TORONTO, ONTARIO--(Marketwired - June 1, 2017) - Tintina Mines Limited ("Tintina" or the "Company") (TSX VENTURE:TTS) announces that Mr. Eugenio Ferrari joined the Company's Board of Directors replacing Mr. James Stefanic who resigned from the board on April 3, 2017.
The Company also announces that Mr. Robert Spiegel resigned from the board as of May 31, 2017. The Company wishes to thank Mr. Spiegel for his years of services.
Tintina is very pleased to announce that Mr. Eugenio Ferrari has accepted the position of Chief Executive Officer of the Company. Mr. Ferrari brings a wealth of experience to the Company; he will be able to tackle the day-to-day management effectively and move the Company's program forward. Mr. Ferrari is an economic geologist with more than 25 years of mineral exploration experience in the Americas, Central Asia and Australia. He has previously held senior positions in Angloamerican, WMC Resources and BHP Billiton, Votorantim Metais and Campañía Minera Milpo.
Mr. Juan Enrique Rassmuss, Chairman and Director of the Company notes that: "Mr. Ferrari is an excellent addition to the management team and we are very excited to have his extensive experience drive the Company forward."
As an update, on March 20, 2017, Tintina issued a press release detailing that certain claims at Red Mountain in the Yukon had not yet been renewed due to an unintended error in the claims renewal process. The Company notes that the affected claims are not considered to be material because they do not cover the areas of known mineralization. Although management continued to pursue the reinstatement of these claims, its efforts proved to be unsuccessful and therefore these claims are regarded as lost.
In addition, due to the loss of the claims, the mining land use permit for road access to the main claims of the project is no longer valid. The terms of the Company's permit required that if it no longer held the affected claims, the Company would be required to remediate the road they had built along with the existing camp, the old camp site, any trail or secondary roads, drill pads and any other disturbances.
Management is currently working on alternative options and also on an assessment of any potential financial impact this situation might have on the Company and will provide a further update once an assessment of costs or alternatives is determined. As of now, the Company has reserved $383,363 for any remediation effort but it is unclear whether further funds will be required until a full assessment of costs is made.
Tintina's claims over its known principal mineralization including its molybdenum deposit remain in good standing and will be renewed in the normal course.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contact Information:
416-848-7744
jpeng@marrellisupport.ca