Candelaria Announces Board and Management Changes, Signs Definitive Agreement to Acquire Interest in Bolnisi Gold and Copper Project

Candelaria Announces Board and Management Changes, Signs Definitive Agreement to Acquire Interest in Bolnisi Gold and Copper Project

VANCOUVER, British Columbia, Oct. 26, 2020 (GLOBE NEWSWIRE) — Candelaria Mining Corp. (TSXV:CAND, OTC PINK:CDELF) (the “Company”) is pleased to announce that Mr. Mike Struthers has agreed to be appointed as Chief Executive Officer as part of a transaction to acquire the interests of Empire Metals Ltd. (AIM:EEE) (“Empire”) in the Bolnisi gold and copper project in the Republic of Georgia (“the Transaction”). In conjunction with his upcoming appointment as CEO, Mr. Struthers will join the Company’s Board of Directors. Candelaria is also pleased to announce that Dr. Neil O’Brien will join the Candelaria board as a director. These appointments are subject to the closing of the Transaction planned for December 7, 2020.
Mr. Struthers is currently Chief Executive Officer with Empire, and is a seasoned professional and Chartered Engineer with 40 years of international mining experience which includes:Executive roles in a London listed junior mining company, and a private Russian mining company;Seven years as Project Manager and Projects Director with Lundin Mining Corporation (“Lundin”), responsible for developing and executing a range of strategic medium and long-term brownfield growth initiatives at Lundin’s operations in Portugal and Chile.In addition to his time at Lundin Mining Corporation, Mr. Struthers was Chief Operating Officer and technical director for a Russian minerals development company with large base and precious metals assets in Siberia, and a director and principal geotechnical engineer for mining consultancy AMC Consultants (“AMC”) between 1994 and 2007. At AMC he led teams on a range of projects for major miners such as Rio Tinto Group and BHP Billiton, and a wide variety of other mid-tier and junior companies.His experience includes project management in feasibility and engineering studies, project development, technical reviews, project and financial evaluations, strategic planning, mine expansions construction management, and project due diligence over a wide range of commodities and jurisdictions including base-metals, gold, and diamonds; in jurisdiction such as Africa, Australia, North America, South America, Europe and Russia. Prior to his consulting career he held operational and management positions in mining operations in Africa and Australia.Dr. O’Brien is a consulting economic geologist and former mining executive with the following experience:Over three decades of mining industry service including Board of Director roles in public and private mineral exploration companies;International experience on five continents in all stages of mineral exploration and development of economic mineral resource projects, mining project evaluation and strategic corporate development activities;Dr. O’Brien retired in 2018 from Lundin as Senior Vice President, Exploration & New Business Development after 13 years of service that saw Lundin grow from a small junior mining company into a leading international diversified mining company.
Mr. Ramon Perez, President of Candelaria, commented, “We are very pleased and looking forward to having Mr. Struthers and Dr. O’Brien join our team. They bring very valuable experience and expertise in exploration and development of precious metals assets on a global basis to our Company. We look forward to drawing upon this experience as we continue to build a portfolio of mining projects and step up the development & exploration activities even further. The acquisition of the interest in the Bolnisi Project provides Candelaria exposure to an emerging gold-copper district and under the continued leadership of Mr. Struthers and Dr. O’Brien the full potential of the Bolnisi Project can be realized.”DEFINITIVE AGREEMENT TO ACQUIRE INTEREST IN BOLNISI GOLD AND COPPER PROJECT
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