VANCOUVER, July 5, 2012 /PRNewswire/ - Guyana Frontier Mining Corp. ("Guyana Frontier" or the "Company") announced today the following administrative and corporate changes.
Mr. Khalid Amlani has resigned as Chief Financial officer to pursue other business interests. Mr. Amlani will continue to consult to the Company on a time-to-time basis. Mr. Evangelos (Gelly) Gnissios, Corporate Secretary for the Company, will assume the role as acting Chief Financial Officer until a successor is recruited. Guyana Frontier thanks Mr. Amlani for his contributions to the business affairs of the Company and looks forward to his consulting role.
Mr. Warren Stanyer, President and CEO, and Chairman of the Company will reduce his role to a half-time position effective July 1, 2012, with a reduction in salary.
Due to the current state of capital markets, Guyana Frontier has made other staff reductions in Canada and Guyana to lower office and administrative overhead, and plans to continue to streamline its business activities.
The Company wishes to announce that it has made stock option grants to officers, employees and consultants totaling 1,300,000 shares at an exercise price of $0.12 for a period of five years, expiring July 5, 2017.
About Guyana Frontier
Guyana Frontier is a public mineral exploration company listed on the TSX Venture Exchange (TSX-V: GYG), and is focused on the exploration, discovery and development of precious metals deposits located within Guyana, South America. Guyana Frontier began acquiring interests in Guyanese exploration properties in 2007, and now holds various rights to obtain working interests in approximately 342,000 acres (138,400 hectares) of prospective lands. Guyana Frontier's main exploration asset is the Marudi Mountain Gold Project, which was the subject of extensive historical exploration, and has recently been the focus of a diamond drilling program. Guyana Frontier's goal is to develop a significant gold resource at the Marudi Mountain Gold Project, and to explore its other Guyanese projects using funding from exploration partners.
Neither the 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.
Forward Looking Statements
This news release contains forward-looking statements that are based on Guyana Frontier's current expectations and estimates. Forward-looking statements are frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "suggest", "indicate" and other similar words or statements that certain events or conditions "may" or "will" occur, and include, without limitation, statements regarding Guyana Frontier's plans with respect to the exploration and development of its projects. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause actual events or results to differ materially from estimated or anticipated events or results implied or expressed in such forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, Guyana Frontier disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.
SOURCE Guyana Frontier Mining Corp.