VANCOUVER, Oct. 3, 2012 /PRNewswire/ - Fire River Gold Corp. (TSXV: FAU), (OTCQX: FVGCF), (FSE: FWR) (the "Company") is pleased to announce that Mr. Kenneth Stowe and Mr. Jacques McMullen have been appointed directors of the Company in place of R. David Russell and M. Christine Melian who have resigned. Mr. Stowe will also act as Chairman of the Board for the Company. Mr. Paul Dyer has been appointed Chief Financial Officer of the Company in place of Mr. Brent Timmons. The Board of Directors would like to thank Mr. Russell, Ms. Melian and Mr. Timmons for their contributions to the Company and wishes them well in their future endeavours.
Mr. Stowe joins us with over 35 years of mining industry experience. Most recently, he was President and Chief Executive Officer of Northgate Minerals Corporation from September 1999 to July 2011. He was the recipient of the Canadian Mineral Processor of the Year Award in 2006.
Mr. McMullen has over thirty years of industrial experience. He has held numerous operating and corporate positions in mining which have involved him internationally with cross-functional expertise applied to operations, feasibility studies, evaluations, project development and start-ups. He has held various positions with Barrick Gold Corp. including, Senior Vice President of Technical Services and Vice President of Metallurgy and Process Development. Mr. McMullen graduated in 1977 from Laval University (Quebec, Canada) with a degree in Metallurgical Engineering; subsequently, he completed a Master's Degree in Mineral Processing.
Mr. Dyer has over 18 years of experience in the mining industry including controller at the Carson Hill Mine for Carson Hill Gold Corp., U.S. corporate controller for Western Mining Corp. of Australia, controller at the Jerritt Canyon Mine for Queenstake Resources, controller at the start-up of the Mineral Ridge Project for Scorpio Gold US and controller for the El Quevar project in Salta, Argentina for Golden Minerals Company.
Mr. Blane Wilson, President and CEO of Fire River Gold Corp. commented "Everyone here at Fire River Gold gives a warm welcome to Ken, Jacque and Paul. We look forward to their leadership and expertise to collaborate with our team, as we rapidly advance the Nixon Fork mine".
The Company also announces the granting of 3,786,636 stock options at an exercise price of $0.11 per share to certain directors, officers, employees and consultants of the Company. All options have a term of five years and shall vest in accordance with the policies of the TSX Venture Exchange. The options are granted pursuant to the Company's fixed stock option plan (the "Plan"). The aggregate number of shares reserved for issuance under the Plan which may be made subject to Options at any time and from time to time shall not exceed 10,244,237 shares.
About Fire River Gold:
Fire River Gold Corp.'s flagship property is the wholly owned Nixon Fork Gold Mine located in the resource rich Tintina Gold Belt. Operations at Nixon Fork commenced in July 2011, with a near term production target of 30,000 oz gold by end of 2012, and projecting an increase to 35,000 to 40,000 oz gold per year in 2013. The Nixon Fork Mine is a past producing mine with a high grade production history, and a low capital requirement due to pre-existing infrastructure. The Nixon Fork Mine is operated by Mystery Creek Resources, a wholly owned subsidiary of Fire River Gold Corp. based in Anchorage, Alaska. The mine operates year-round producing both gold concentrate and doré bars. The company's mine plan is designed to replace mined resources on an annual basis, insuring sustainable gold production. Excellent district scale exploration potential provides additional upside for the project.
Fire River Gold has built a stable platform for growth and a new, experienced and dynamic management team and Board of Directors. With new leadership, a revamped mine plan, increased mill production and exploration upside, Fire River is poised for a period of growth and increased shareholder value.
ON BEHALF OF THE BOARD OF DIRECTORS
FIRE RIVER GOLD CORP.
President and CEO
Cautionary Statement Regarding Forward-Looking Information
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release contains forward-looking statements regarding the business and operations of Fire River Gold. In particular, statements regarding use of proceeds and production targets in the upcoming years are forward-looking statements. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from Fire River's plans or expectations include risks relating to the actual results of current exploration activities, fluctuating gold prices, possibility of equipment breakdowns and delays, exploration cost overruns, availability of capital and financing, general economic, market or business conditions, regulatory changes, timeliness of government or regulatory approvals and other risks detailed herein and from time to time in the filings made by Fire River with securities regulators. Fire River expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise except as otherwise required by applicable securities legislation.
SOURCE Fire River Gold Corp.