TORONTO, Sept. 29, 2017 /CNW/ - LeadFX Inc. (the "Company" or "LeadFX") (TSX: LFX) is pleased to announce the appointment of Andrew Worland as Chief Executive Officer and Corporate Secretary, replacing Rob Scargill as part of the transition changes resulting from the termination of the management services agreement ("Management Services Agreement") with Enirgi Group Corporation announced on August 18, 2017.
Mr. Worland is a seasoned mining executive based in Perth, Western Australia and has over two decades of experience working in senior finance, corporate and project management and marketing roles in the Western Australian mining sector for ASX and TSX listed companies. Most recently he has held the role as General Manager and Company Secretary of ASX listed Toro Energy Limited ("Toro Energy") whose main undertaking is the Wiluna Project located approximately 50 km from LeadFX's flagship Paroo Station Mine ("Paroo Station") in Western Australia. In that role, Mr. Worland has overseen the Wiluna Project's successful state and federal environmental permitting efforts and managed Toro Energy's project development team and corporate, financial and business development activities. Prior to Toro Energy, Mr. Worland was part of the executive team of Moly Mines Ltd which successfully completed a dual listing on the ASX and TSX in 2006. His commodity experience includes nickel, cobalt, gold and iron ore operations and marketing molybdenum and uranium. Mr. Worland's appointment will be effective October 1, 2017.
David Warner, Chairman of the Board, comments: "I would like to thank Rob for all of his hard work and commitment over his tenure with the Company. His experience and expertise in the Australian mining industry has been invaluable. I would also like to welcome Andrew as the new CEO. With his extensive background in finance and mine development and management, he will be an asset to the Company as we move forward with our strategic partner, InCoR".
Further to LeadFX's news release dated August 18, 2017, as part of the changes effected by the termination of the Management Services Agreement, the Company will consolidate its project management, finance, corporate and administrative functions and will operate out of its Perth office. The hyrdometallurgical refinery definitive feasibility study (the "DFS") being undertaken by SNC Lavalin Perth, is progressing well and is expected to be completed in the fourth quarter of 2017. Permitting consultation and planning activities with respect to the potential refining operations are underway and economic evaluations of the most attractive mine restart propositions are being analyzed in conjunction with the DFS and permitting programs.
The LeadFX Board is confident that the Company is positioning itself well to capitalize on the strengthening base metals sector for all its shareholders and community stakeholders. LeadFX is well supported by its majority shareholder, the Sentient Global Resources Funds, along with its technology and financing partner InCoR Technologies Limited and InCoR Energy Materials Limited and a driven project and finance management team in Western Australia.
LeadFX is a mining company focused on the development of lead projects located in stable jurisdictions. Our current portfolio includes a restart-ready lead operation in Western Australia and a development project in Utah, USA. LeadFX trades under the symbol "LFX" on the Toronto Stock Exchange.
This news release may contain "forward-looking statements" within the meaning of applicable Canadian securities laws. Examples of forward-looking information in this news release includes but is not limited to the completion of the DFS and the ability to effectively transition the services under the Management Services Agreement. Forward-looking statements are often, but not always, identified by the use of words such as ''seek'', ''anticipate'', ''contemplate'', ''target'', ''believe'', ''plan'', ''estimate'', ''expect'', and ''intend'' and statements that an event or result ''may'', ''will'', ''can'', ''should'', ''could'' or ''might'' occur or be achieved and other similar expressions. Forward-looking information by its nature requires assumptions and involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information, and readers are cautioned not to place undue reliance on such information. These statements are based on expectations, estimates and projections as at the date of this news release and are subject to a number of risks and uncertainties. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking information prove incorrect, actual results, performance or achievement may vary materially from those expressed or implied by the forward-looking information contained in this news release. These risk factors should be carefully considered and readers are cautioned not to place undue reliance on forward-looking information, which is current only as of the date of this news release. All subsequent forward-looking information attributable to LeadFX herein is expressly qualified in its entirety by the cautionary statements contained in or referred to herein. LeadFX does not undertake any obligation to release publicly any revisions to this forward-looking information to reflect events or circumstances that occur after the date of this news release or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws.
SOURCE LeadFX Inc.
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