VANCOUVER, British Columbia, Oct. 12, 2017 (GLOBE NEWSWIRE) -- InZinc Mining Ltd. (TSX-V:IZN) (“InZinc” or the “Company”) is pleased to announce the appointment of Mr. Wayne Hubert as Chief Executive Officer of the Company.
Mr. Hubert has over 20 years of senior management experience in the mining sector. He was most recently CEO of Andean Resources from 2006 to 2010 when it was acquired by Goldcorp for $3.5 billion. At Andean, Mr. Hubert lead the team which increased resources to over five million ounces of gold and completed feasibility studies, financing and permitting prior to the takeover. Before his tenure at Andean, Mr. Hubert held senior management positions at Meridian Gold where he gained considerable experience in finance, exploration, project development, permitting and construction. Mr. Hubert is currently a director of Austral Gold and Candeleria Mining. He has a bachelor of science in Chemical Engineering and an MBA.
“We are pleased to have Wayne become the driving force for growth at our two zinc projects,” stated Kerry Curtis, Non-executive Chairman of InZinc. “Wayne brings to InZinc extensive experience, successful achievements and enthusiasm to further development of the advanced stage West Desert project in Utah and the early stage Indy project in BC.”
Mr. Hubert stated, “I believe InZinc is at a turning point with strong zinc prices that have made the West Desert recently completed Preliminary Economic Assessment more robust. However, I am more excited by the exploration potential at West Desert — there is a significant precious metals component that has not been tested and impressive exploration potential at depth. The surface exploration at the Indy project this past year was successful in identifying a large zinc-lead-silver anomaly that is drill ready.”
Issuance of Stock Options
InZinc announces the grant of stock options to purchase a total of 980,000 common shares of the Company for a period of five (5) years at an exercise price of $0.12 per share effective October 11, 2017. These stock options will vest as to 50% immediately and 50% on October 11, 2018.
InZinc is focused on growth in zinc through exploration and expansion of the advanced stage West Desert project (100%) in Utah and exploration of the early stage Indy project (100% option) in British Columbia. West Desert has a large underground resource open for expansion and has district scale exploration potential. A West Desert preliminary economic assessment completed in 2014 forecasted 1.6 billion pounds of zinc production over 15 years. Indy comprises both near surface exploration targets and regional discovery potential. Both zinc projects are well located with easy access and existing infrastructure.
InZinc Mining Ltd.
For further information contact:
Vice President, Corporate Affairs
Cautionary Note Regarding Forward-Looking Statements
This news release contains forward-looking statements and forward-looking information (collectively, “forward-looking statements”) within the meaning of applicable Canadian and US securities legislation. All statements, other than statements of historical fact, included herein including, without limitation, statements regarding the Company’s next shareholder meeting. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, plan, design, postulate and similar expressions, or are those, which, by their nature, refer to future events. The Company cautions investors that any forward-looking statements by the Company are not guarantees of future results, performance, or actions and that actual results and actions may differ materially from those in forward-looking statements as a result of various factors, including, but not limited to, those risks and uncertainties disclosed in the Company’s Management Discussion and Analysis for the year ended December 31, 2016 filed with certain securities commissions in Canada and other information released by the Company and filed with the appropriate regulatory agencies. All of the Company's Canadian public disclosure filings may be accessed via www.sedar.com and readers are urged to review these materials, including the technical reports filed with respect to the Company's mineral properties.
The PEA (2014) was prepared by Mine Development Associates with contributions from International Metallurgical and Environmental Inc. in accordance with the definitions in Canadian National Instrument 43-101. All dollar amounts are US currency. The PEA is considered preliminary in nature. It includes Inferred mineral resources that are considered too speculative to have the economic considerations applied that would enable classification as mineral reserves. There is no certainty that the conclusions within the PEA will be realized. Mineral resources that are not mineral reserves do not have demonstrated economic viability. Long-term metal prices used in the study included zinc at $1/lb, copper at $3/lb, iron ore at $105/t (62% Fe, CFR-Tianjin), gold at $1,300/oz and silver at $21/oz. The technical report is entitled “Technical Report on the West Desert Zinc-Copper-Indium-Magnetite Project - Preliminary Economic Assessment - Juab County, Utah” and is available both at www.sedar.com and the Company’s website at www.inzincmining.com.
Kerry M. Curtis, P.Geo. a Qualified Person as defined in NI43-101, has approved the technical content of this news release. Some technical content contained in this news release is based in part on historical reports. The Qualified Person is not responsible for the accuracy or the content of the historical reports.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.