Monday, 19 November 2012

Sacre-Coeur Minerals appoints William B. Harris as director

Vancouver-based Sacre-Coeur Minerals (CVE:SCM) Monday announced that it has appointed William B. Harris as an interim director until he stands for election by shareholders.
Shares of the company jumped up 7.14 per cent as at about 10:50 a.m. EDT, trading at 15 cents.
The company said Harris will stand for election at its next AGM, and noted that the board has also appointed him as a member of its audit committee.
“We are delighted to welcome [Mr.] Harris onto the board of directors, and look forward to the benefits of his outstanding experience in helping to steer the company on its path to growth,” said Sacre-Coeur in a recent release.
Harris has more than 35 years of experience in financial and executive management with public companies, said the company. 
A partner of Solo Management Group LLC, he previously served as president and CEO of Hoechst Fibers Worldwide, a company with $5 billion annual sales. 
Harris is also a former director of Energy Metals (ASX:EME) and Potash One, and is currently a director of a number of other resource companies listed on the Toronto Stock Exchange.
Sacre-Coeur is involved in the acquisition, exploration and production of properties for gold, metals and diamonds in South America. 
Initially, the company is focused on exploring and producing gold from its properties in Guyana. It currently holds a 100 per cent interest in roughly 850 square kilometres in Guyana, including its Million Mountain property. 
The project hosts an NI 43-101 compliant hard-rock resource of 451,000 troy ounces of gold combined in the measured and indicated categories. 
Earlier this month, Sacre-Coeur approved an agreement for Canaccord Genuity to sell its gold participating bonds to raise up to US$6 million. 
It is anticipated that the amount of gold committed over the term of the bonds will represent less than 20 per cent of its forecast gold production for the term.  
The company plans to use the new funds for the development of its properties in Guyana and for general working capital purposes. The offering still needs final documentation, as well as regulatory approvals, to close. 
In October, Sacre-Coeur Minerals said it produced and sold a total of almost 597 troy ounces for the September quarter from its alluvial operations in Guyana, for an average of 49.7 troy ounces per week, citing continued improvement in production and cost performance.
Alluvial gold can be found in soil and sediment deposits. These deposits are usually found around rivers, streams, or any other sort of running water.

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