Azarga Metals Management Change
April 27, 2021 – Vancouver, B.C. - AZARGA METALS CORP. ("Azarga Metals" or the "Company") (TSX-V:AZR) is pleased to announce the appointment of Gordon Tainton as a director and as the Company President and Chief Executive Officer, succeeding Michael Hopley who has stepped down to pursue other interests.
Mr. Tainton is an experienced, successful business leader who, since the early 2000's has held senior management and board positions in both public and private companies within the mining and extractive industries as well as physical commodity marketing. His project experience includes involvement with studies and development plans, trading, logistics, off-take agreements and project financing, and he has significant experience in project generation in the junior mining sector. Tainton currently serves as a Non-Executive Independent Director on the board of Vancouver-based Northern Lights Resources Corp. (CSE: NLR) and Metallum Resources Inc. (TSX-V: MZN). He holds a BA from Simon Fraser University.
Commenting on the management change, Chairman Alex Molyneux said: "Michael is the longest serving Azarga Metals director and has contributed tremendously to its exploration works and project development activities over the years, including leading the most recent campaigns on our Unkur Copper-Silver Project in his capacity as President and CEO for the last two years. On behalf of the board and the company, I thank him for his efforts and wish him well for his next endeavors."
Alex Molyneux went on to say: "I'm excited to bring Gordon on at this time. I believe with his network and strategic thinking we could see some interesting developments for the Company ahead."
Mr. Tainton was granted a total of 3,000,000 incentive stock options for up to a five-year period at an exercise price of $0.13, being a premium to market price.
As announced on April 12, 2021, Azarga Metals has commissioned Wardell Armstrong International ("WAI") to prepare a Preliminary Economic Assessment ("PEA"), incorporating an updated Mineral Resource estimate for Azarga Metals 100% owned Unkur Copper-Silver Project in Eastern Russia. Work on the PEA continues to progress and will consider various operating scenarios including a low capital and operating cost heap-leaching scenario. Additional metallurgical test work is underway with the aim of demonstrating lower reagent consumption for Unkur ore in the leach cycle. Heap-leaching to extract both the copper and silver at Unkur is an important option to consider because it creates the potential for lower capital expenditure and a shorter timeline to production. As such, the results of the additional metallurgical test work are essential to the outcome of the PEA.
Mr. Tainton and Mr. Hopley are working together to ensure a smooth transition for the outstanding PEA works.
About Azarga Metals Corp.
Azarga Metals is a mineral exploration and development company that owns 100% of the Unkur Copper-Silver Project in the Zabaikalsky administrative region in eastern Russia. On completion of a first phase physical exploration program in 2016-2018, the Company estimated an Inferred Resource of 62 million tonnes at 0.53% copper and 38.6g/t silver for the project in the report entitled "Technical Report and Preliminary Economic Assessment for the Unkur Copper-Silver Project, Kodar-Udokan, Russian Federation" dated effective 30, August 2018 authored by Tetra Tech Mining & Minerals.
AZARGA METALS CORP.
For further information please contact: Doris Meyer, at +1 604 536-2711 ext. 6, visit www.azargametals.com, or follow us on Twitter @AzargaMetals. The address of the head office of Azarga Metals is Unit 1 - 15782 Marine Drive, White Rock, BC V4B 1E6, British Columbia, Canada.
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.
This news release contains forward-looking statements that are based on the Corporation's current expectations and estimates. Forward-looking statements are frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "suggest", "indicate" and other similar words or statements that certain events or conditions "may" or "will" occur. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause actual events or results to differ materially from estimated or anticipated events or results implied or expressed in such forward-looking statements. Such factors include, among others: the actual results of current planned exploration activities; conclusions of economic evaluations; changes in project parameters as plans to continue to be refined; possible variations in mineralization grade or recovery rates; accidents, labor disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing; and fluctuations in metal prices. There may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Forward-looking statements are not a guarantee of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.