VANCOUVER, British Columbia, July 27, 2023 (GLOBE NEWSWIRE) — West Red Lake Gold Mines Ltd. (“West Red Lake Gold” or “WRLG” or the “Company”) (TSXV: WRLG) (OTCQB: WRLGF) is pleased to announce the appointment of independent director, Hugh Agro, to the Company’s board of Directors.
Mr. Agro, B.Sc., MBA, P.Eng.(non-practising) has over 35 years of leadership and business experience in the mining industry. Since 2017, Mr. Agro has served as President & CEO and Director of Revival Gold Inc., a U.S. focused gold exploration and development company. Prior to Revival Gold Inc., Mr. Agro co-founded Carbon Arc Capital Investments Inc., a private-equity backed investor in mining and metals and served as Executive Vice President, Strategic Development with Kinross Gold Corporation. At Kinross, Mr. Agro was a member of the Executive Leadership Team and responsible for strategic and operational leadership of Kinross’ growth initiatives including corporate development, global exploration and commercial activities in Russia. Previously, Mr. Agro held senior executive positions with Placer Dome and in investment banking with Deutsche Bank’s Global Metals and Mining Group. Mr. Agro has served on the Board and Audit Committees of Victoria Gold Corp., Chantrell Ventures and Americas Silver Corp. and currently serves as a Director of Fort Berens Estate Winery Ltd., an award-winning winery located in British Columbia, Canada. Mr. Agro holds a Bachelor of Science in Mining Engineering from Queen’s University (1989) and MBA Finance from UBC & London Business School (1997).
The appointment of Mr. Agro follows the resignation of Mr. Rob van Egmond from its Board of Directors effective 26, 2023. The Company would like to thank Mr. van Egmond for his contributions to the Company’s success to date.
Shane Williams, President and CEO comments, “We are delighted to welcome Hugh Agro to the West Red Lake Gold team. His qualifications and skillset expand the Board’s expertise as he brings a wealth of experience in executive leadership, strategy, technical expertise and finance. He will be a significant contributor to the expansion and development of West Red Lake Gold’s future.”
The Company has granted 400,000 stock options to Mr. Agro, which vest over a three year period with 25% vesting in 3 months from the grant date and 25% vesting on the first, second and third anniversary of the grant date at an exercise price of $0.69 and will be exercisable for a 5 year period expiring July 26, 2028.
In addition, 100,000 DSUs have been granted to Mr. Agro which will vest on the first anniversary of the grant date of July 26, 2023.
Further to its news release of July 6, 2023, the Company is pleased to announce that due to excess demand, it has increased its non-brokered flow-through private placement financing to $7,000,000 by the issuance of up to 10,000,000 flow-through shares at $0.70 per flow-through share (the “Offering”). The Offering is subject to TSXV approval. The Company intends to use the proceeds from the Offering for the exploration and advancement of its properties in Red Lake, Ontario.
ABOUT WEST RED LAKE GOLD MINES
West Red Lake Gold Mines Ltd. is a mineral exploration company that is publicly traded and focused on advancing and developing its flagship Madsen Gold Mine and the associated 47 Km2 highly prospective land package in the Red Lake district of Ontario. The highly productive Red Lake Gold District of Northwest Ontario, Canada has yielded over 30 million ounces of gold from high-grade zones and hosts some of the world’s richest gold deposits. WRLG also holds the wholly owned Rowan Property in Red Lake, with an expansive property position covering 31 Km2 including three past producing gold mines – Rowan, Mount Jamie and Red Summit.
ON BEHALF OF WEST RED LAKE GOLD MINES LTD.
President & Chief Executive Officer
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Certain statements contained in this news release constitute “forward-looking statements”. When used in this document, the words “anticipated”, “expect”, “estimated”, “forecast”, “planned”, and similar expressions are intended to identify forward-looking statements or information. These statements are based on current expectations of management, however, they are subject to known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from the forward-looking statements in this news release. Readers are cautioned not to place undue reliance on these statements. West Red Lake Gold Mines Ltd. does not undertake any obligation to revise or update any forward- looking statements as a result of new information, future events or otherwise after the date hereof, except as required by securities laws.