Advance Gold Adds Gennen McDowall to Board of Directors and Sets Options
Kamloops, British Columbia--(Newsfile Corp. - May 4, 2021) - Advance Gold Corp. (TSXV: AAX) ("Advance Gold" or "the Company") is pleased to announce that Gennen McDowall has joined the board of directors.
About Gennen McDowall
Gennen McDowall is a geophysicist with over 40 years of international mining exploration experience. He holds a first-class honours degree in Geophysics from the University of British Columbia.
He has worked for both major and junior mining companies since 1974, including Anglo American Corporation. His experience includes exploration for lithium, uranium, diamonds, base and precious metals. He also has extensive experience in corporate governance through his work with a number of publicly listed junior mining companies.
While working at Anglo American he was responsible for the acquisition, processing and interpretation of geological and geophysical data from the Witwatersrand Basin. A variety of techniques were used, ranging from conventional geological mapping, potential field modelling to reflection seismics. The purpose of this work was to obtain a structural understanding of the gold bearing reefs within the Witwatersrand Basin. This work resulted in the discovery of the Robijn gold deposit in the southern Orange Free State.
As the President and CEO of Xemplar Energy Corporation he was responsible for the development of the company's uranium projects in Namibia. During his four-year tenure with Xemplar the market capital of the company was raised from around $15 million dollars to over $1 billion.
Allan Barry Laboucan, President and CEO of Advance Gold Corp. commented: "I've had the privilege of working with Gennen over the past couple of decades and consider him a mentor not only in geophysics, but also in the exploration business. We have exploration projects underway in Mexico for gold, silver and lithium, as well as in Kenya for gold. Geophysics plays a key role in our exploration programs and our board is pleased to have his advice in our efforts. As an exploration company, we are always looking at new potential projects and Gennen will also help us in evaluating new opportunities. We are fortunate to have someone with Gennen's experience to help us with our current projects and looking at new opportunities, as well as helping with introductions to the network of contacts he has built up in his 40 plus year career from major mining companies to institutional investors."
Advance Gold has granted stock options to its directors, key employees and consultants entitling them to purchase, in total, up to 1,800,000 options over a five year term expiring May 2025 at an exercise price of $0.08 per share. Pursuant to the company's stock option plan, it will be a term of each stock option agreement that a mandatory hold period will be imposed upon the sale or disposition of any shares acquired for four months from the date of the grant of the stock options.
About Advance Gold Corp.
Advance Gold is a junior exploration company focused on acquiring and exploring mineral properties containing precious metals, battery metals and fertilizer minerals. The company acquired a 100-per-cent interest in the Tabasquena silver mine in Zacatecas, Mexico, in 2017, and the Venaditas project, also in Zacatecas state, in April, 2018. In addition, Advance Gold holds an 11.45% interest in strategic claims in the Liranda Corridor in Kenya, East Africa. The remaining 88.55% of the Kakamega project is held by Shanta Gold Limited (project previously owned by Barrick Gold Corporation, for details see Advance Gold News Release dated 2020-08-26). In March 2020, the Company moved into the lithium space with a purchase agreement to acquire 13 lithium-potassium boron prospective salars in central Mexico, which also includes a test plant and exclusive rights to a patented proprietary lithium extraction method.
For further information, please contact:
Allan Barry Laboucan,
President and CEO
Mexico Cellular Phone: 492-238-5282
This news release contains certain statements that may be deemed "forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. The Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors should change, except as required by law.
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