FOCUS ON RETURNING TO FREE CASH FLOW GENERATION
TORONTO, April, 1, 2019 - Superior Gold Inc. ("Superior Gold" or the"Company") (TSXV:SGI) is pleased to announce the appointment of Keith Boyle as Chief Operating Officer ("COO").
Keith is a professional engineer with a B.Sc. in Mining Engineering and a Masters of Business Administration degree, and with more than 30 years of experience in progressively more senior roles from General Manager to COO. He has worked in precious and base metals systems, at both open pit and underground operations in North America and internationally, including an extended period in Australia and Papua New Guinea. This work has been performed for both senior and junior companies including Placer Dome Inc., Aur Resources Inc., Inco Ltd., Cominco Ltd., and Dynatec Corp. During his career, Keith has demonstrated expertise in a number of key areas including operating efficiencies and optimizing operations, cost control, and managing budgets for improved financial performance. He also has extensive experience in mergers and acquisitions and preparation of feasibility studies.
Chris Bradbrook, President and CEO of Superior Gold stated: "We are very pleased to welcome Keith to the Superior Gold team and believe he is an important addition. We initially engaged him in February in a consulting role to help us return the undergound Plutonic Gold mine to the level of performance that we saw in 2016 and 2017, with our primary focus being on improving stoping grade and free cash flow generation. Keith has been at site for approximately six weeks and we have appreciated the positive affect he has had at the operations. Most importantly, he articulated to us his belief in the potential of the operations. As a result of his time at site, he has conducted extensive due diligence which has supported his decision to join our team. His experience is an excellent fit for what the Company aims to achieve and with his support our immediate focus is on improving the operating performance at the Plutonic Gold mine. Ultimately, we want to build an intermediate producer and Keith will be a key person in the execution of our strategy. For the foreseeable future, Keith will be based at the Plutonic Gold operations. All other site management will remain in place."
Keith Boyle stated: "I'm thrilled to join the team at Superior Gold. After having spent a significant amount of time at site, it has become clear to me that we have all the infrastructure and people to ensure the Plutonic Gold Operations are successful. Some of our recent initiatives are already leading to operational improvements. I truly believe the potential is tremendous. The Plutonic Gold mine is a large system and one of Western Australia's most significant gold mines, in terms of historic production. I look forward to returning the mine to profitability."
The Company will host a conference call on April 1, 2019 at 5:00PM ET to introduce Keith and allow interested parties to ask questions.
Conference Call Details
Monday April 1, 2019 5:00PM ET
Toll-free North America:
Local or International:
Conference Call Replay
Toll-free North America:
Local or International:
The conference call replay will be available starting from April 1, 2019 at 8:00PM ET until April 8, 2019 at 23:59PM ET.
In connection with Mr. Boyle's appointment, the Board of Directors has authorized the issuance of 750,000 stock options and 250,000 performance share units pursuant to the Company's Omnibus Equity Incentive Plan.
About Superior Gold
Superior Gold is a Canadian based gold producer that owns 100% of the Plutonic Gold operations located in Western Australia. The Plutonic Gold operations include the Plutonic Gold mine, which is a producing underground operation with a central mill, the Hermes open pit gold mine and an 80% interest in the Bryah Basin joint venture. Superior Gold is focused on expanding production at the Plutonic Gold operations and building an intermediate gold producer with superior returns for shareholders.
This press release contains "forward-looking information" within the meaning of applicable securities laws that is intended to be covered by the safe harbours created by those laws. "Forward-looking information" includes statements that use forward-looking terminology such as "may", "will", "expect", "anticipate", "believe", "continue", "potential" or the negative thereof or other variations thereof or comparable terminology.
Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management at the date the statements are made. Furthermore, such forward-looking information involves a variety of known and unknown risks, uncertainties and other factors which may cause the actual plans, intentions, activities, results, performance or achievements of the Company to be materially different from any future plans, intentions, activities, results, performance or achievements expressed or implied by such forward-looking information. See "Risk Factors" in the Company's prospectus dated February 15, 2017 filed on SEDAR at www.sedar.com for a discussion of these risks.
The Company cautions that there can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, investors should not place undue reliance on forward-looking information. Except as required by law, the Company does not assume any obligation to release publicly any revisions to forward-looking information contained in this press release to reflect events or circumstances after the date hereof.
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