DRC Adds Project Financing Expertise; Paul Martin Appointed Chief Financial Officer.VANCOUVER, British Columbia British Columbia, province (2001 pop. 3,907,738), 366,255 sq mi (948,600 sq km), including 6,976 sq mi (18,068 sq km) of water surface, W Canada. Geography -- DRC DRC Democratic Republic of Congo DRC Down (Stage) Right Center DRC Director(ate) of Reserve Components DRC Disability Rights Commission (United Kingdom) Resources Corporation (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension :DRC)(AMEX AMEX See: American Stock Exchange :DRJ DRJ Data Requirement Justification ) is pleased to announce the appointment of Paul Martin as Chief Financial Officer and Vice President, Finance. Paul will assume this role on or before May 19, 2005. In making this announcement, President and Chief Executive Officer Chris Bradbrook, stated, "We are very pleased and excited to have Paul join our growing team at DRC Resources. His expertise and abilities will be extremely valuable assets to the Company. In particular, his demonstrated knowledge of, and abilities in, the negotiation of project finance facilities for mining companies will be very important to DRC as we move towards our goal of developing the Afton Copper-Gold Project into a mine. We are systematically executing a strategy of adding the skills required at the management, project and board levels, to build DRC Resources Corp. into an operating mining company. Our ability to attract management of Paul's caliber is, we believe, an endorsement of the potential of the Afton Project." Paul has more than 20 years of finance experience, including 15 years in the mining industry. He began his career as a Chartered Accountant char·tered accountant n. Chiefly British Abbr. CA A member of one of the institutes of accountants granted a royal charter. , and since then has held progressively more senior finance positions with both precious metals Precious Metals Valuable metals such as gold, iridium, palladium, platinum, and silver. Notes: Investing in precious metals can be done either by purchasing the physical asset, or by purchasing futures contracts for the particular metal. and base metals mining and development companies. Most recently he was Chief Financial Officer for Gabriel Resources Ltd., prior to which he held the position of Vice President, Corporate Finance for TVX TVx Target Vertex TVX Transmission Valid Timer (FDDI) TVX Valid Transmission Gold Inc. DRC's main focus is the exploration and development of its 100%-owned Afton Copper-Gold Project, located 10 km west of Kamloops, B.C., Canada. To date the Company has outlined a Measured and Indicated Mineral Resource of 68.7 Million Tonnes grading 1.68% Copper Equivalent or 2.61g/t Gold Equivalent (1.08% Cu, 0.85 g/t Au, 2.62 g/t Ag, 0.12 g/t Pd), which contains approximately 1.6 billion pounds of copper, and 1.9 million ounces of gold (Advanced Scoping Study, February 2004, Behre Dolbear and Company Ltd.). At current metal prices this mineralized min·er·al·ize v. min·er·al·ized, min·er·al·iz·ing, min·er·al·iz·es v.tr. 1. To convert to a mineral substance; petrify. 2. To transform a metal into a mineral by oxidation. 3. zone has an in-situ value in excess of US$3 Billion. The Company is currently completing a US$14.5 million feasibility study on the project to determine the potential economics and capital requirements Capital requirements Financing required for the operation of a business, composed of long-term and working capital plus fixed assets. of developing the project into a bulk mining underground operation. The 2004 advanced scoping study completed by Behre Dolbear and Company Ltd., suggested that the project has very attractive economics at metal prices as low as US$0.85 per lb copper, and US$375 per ounce gold. According to the British Columbia Ministry of Energy & Mines, the Afton Project is the largest advanced stage exploration project in South Central B.C. DRC is in excellent financial condition with cash of US$20 million (at 31/12/04) and no debt. The company has only 14.3 million shares outstanding and 16.2 million shares fully diluted. Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Statement under the United States Private Securities Litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. Act of 1995: This release made may contain forward-looking statements that are affected by known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company, or industry results, to be materially different from any future results, performance or achievements expressed, implied or anticipated by such forward-looking statements. Such forward-looking statements herein represent management's best judgment as of the date hereof based on information currently available. The Company does not intend to update this information and disclaims any legal liability to the contrary. Cautionary Note to U.S. Investors concerning resource estimates. This press release discusses the results of a scoping study, which is a "preliminary assessment" as defined in the Canadian NI 43-101, under which the use of inferred mineral resources is permitted under certain circumstances. The U.S. Securities and Exchange Commission regulations do not recognize any circumstances in which inferred mineral resources may be so used. U.S. investors are cautioned not to assume that any part or all of an inferred resource category described as a 'resource falling within the mine plan' will ever be converted into 'reserves' within the definition of that term in SEC Industry Guide 7. Cautionary Note to U.S. Investors concerning estimates of Measured and Indicated Resources. This section uses the terms "measured" and "indicated resources." We advise U.S. investors that, while those terms are recognized and required by Canadian regulations, the U.S. Securities and Exchange Commission does not recognize them. U.S. investors are cautioned not to assume that any part or all of mineral deposits in these categories will ever be converted into reserves. WARNING: The Company relies upon litigation protection for "forward-looking" statements. DRC Resources Corporation (TSX:DRC) (AMEX:DRJ) |
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