TSX:TML
TORONTO, Dec. 1, 2016 /CNW/ - Treasury Metals Inc. (TSX:
TML) ("Treasury" or the "Company") is pleased to announce that
former Kirkland Lake Gold Executive Chris Stewart, P.Eng., has been
appointed President and Chief Executive Officer. Mr. Stewart will
join Treasury effective December 5th,
2016.
Mr. Stewart, who is a senior executive with more than 24 years
of diversified experience in the mining industry, will lead the
Company's transition through the development stage into production.
Permitting of Treasury's Goliath Gold Project in northwestern
Ontario is currently well advanced
pursuant to a Federal EIS process, and a feasibility study on a
combined surface and underground operation is expected to be
initiated in early 2017.
Marc Henderson, Chairman of the
Board of Directors, commented, "We are delighted to welcome Chris
as our new President and CEO. He brings a wide ranging set of skill
sets that are ideally suited to Treasury's current phase and that
should benefit us immensely as we advance towards production. His
experience includes both the construction and operation of
significant gold and base metal mining projects here in
Ontario as well as deep experience
from the contracting perspective, which should be invaluable when
the Company enters into financing and construction discussions
later in 2017. Chris is coming off a highly successful operational
turnaround at one of Canada's
storied gold mines and we believe his appointment should assist in
gaining better market visibility for Treasury and our flagship
Goliath Project."
Treasury's new President and Chief Executive Officer,
Chris Stewart, stated, "I am
extremely excited about having the opportunity to build and lead
the team at Treasury Metals as we look to construct a brand new
mine here in Ontario. The team has done a great job advancing
the project to where it is today and my expertise is well suited to
move the company through the final stages of development and
ultimately into gold production. Ontario is a great jurisdiction to be
developing a high-quality gold project like Goliath and I see
tremendous upside potential for our stakeholders."
Mr. Stewart joins Treasury from Kirkland Lake Gold Inc. where he
was the Vice President of Operations and responsible for all mining
and milling activities of the company. As a key member
responsible for Kirkland's recent
productivity and efficiency improvements at the operations, he
ultimately delivered exceptional results for stakeholders. The four
operating mines in Ontario
(Macassa, Holt, Holloway and Taylor) and two operating mills
(Macassa 2,000 mtpd and Holt 3,000 mtpd) at Kirkland Lake Gold
employed more than 1,350 people and produced 153,957 ounces of gold
in 2015 under Mr. Stewart's direction. During the same period
of improving operational performance, Kirkland's market capitalization increased
from approximately C$240 million to C$1.3
billion and successfully integrated the St. Andrew
Goldfields operations.
In addition to his recent experience at Kirkland Lake Gold, Mr.
Stewart was the President and CEO of Liberty Mines Inc. from 2011
to 2013 and Project Manager-Shafts for BHP Billiton's Jansen
Project in Saskatoon from 2010 to
2011. He also was Vice President Operations for Lake Shore
Gold Corporation where he was responsible for the operations
including advanced development work and shaft sinking at the new
Timmins Mine and refurbishment of the mill at the Bell Creek
Mine.
At Dynatec Corporation, where Mr. Stewart's career commenced, he
spent 13 years in mine contracting throughout Canada and the USA. He managed
significant capital investment and operating projects for numerous
companies including Vale Canada Ltd., FNX Mining Company Inc. (now
KGHMI), Xstrata plc and Goldcorp Inc.
The Company has granted Mr. Stewart incentive stock options to
acquire a total of 900,000 common shares of the Company at an
exercise price of $0.62 per common
share, 300,000 shares of which shall vest immediately and the
remainder of which shall vest in two equal installments on his
first and second employment anniversary date with the Company.
The options expire 3 years from the date of grant and each
option acquires one common share of the Company.
Mr. Stewart is a registered Professional Engineer in
Ontario and holds a Bachelor of
Science, Mining Engineering, from Queen's University. He will
be based in Treasury's Toronto
corporate headquarters.
Further information about Mr. Stewart's background and
information regarding Treasury can be found at
www.treasurymetals.com
Treasury Metals Inc. is a gold focused exploration and
development company with assets in Canada and is listed on the Toronto Stock
Exchange ("TSX") under the symbol "TML". Treasury Metals Inc.'s
100% owned Goliath Gold Project in northwestern Ontario is slated to become one of
Canada's next producing gold
mines. With first-rate infrastructure currently in place and gold
mineralization extending to surface, Treasury Metals plans on the
initial development of an open pit gold mine to feed a 2,500 per
day processing plant with subsequent underground operations in the
latter years of the mine life. Treasury Metals is currently in the
mine permit process and working towards completion of a feasibility
study on the Goliath Gold Project.
Forward looking Statements
This release includes
certain statements that may be deemed to be "forward-looking
statements". All statements in this release, other than
statements of historical facts, that address events or developments
that management of the Company expect, are forward-looking
statements. Actual results or developments may differ materially
from those in forward-looking statements. Treasury Metals
disclaims any intention or obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise, save and except as may be required by
applicable securities laws.
SOURCE Treasury Metals Inc.