RENO, Nev., Oct. 26, 2005 (PRIMEZONE) -- Western Goldfields, Inc. (OTCBB:WGDF) announces changes to its management team and board leading up to completion of its proposed merger with Romarco Minerals Inc.
Thomas (Toby) Mancuso and Tom Callicrate have resigned as president and chief executive officer and vice-president, Exploration, respectively, and as members of the board of directors, with effect from October 21, 2005. Both Mr. Mancuso and Mr. Callicrate decided to leave the company after execution of the definitive merger agreement between Western Goldfields and Romarco in order to pursue other business interests. In addition, James Mancuso has stepped down as chairman of the board, although he will remain as a member of the board.
The board is pleased to announce that it has appointed Douglas Newby as chairman, president and chief executive officer. Mr. Newby has nearly 25 years of experience in mining evaluation and finance. He was intimately involved with the company's acquisition of the Mesquite gold mine in southern California and has served as a director of the company since January 2004 and as its executive vice-president since March 2005. Mr. Newby commented, "I would like to thank Toby and Tom for their efforts and commitment to the company since its formation and wish them every success in their future endeavors. They will continue to assist us with some of our exploration properties where they have particular knowledge and expertise. We believe these changes will facilitate progress towards completing the merger with Romarco, scheduled for early 2006, subject to regulatory and shareholder approval."
Mr. Newby continued, "Our objectives are to fast-track completion of feasibility work at Mesquite and close the merger with Romarco. We are also reviewing other gold assets that offer the potential for near-term production and plan to build the merged company into a mid-tier North American-based gold producing company."
About Western Goldfields
Western Goldfields acquired the Mesquite gold mine in Southern California in 2003. The mine has produced approximately three million ounces of gold from its inception in 1986. Western Goldfields is focused on expanding Mesquite within existing operation permits, exploring for extensions of high-grade mineralization at depth, and optimizing current production from the material already stacked on the heap leach pads. The company also holds exclusive exploration and development rights to the Cahuilla gold project in Southern California, as well as a portfolio of exploration properties in Nevada and throughout the western United States.
Certain information contained in this news release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that are intended to be covered by the safe harbor created by such sections. However, such forward-looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from such forward-looking statements. For a discussion of such risks, uncertainties and other factors, please see "Risk Factors" in our Registration Statement on Form SB-2. The company disclaims any intent or obligation to update publicly any forward-looking statements set forth herein, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.