Canada-based Batero Gold (CVE:BAT) announced Friday the appointment of Juan David Uribe and James Hutton to the company’s advisory board, and the resignation of Hutton from its board of directors.
The news comes two days after the company appointed former Newmont Mining executive Leonard Harris to its board of directors.
Uribe was born and raised in Colombia, and is a lawyer with more than
30 years experience in the natural resource and finance sectors of
Hutton has business experience in financings in the Canadian mining
and energy sectors. He resigned from the company’s board of directors in
order to pursue other opportunities, Batero said.
"I would like to welcome both Mr. Uribe and Mr. Hutton to our Advisory Board,” said Batero’s president and CEO, Brandon Rook.
"Mr. Uribe, an original shareholder and strong long-term supporter of
the company, will take on a more active role and provide to the company
extensive Colombian legal and business acumen."
"I would also like to take this opportunity to thank Mr. Hutton for
his significant contributions to the company as a member of the Board of
Directors over the last two years and look forward to continue working
with him on the Advisory Board."
The purpose of the advisory board is to provide the company’s
management with additional strategic advice as it focuses on developing
the most efficient and cost-effective leach processing circuit for the
Cumbre gold deposit, one of three deposits at its wholly owned
Batero-Quinchia gold project in Colombia.
Uribe is a Colombian attorney and partner of a law firm that
specializes in the mining sector. His roles include negotiating
contracts and commercial transactions to support client's operations in
Colombia, acting as legal counsel in mining law matters, and supporting
foreign investment issues for clients.
Batero reported at the end of April that it had closed an
oversubscribed special warrant financing co-led by Raymond James and
It also completed a non-brokered special warrant financing on the same terms as the brokered financing.
Batero, therefore, issued a total of 9.7 million special warrants at a
price of 65 Canadian cents each, for total proceeds of $6.3 million.
The company said the new funds will be used to advance its Quinchia
project, within a planned preliminary economic assessment, including
additional drilling and metallurgical work, and for working capital and
general corporate purposes.
Batero Gold’s Quinchia gold project is located within the Middle Cauca Belt in Colombia.
The project is host to 3.5 million ounces of gold in the indicated
resource category (248.5 million tonnes averaging 0.44 g/t gold) and 2.6
million ounce of gold in the inferred mineral resource category (242.4
million tonnes averaging 0.33 g/t gold).
Batero's $8 million, 12-month work program for the project in 2012
includes 15,000 metres of drilling, and an updated resource estimate
within a PEA for the La Cumbre area of the property.