Jun. 24, 2011 (Canada NewsWire Group) --
Trading Symbol: WDG - (TSX.V)
VANCOUVER, June 24, 2011 /CNW/ - Giyani Gold Corp ("Giyani" or the "Company") is pleased to announce that the slate for the upcoming Annual General Meeting ("AGM") to be held on August 30, 2011 will include incoming nominees Mr. Ed Guimaraes and Mr. Scott Kelly to replace directors Mr. Rick Vaive and Mr. James Turner who will not be standing for re-election at the 2011 AGM. Mr. James Turner will continue to serve as an exploration advisor to Giyani.
"The addition of Messrs. Guimaraes and Kelly to the Board will bring valuable mining, financial and public company expertise to Giyani and will maintain our high standards for corporate governance with two independent directors", stated Duane Parnham, Executive Chairman of Giyani.
Mr. Guimaraes is a Chartered Accountant who held progressive management positions with Aur Resources Inc. between 1995 and 2007, ultimately serving as Executive Vice-President, Finance, and Chief Financial Officer. In this position, Mr. Guimaraes was part of the senior management team that executed the acquisition and integration of Aur by Teck Resources Ltd. in a takeover valued at $4.1 billion in August, 2007. Mr. Guimaraes has worked as a consultant in the resources industry since that time and currently holds directorships with Nuinsco Resources Ltd. and Aldridge Minerals Inc. Mr. Guimaraes holds a Bachelor of Arts in Administrative and Commercial Studies from the University of Western Ontario.
Mr. Kelly is the president of a private strategic advisory consulting firm, Cabrana Capital Advisors Inc., focused on emerging market resources. Scott most recently served as Sr. Vice President of TMX Equicom where he guided strategic communications for numerous companies. Mr. Kelly is a trusted adviser to CEO's and management teams and has over 15 years' experience maximizing awareness for public companies in a variety of industries. Scott has direct experience serving as an independent director on public and private company boards, and prior to its acquisition by the TMX Group, Mr. Kelly was a Partner, Director and Senior Vice President of The Equicom Group Inc., Canada's largest and most successful investor relations firm. Prior to joining Equicom, Mr. Kelly founded Biocom Inc., a strategic communications firm purchased by Equicom in 2003. Mr. Kelly holds a degree from Queen's University and post-graduate certifications from the Canadian Institute of Advertising and the University of Toronto.
"We are very pleased to have Ed and Scott join our board. Together, they bring years of valued public company experience, capital markets understanding and mining industry familiarity. Their knowledge and relationships will assist us to advance our flagship project within the Giyani Greenstone Belt, South Africa, as well as our Ontario exploration projects," added Executive Chairman Duane Parnham.
Executive Chairman Duane Parnham commented, "On behalf of Giyani, I offer sincere thanks to both Rick and James for their service on the Company's board of directors. I look forward to continuing to work with James and wish the best to Rick in his future endeavours."
The Company further announces that it has granted an aggregate of 450,000 options to directors, management and consultants. Each option is exercisable at $2.00 per share with an expiry date of June 24, 2016.
The Giyani Gold Transaction
Management continues to await approvals from the South African
Department of Minerals Resources in respect to the completion of the
Giyani Gold Project acquisition announced October 6, 2010.
Accordingly, management is in the process of seeking the consent of
each of the subscribers in the related private placement acquisition
financing to further extend the escrow release date of that financing
to October 31, 2011.
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 news release.
On behalf of the Board of
Giyani Gold Corp.,
"Duane Parnham"
Duane Parnham,
Chairman
This news release contains forward-looking statements regarding the future success of the business of the Company that is subject to risk and uncertainties. Examples of such forward-looking statements including, but are not limited to, statements concerning the Company's acquisition of the interest in the Giyani Gold Project, expectations concerning timing and success of exploration activities generally, government regulation of exploration and mining operations, indications and benefits of exploration, drilling test work and engineering assessments, environmental risks, tile disputes or claims, and the Company's intention to raise additional capital and financing. These forward-looking statements involve known and unknown risk and uncertainties that may cause the Company's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied in these forward-looking statements. These risks include risks related to whether or not the Company will complete the South African transaction, dependence on key personnel, competition, risks related to newly acquired businesses, uncertainty and dilution of additional financing and ability to service debt, as well as the risk factors described in the Company's Management Discussion and Analysis filed on SEDAR at www.sedar.com, and the risks to be described in any Management Information Circular. The forward-looking statements contained herein are made as of the date of this news release and are expressly qualified in their entirety by this cautionary statement. Except as required by law, the Company undertakes no obligation to publicly update or revise any such forward-looking statements to reflect any change in its expectations or in events, conditions or circumstances on which any such forward-looking statements may be based, or that may affect the likelihood that actual results will differ from those set forth in the forward-looking statements.
Please contact Alexander Helmel, President at 604-676-4133.