Press release from Marketwire
Oracle Mining Announces Management Change
Monday, July 08, 2013
Oracle Mining Announces Management Change18:07 EDT Monday, July 08, 2013
VANCOUVER, BRITISH COLUMBIA--(Marketwired - July 8, 2013) - Oracle Mining Corp. ("Oracle Mining" or the "Corporation") (TSX:OMN)(OTCQX:OMCCF)(FRANKFURT:OMC) announces today the resignation of Mr. Alan Edwards as the Chief Executive Officer of the Corporation.
Mr. Edwards will remain as a director to continue the considerable efforts in guiding the project development of our Oracle Ridge copper project ("Oracle Ridge" or "Oracle Ridge Project"), located 24 km northeast of Tucson, AZ.
"Alan has been the key man in getting us to our current status," said Mr. Paul Eagland, Chairman of Oracle Mining. "He directed our efforts to find JDS Energy & Mining to assess and advance the Oracle Ridge Project and he led the Tucson operating team in removing obstacles that stand between us and our goals for the Oracle Ridge Project. We are very fortunate to have Alan during such a critical phase and, more importantly, he is still with us as a director and fully involved in advancing the development of the Project."
A current Mineral Resource was established under Mr. Edwards's guidance in March 2013 and in May, the Corporation contracted JDS to provide engineering services and produce a feasibility study in accordance with NI 43-101 (the "Feasibility Study"). Mr. Edwards's advised that as he is involved with a number of other mining companies, and with the Feasibility Study work well underway, the time had come to reduce costs as the Project moves ahead.
The Corporation has a Chairman and President as well as a complete executive team in its head office and operations team in place at Oracle Ridge in Arizona. Oracle Mining expects to name a new Chief Executive Officer in the near future.
About Oracle Mining Corp.
Oracle Mining Corp. (TSX:OMN)(OTCQX:OMCCF)(FRANKFURT:OMC) is a Vancouver, Canada-based corporation that is the sole owner and operator of Oracle Ridge Mining, LLC and the Oracle Ridge copper project located 24 km northeast of Tucson, Arizona. Oracle Mining is managed by an experienced team of mining professionals with extensive operating and financial experience.
Cautionary Note Regarding Forward-Looking Information
Information and statements contained in this news release that are not historical facts are "forward-looking information" within the meaning of Canadian securities legislation that involves risks and uncertainties. Forward-looking information included herein is made as of the date of this news release and Oracle Mining does not intend, and does not assume any obligation, to update forward-looking information unless required by applicable securities laws. Forward-looking information relates to future events or future performance and reflects management of the Corporation's expectations or beliefs regarding future events. In certain cases, forward-looking information can be identified by the use of words such as "plans", "expects" or "is expected", "estimates", "anticipates", "goal", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" or the negative of these terms or comparable terminology. Examples of forward-looking information in this news release include, but are not limited to, statements with respect to: our plans and expectations for the Oracle Ridge Project, including the timing or completion of any work on the Oracle Ridge Project and timing of appointment of a new Chief Executive Officer; our plans to work towards completing the Feasibility Study; and our Mineral Resource estimate for the Oracle Ridge Project.. This forward-looking information is based, in part, on assumptions and factors that may change or prove to be incorrect, thus causing actual results, performance or achievements to be materially different from those expressed or implied by forward-looking information. Such factors and assumptions include, but are not limited to: our assumptions regarding copper, base metal and precious metal prices; accuracy of Mineral Resource estimate and Mineral Resource modelling; accuracy of cut-off grade and assumptions underlying thereto, including projected copper prices and estimates of total operating costs; dilution allowance assumptions; success of future drilling programs; reliability of drilling, sampling and assay data; representativeness of mineralization; accuracy of metallurgical testwork; our ability to comply with current and future environmental, safety and other regulatory requirements and to obtain and maintain timely receipt of regulatory approvals.
By its very nature, forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Corporation to be materially different from any future results, performance or achievements expressed or implied by forward-looking information. Such factors include, but are not limited to: dilution to shareholders from any equity financings; the availability of capital on acceptable terms, or at all; risks relating to our estimates of Mineral Resources and cut-off grade and factors underlying, proving to be inaccurate; our dependence on the Oracle Ridge Project; risk that we are unable to enforce our legal rights under existing agreements, permits or licences or are subject to litigation or arbitration that has an adverse outcome; risk there are changes in project parameters as plans continue to be refined; risks related to the actual results of exploration and development activities; our historical experience with development-stage mining operations; changes in commodity prices, and particularly copper prices; receipt of necessary permits and licences; regulatory changes; risks related to the uncertainty of timing of events including delays in obtaining governmental approvals or financing or in the completion of project development studies; we are affected by environmental, safety and regulatory risks, including increased regulatory burdens or delays, accidents, labour disputes and other risks inherent in the mining industry; availability of materials and equipment; lack of revenue and commercial production; increased indebtedness and events of default thereunder; competition for properties, capital, skilled personnel and resources; uninsured risks; defects in title; influence of significant shareholders; foreign operations; adequate infrastructure in the jurisdictions in which we operate; opposition to mining activities; fluctuations in currency exchange rate, as well as those factors discussed in the Corporation's annual information form dated April 1, 2013, for the year ended December 31, 2012, filed and available for review on SEDAR at www.sedar.com. Although the Corporation has attempted to identify important factors that could cause actual actions, events or results to differ materially from forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. 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 by such forward-looking information. Accordingly, readers should not place undue reliance on forward-looking information.
FOR FURTHER INFORMATION PLEASE CONTACT:
Oracle Mining Corp.
604-689-9282 or Toll-free: +1-855-689-9282