Market likes AAZ-V news, makes changes to management, board
May 15, 2013 - News Release
Further to the company's news release on April 30, 2013, announcing the entering into of an option agreement dated April 29, 2013, whereby Azincourt Resources Inc. can earn up to a 50-per-cent interest in Fission Uranium Corp.'s Patterson Lake North project (PLN), the company has appointed Ian Stalker as president and chairman, Ted O'Connor as chief executive officer and a director, and Dev Randhawa as a director, subject to TSX Venture Exchange acceptance. Mr. Stalker -- president, chairman, director
Mr. Stalker has over 30 years of development and operational mining experience in Europe, Africa and Australia. He has worked his way up from operational roles in the base and precious metals arenas to executive positions in some of the largest mining companies in the world.
Mr. Stalker is the former CEO of UraMin Inc., a London- and Toronto-listed public uranium company until its acquisition by Areva in August, 2007, for $2.5-billion (U.S.). Prior to joining UraMin, Mr. Stalker was a vice-president of Gold Fields Ltd., the fourth largest gold producer in the world at the time.
Mr. O'Connor -- CEO, director
Mr. O'Connor, PGeo, MSc, BSc, is a professional geoscientist with over 22 years of experience, predominantly in the uranium exploration industry.
For the past 19 years, Mr. O'Connor worked in the exploration division at Cameco Corp., one of the world's largest uranium producers. Most recently, Mr. O'Connor was a director in Cameco's corporate development group focusing on uranium growth where he was responsible for evaluating, directing and exploring for uranium deposits throughout North America, Australia, South America and Africa. Mr. O'Connor successfully led new project generation from early exploration through to discovery on multiple unconformity uranium projects. Mr. O'Connor was also responsible for opportunity evaluation, acquisition and for managing Cameco's exploration partnerships aimed at growing and diversifying Cameco's exploration portfolio in new jurisdictions and other uranium model types.
In addition to being a director in Cameco's corporate development group, Mr. O'Connor has also held director and executive positions in several of Cameco's wholly owned subsidiaries working in Australia, North America, South America and Europe.
Prior to joining Cameco, Mr. O'Connor was an exploration field and underground mine geologist for senior mining companies and junior explorers searching for gold, diamonds and base metals.
Mr. Randhawa -- director
Mr. Randhawa is an experienced senior manager with broad international experience in developing resource, mining exploration and energy companies.
Mr. Randhawa founded Strathmore Minerals Corp. in 1996 and remained CEO until September, 2008. In 2007, Mr. Randhawa spun Fission Energy Corp. out of Strathmore to focus on uranium exploration in Saskatchewan. He remained as CEO and chairman until the company sold its Waterbury Lake discovery and a large selection of its assets to Denison Mines in 2013. Fission Uranium Corp. was spun out with the remaining Fission Energy assets as part of the agreement with Denison. Mr. Randhawa was also president and CEO of Pacific Energy Asia Inc., which he founded, until its sale to Green Dragon Gas's wholly owned subsidiary, Greka China Ltd., for $35.18-million in 2008.
The company also announces the resignations of Darren Devine as president, CEO and a director, and Latika Prasad as a director of the company.
Grant of options
The company announces the grant, conditional upon receipt of TSX-V final approval of the company's option to acquire an interest in Fission Uranium's PLN project, of 1.75 million incentive stock options to directors and officers of the company. Each option is exercisable by the optionholder to purchase one common share of the company at a price of 18 cents for a period of five years from the date of grant, in accordance with the company's stock option plan.
PLN project
The PLN project comprises 10 contiguous claims totalling 27,408 hectares in the southwest area of the Athabasca basin. The Athabasca basin is a premiere geologic district notable for hosting the world's richest uranium deposits, with a well-established and politically stable uranium exploration and mining sector. Recent discoveries of high-grade uranium in the southwestern region of the Athabasca basin are considered by Azincourt to indicate the prospective merit of this underexplored area.
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