March 19, 2012 @ 5:00 am EST
Oracle Mining Appoints Doug Nicholson as Chief Executive Officer
VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 19, 2012) - Oracle Mining Corp. ("Oracle Mining" or the "Corporation") (TSX:OMN)(OTCQX:OMCCF)(PINKSHEETS:OMCCF)(FRANKFURT:OMC) is pleased to announce that Doug Nicholson has been appointed Chief Executive Officer by the Board of Directors, effective today.
Mr. Nicholson joined Oracle Mining in February as Chief Operating Officer and has undertaken a rigorous review of the Corporation's operations for the past month. He will continue to lead the Oracle Mining operations team in the re-start of the Oracle Ridge Copper Mine near Tucson, Arizona. He has extensive experience in the construction and management of mining operations in North America and will also lead all aspects of the Corporation's strategic planning and business development.
"It is an honour to take the leadership role with Oracle Mining as we develop a near-term copper project in a desirable jurisdiction," said Mr. Nicholson. "Oracle Mining is executing on a plan to production that will deliver value to shareholders and to the economy of the Tucson area."
Mr. Eagland, who has served as interim CEO since June 2011, has resigned as CEO effective today and will continue to serve the Board as a Director.
"The planned CEO transition began last year and the introduction of someone of Doug's accomplishments comes at the right time for Oracle Mining," said Mr. Eagland. "Doug has immediately proven himself an operations and corporate leader and we are confident he will bridge the transition into production."
Prior to joining Oracle Mining, Mr. Nicholson worked with NovaGold Resources Inc. and served as President of Donlin Gold LLC, a 50/50 joint venture between NovaGold and Barrick Gold Corp., assuming that role during nine years of service between 2002 and 2011. At Kinross Gold from 1992 to 2002, he was responsible for scoping, scheduling, developing mine plans and staffing for the Fort Knox Mine. He holds a BSc. in Mining Engineering from the University of Alaska, Fairbanks.
In addition, the Corporation is pleased to announce that Nafissa Upright has joined the Corporation as Vice President Development and Human Resources. Ms. Upright is a Certified General Accountant with experience in head office and project site offices at mining operations in the U.S. and Canada. Most recently with NovaGold Resources Inc. Ms. Upright served as Manager of Finance and Administration at Donlin Gold LLC. While at Donlin Gold, Ms. Upright was part of the leadership team that established the strategic direction of the start-up company. She was responsible for overseeing the financial and administrative functions, all HR programs as well as co-ordinating the annual capital budget process, corporate life of mine planning and budgeting. She recruited, developed and championed a high-performance team of administrative, procurement, HR, accounting and IT personnel.
About Oracle Mining Corp.
Oracle Mining Corp. (TSX:OMN)(OTCQX:OMCCF)(PINKSHEETS:OMCCF)(FRANKFURT:OMC) is a Vancouver, Canada-based corporation that is the sole owner and operator of Oracle Ridge Mining LLC and copper mine located 24 km northeast of Tucson, Arizona. Oracle Mining has minimal long-term debt and is managed by an experienced team of mining professionals with extensive operating and financial experience. The Corporation is focused on uncovering overlooked deep-value projects to achieve superior shareholder returns.
Forward-looking Statement Disclaimer
This document may contain "forward-looking statements" within the meaning of Canadian securities legislation. These forward-looking statements are made as of the date of this document and Oracle Mining Corp. (hereinafter referred to as the "Corporation") does not intend, and does not assume any obligation, to update these forward-looking statements. Forward-looking statements relate to future events or future performance and reflect management of the Corporation's expectations or beliefs regarding future events and include, but are not limited to, statements with respect to the estimation of mineral reserves and resources, the realization of mineral reserve estimates, the receipt of permits to develop and operate the project, the timing and amount of estimated future production, costs of production, access to capital, capital expenditures, success of mining operations, commodity prices, environmental risks, unanticipated reclamation expenses, title disputes or claims and limitations on insurance coverage. In certain cases, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", 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.
By their very nature forward-looking statements involve 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 the forward-looking statements. Such factors include, among others, actual results of current exploration activities; changes in project parameters as plans continue to be refined; future prices of resources; possible variations in ore reserves, grade or recovery rates; accidents, labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing or in the completion of development or construction activities; as well as those factors detailed from time to time in the Corporation's annual information form for the year ended December 31, 2010 filed and available for review on SEDAR at http://www.sedar.com. Although the Corporation has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, 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 statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
Oracle Mining Corp.
Mr. Alex Langer
VP Capital Markets
604-689-9282 or Toll-free: +1-855-689-9282