGRCF) ("San Gold" or the "Company") announced today that its Board of Directors has appointed Chief Financial Officer Gestur Kristjansson as the Company's acting Chief Executive Officer.
Mr. Kristjansson replaces Ian Berzins, who has served as President and Chief Executive Officer of the Company since March 2013 and as Chief Operating Officer since May 2008.
"Mr. Kristjansson brings a wealth of senior management experience, with over seven years' experience at San Gold. His financial expertise is especially important at this critical time as the Company refines its business case while shifting focus toward its high-grade discoveries at the eastern extent of the Rice Lake mine. On behalf of the Board, I would like to thank Mr. Berzins for his tireless efforts in building and promoting the Rice Lake project over the past seven years and we wish him well in his future endeavors," said San Gold's Chairman, Bob Brennan.
"We have a strong team in place with well-developed mining infrastructure. I am honoured to lead our Company as we proceed to the next phase in the development of the Rice Lake Mining Complex and I look forward to working closely with our Board of Directors and the operations team during this period of transition," said Mr. Kristjansson.
Mr. Kristjansson joined San Gold in December 2006 as Vice-President, Finance. He has extensive previous public company experience and has held executive management positions with real estate investment funds and capital corporations. Mr. Kristjansson has a Bachelor of Arts (Hon) degree in Applied Economics from the University of Manitoba, an MBA in Finance from the University of British Columbia and is a designated Chartered Accountant (CA).
While Mr. Kristjansson serves as the acting Chief Executive Officer, Mandeep Rai, the Corporate Controller of the Company, will serve as acting Chief Financial Officer.
Mr. Rai is a Chartered Accountant with significant accounting, finance and audit experience working with large public corporations. He started his career at Deloitte & Touche LLP where he worked in the Assurance & Advisory practice focusing on publically listed companies. Mr. Rai has a Bachelor of Commerce (Hon) degree in Finance and Accounting from the University of Manitoba, and is a designated Chartered Accountant (CA).
About San Gold
San Gold is an established Canadian gold producer, explorer, and developer that owns and operates the Hinge, 007, and Rice Lake mines near Bissett, Manitoba. San Gold is listed on the Toronto Stock Exchange under the symbol "SGR" and on the OTCQX under the symbol "SGRCF".
No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. This news release includes certain "forward-looking statements". All statements, other than statements of historical fact included in this release, including, without limitation, statements regarding forecast gold production, gold grades, recoveries, cash operating costs, potential mineralization, mineral resources, mineral reserves, exploration results, and future plans and objectives of San Gold, are forward-looking statements that involve various risks and uncertainties. These forward-looking statements include, but are not limited to, statements with respect to mining and processing of mined ore, achieving projected recovery rates, anticipated production rates and mine life, operating efficiencies, costs and expenditures, changes in mineral resources and conversion of mineral resources to proven and probable mineral reserves, and other information that is based on forecasts of future operational or financial results, estimates of amounts not yet determinable and assumptions of management.