Ari Sussman is stepping down as chairman and a director of Cordoba Minerals so he can focus on developing Continental Gold's Buritica project, Cordoba announced today. He resigned from the Dalradian Resources board in April of this year.
Cordoba is also adding some heavy-duty Latin American talent to its board of directors. Joining the board are Ignacio Rosado, CEO of Volcan Compañia Minera S.A.A., and Beatriz Uribe, former longtime CEO of Mineros S.A., Colombia's largest publicly traded gold miner.
The C-suite changes come after Cordoba lined up the backing of billionaire mine developer Robert Friedland in May. High Power Exploration (HPX), a private company controlled by Friedland, invested $1.022 million for an 11% stake in Cordoba Minerals. If HPX exercises their 20-cent warrants, it would mean a $2.5 million investment for a 15% stake. HPX can also elect to enter a joint venture for a majority of Cordoba based on further financing and milestone agreements.
Cordoba's 26,000-hectare San Matias property is an early-stage project with highly prospective geology and geography. Drill intercepts have included 101 metres at 1% copper and .65 g/t gold and 123 metres at .7% Cu and .6 g/t Au.
Rosado was the former chief financial officer of Hochschild Mining plc, where he led the company's US$500 million IPO on the London Stock Exchange in 2006. He holds an MBA from the University of Michigan Business School and a B.Sc. in Economics from the Universidad del Pacifico in Peru. Volcan Compañia Minera S.A.A. is one of the world's largest producers of silver, zinc and lead and its shares trade on the Peruvian stock exchange.
Uribe was the chief executive of Mineros S.A. from 1999 to 2015, where she oversaw production growth from 75,000 ounces to about 200,000 ounces of gold annually. The company has operations in the department of Antioquia, Colombia, as well as in Nicaragua. Mrs. Uribe is an economist from the Universidad de Antioquia, Colombia.
"We are delighted to have both Ignacio Rosado and Beatriz Uribe join our Board," said Cordoba Minerals CEO Mario Stifano. "They each bring a wealth of experience in developing and operating mines throughout Latin America including Colombia. Their extensive leadership experience and mining knowledge will be an extremely valuable asset as we look to advance our San Matias Copper Gold Porphyry Project in Colombia."
He added: "We would like to thank Mr. Sussman for his critical role in acquiring and consolidating the San Matias Project and his continued support of Cordoba."
Continental Gold's Buritica, a high-grade underground gold project, lies to the south of Cordoba's land package and is entering a key development stage. In June of this year, Continental released an updated mineral resource estimate for Yaragua and Veta Sur showing 4.48M oz of gold (measured and indicated) at average grades of 10.8 g/t and an additional 4.5M oz inferred (at 9 g/t).
The company expects its final environmental permits soon.
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