ROUYN-NORANDA, Feb. 16, 2021 - Radisson Mining Resources Inc. ("Radisson" or the "Company") (TSX.V: RDS, OTC: RMRDF) announces that it is making a number of changes to its board and management team, while continuing to strengthen its technical team. Drilling has continued to demonstrate the robust grade and scale potential at O'Brien. The Company believes that the changes to the team and the addition of three new experienced directors will streamline decision making and significantly enhance the Company's technical and financial strength, in turn positioning the company for the next phase of value creation at O'Brien.
- Michael Gentile, previously Strategic Advisor to the Company has been appointed as a Director of the Company effective today.
- In addition, two new Directors with a strong mining industry background are expected to join the company within the next three months.
- Mario Bouchard is retiring as the Chief Executive Officer effective today but will remain a Director of the Company.
- Rahul Paul, President of the Company will take on the role of Interim Chief Executive Officer in addition to his ongoing responsibilities as President
- Following confirmation of two additional new Directors, the Board is expected to make a final decision on the appointment of Chief Executive Officer.
- Separately, Donald Trudel P.Geo., an experienced geologist with over 30 years experience, and previously Principal Geologist at IAMGOLD's Westwood operation, has been appointed Senior Project Geologist for the O'Brien Gold Project.
Michael Gentile appointed Director; Two new directors with strong mining industry backgrounds to join in the next three months
The Company is pleased to announce the appointment of Michael Gentile as a Director of the Company effective today. Mr. Gentile was previously a Strategic Advisor to Radisson. He has been one of the largest and most supportive shareholders of Radisson over the last few years. He has had a profound impact on many companies in the Canadian mining space including Radisson. Since his engagement as Strategic Advisor in May 2019, Radisson's share price has increased 190%, significantly outperforming the gold price as well as the GDXJ index. As Strategic Advisor, he has played an important role in strategic planning, capital raising, corporate development initiatives and in enhancing the company's overall capital markets profile. The Company looks forward to his increased involvement as a Director.
In addition, two new Directors with strong mining industry backgrounds are expected to join the company within the next three months. With the O'Brien project rapidly ramping up the value creation curve, the Company believes that the new board appointees will add significant capital market and mine development expertise required to position the Company for the next stage of growth.
Separately, Luc Simoneau and Jean Dion will be stepping down from the Board of Directors in April 2021. Mr. Simoneau and Mr. Dion have been long-standing directors of Radisson having joined the company in 1991 and 2014, respectively. We thank them for their invaluable contribution over the years and wish them the very best in their endeavours.
Following all the changes, the number of Directors on the Board will remain at seven, as was the case at year end 2020.
Mario Bouchard retiring as CEO; Rahul Paul to be appointed President and Interim CEO
Mario Bouchard is retiring as the Chief Executive Officer effective today but will remain a Director of the Company, and also as Advisor until December 31, 2021. Rahul Paul, President of the Company will take on the role of Interim Chief Executive Officer. Following confirmation of two additional new Directors, the Board is expected to make a final decision on the appointment of Chief Executive Officer. Mr. Bouchard took on the role of President and Chief Executive Officer in January 2013. His leadership has been instrumental in guiding the Company through challenging times and laying the foundation for the remarkable success that the Company has enjoyed so far. Radisson has come a long way under his leadership, with the O'Brien project beginning to demonstrate its true potential. His retirement from the CEO role is part of a well-planned transition to prepare the company for the next phase of our value creation strategy.
Since joining the company as Chief Financial Officer in November 2019, Mr. Paul has played an integral role in strategic planning, financial management, capital allocation and marketing. He was promoted to President in June 2020, has progressively taken on additional responsibilities. He has been instrumental in enhancing the company's capital markets profile, increasing institutional ownership, raising over $20 million in capital, and delivering on other value-added initiatives such as the New Alger acquisition in August 2020. His appointment as President and Interim Chief Executive Officer is a logical choice.
Technical team further strengthened: Appointment of Donald Trudel as Senior Project Geologist for the O'Brien Project
Radisson is pleased to appoint Donald Trudel (B.A.Sc., P. Geo) as Senior Project Geologist for the O'Brien Project effective February 16, 2021.
Mr. Trudel has more than 30 years of experience in mining exploration, geology and resource estimation. Most recently he was Principal Geologist at IAMGOLD's Westwood operation. Prior to that he held various senior technical roles with a number of companies including Monarques Gold, Semafo, Innovexplo, North American Palladium and Richmont Mines.
Mr. Trudel's appointment is expected to further strengthen Radisson's technical team following on the recent appointments of Kenneth Williamson (M.Sc., P. Geo) as Senior Advisor, Geology and Nicolas Guivarch (M.Sc., P. Geo) as Manager, Exploration. Mr. Trudel will work closely with Mr. Williamson and Mr. Guivarch to advance the O'Brien Project and to ensure the successful execution of the ongoing exploration program.
Commenting on the changes, Denis Lachance, Chairman of the Board of Directors, said:
"With the strong results and huge upside we are seeing at the O'Brien project we felt that now was a good time to refresh our board and management team to allow Radisson to achieve the next steps on the value creation path we see ahead for our shareholders. We look forward to continuing to collaborate with Mario as a Director of the company. Michael and Rahul are no strangers to the company and have been instrumental in our accomplishments over the last two years. We look forward to their increased involvement in the continued success of the Company. The 2 additional board members we anticipate adding to the board in the coming months are experienced mining executives that will be very valuable additions to the board and will help drive the O'Brien project forward in the years to come. Luc and Jean have been long-standing directors of Radisson, and we thank them for their invaluable contribution over the years. Although we will miss their presence on the Board, we look forward to their continued support as friends and shareholders."
Commented Mario Bouchard, Director of Radisson Mining Resources:
"It has been a pleasure to lead Radisson as CEO over the last seven years. I am incredibly proud of what we have been able to accomplish as a team. Much of our success has been attributed to our ability to attract the right people to advance the O'Brien project, enhance our capital markets profile and continue to evolve as a company. As a significant shareholder of Radisson, a key priority for me has always been to hire and retain the right people. As such, I am happy to say that our team is stronger than it has ever been before. The Company and the O'Brien project remain in capable hands. As a Director, I look forward to working with Rahul and the Board to ensure that we continue to build on momentum and take the company to new heights."
Commented Michael Gentile, Director of Radisson Mining Resources:
When I joined the company as a strategic advisor in May 2019, I was intrigued by the potential of the new litho-structural model as a means to effectively target additional high-grade ore shoots such as those historically mined from 1926 to 1957. The drilling results since I joined in 2019 have clearly proven this model is working incredibly well and has dramatically increased my conviction that Radisson is now in the rare and enviable position of owning a deposit that has very high grade with significant scale potential in one of the best and most developed mining camps in the world. My decision to join the board and to be joined in the near future by 2 other accomplished and well-respected mining executives speaks to my conviction in O'Brien's significant potential and confidence in the value yet to be created at Radisson.
Commented Rahul Paul, President and Interim Chief Executive Officer of Radisson Mining Resources:
"I am excited to take on additional responsibilities and am honoured to work with such a talented team. The O'Brien Gold Project is one with a very rich history as one of the most significant past producing gold mines in the Abitibi Greenstone Belt. With the work that we've done so far, I am convinced that this is a truly robust gold project with tremendous potential. Mario's leadership has been instrumental in getting the company to where it is today, I look forward to continuing to work with him as he transitions to a role on the board of directors. It has been a pleasure working with Michael so far and I am excited that he has agreed to join our Board. I am also pleased to welcome Donald Trudel to the team as Senior Project Geologist for O'Brien. His appointment further strengthens an already impressive geological team and positions us well going forward. Our ability to attract accomplished individuals such as Michael and Donald, is a testament to the quality of the asset, validation of our work thus far and the tremendous opportunity ahead for Radisson shareholders."
Grant of stock options
Further to the Company's stock options plan, it has granted to Rahul Paul, stock options to acquire 1,600,000 Class A shares of the company at an exercise price of $0.30 per share for a term of 5 years expiring February 16, 2026. Of the options issued, 350,000 will vest immediately and the remaining 1,250,000 options will vest if he is confirmed as Chief Executive Officer at the 2021 Annual Shareholder's Meeting in June 2021.
In addition, the company has also granted to Michael Gentile, stock options, vesting immediately to acquire 250,000 Class A shares of the company at an exercise price of $0.30 per share for a term of 5 years expiring February 16, 2026.
About Radisson Mining Resources Inc.
Radisson Mining Resources is a mining exploration company focused on advancing it's 100% owned O'Brien Gold Project in the Abitibi, Quebec. The O'Brien project covers 5,800 hectares in the world-renowned Cadillac-Bousquet Mining Camp, including 5.2 km of prospective strike along the Larder-Lake Cadillac Break. This includes 2.5 km to the east and west of the past producing O'Brien Mine, which is considered to have been the richest mine by grade in Quebec, based on historical production (1926 - 1957) of 587,121 ounces of gold at an average grade of 15.25 grams per tonne (Kenneth Williamson 3DGeo-Solution, July 2019). The O'Brien project is among the highest-grade gold exploration projects owned by an exploration company in Canada. Radisson Mining Resources trades on the TSX Venture Exchange under the ticker RDS.
For more information on Radisson, visit our website at www.radissonmining.com or contact:
On behalf of the board of directors
President and Interim Chief Executive Officer
For more information on Radisson, visit our website at www.radissonmining.com or contact:
Director, Corporate development
Certain information contained in the press release are subject to receipt of all regulatory approvals. 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.
All statements, other than statements of historical fact, contained in this press release including, but not limited to, those relating to the intended use of proceeds of the Offering, the development of the O'Brien project and generally, the above "About Radisson Mining Resources Inc." paragraph which essentially describes the Corporation's outlook, constitute "forward-looking information" or "forward-looking statements" within the meaning of applicable securities laws, and are based on expectations, estimates and projections as of the time of this press release. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the Corporation as of the time of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. These estimates and assumptions may prove to be incorrect. Many of these uncertainties and contingencies can directly or indirectly affect, and could cause, actual results to differ materially from those expressed or implied in any forward-looking statements and future events, could differ materially from those anticipated in such statements. A description of assumptions used to develop such forward-looking information and a description of risk factors that may cause actual results to differ materially from forward looking information can be found in Radisson's disclosure documents on the SEDAR website at www.sedar.com.
By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and risks exist that estimates, forecasts, projections and other forward-looking statements will not be achieved or that assumptions do not reflect future experience. Forward-looking statements are provided for the purpose of providing information about management's endeavours to develop the O'Brien project and, more generally, its expectations and plans relating to the future. Readers are cautioned not to place undue reliance on these forward-looking statements as a number of important risk factors and future events could cause the actual outcomes to differ materially from the beliefs, plans, objectives, expectations, anticipations, estimates, assumptions and intentions expressed in such forward-looking statements. All of the forward-looking statements made in this press release are qualified by these cautionary statements and those made in our other filings with the securities regulators of Canada. The Corporation disclaims any intention or obligation to update or revise any forward-looking statements or to explain any material difference between subsequent actual events and such forward-looking statements, except to the extent required by applicable law.