Friday, 29 June 2012

Batero Gold appoints two to advisory board, Hutton resigns from board of directors

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 Colombia.
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 Cormark Securities.
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.

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