Investee Company Update: TRU Precious Metals

Ormonde Mining PLC

08 August 2024

 

8 August 2024

Ormonde Mining plc

("Ormonde" or the "Company")

Investee Company Update: TRU Precious Metals

TRU Appoints Ormonde's Steve Nicol as CEO

Ormonde Mining plc (AQSE: ORM), a natural resources company with investment exposure to exploration assets including gold and copper in Newfoundland and battery metals in Scotland, notes an announcement today by its 36.2%-owned investee company, TRU Precious Metals Corp. (TSXV: TRU, OTCQB: TRUIF) ("TRU"), which is exploring for gold and copper in the highly prospective Central Newfoundland Gold Belt in Canada.

TRU has appointed Ormonde's Technical Advisor Steve Nicol as its Chief Executive Officer. Mr Nicol is an experienced mining executive, with over 35 years' experience. He has been a director of TRU alongside Ormonde's Executive Chair Brian Timmons since Ormonde's investment in TRU was announced in July 2023.

Brian Timmons, Executive Chair of Ormonde, commented:

"Alongside Professor Garth Earls, Ormonde's Geological Consultant, Steve has been centrally involved in identifying TRU as an investment opportunity for Ormonde, and in the delivery of TRU's transaction with Eldorado Gold, which Ormonde considers to be a key event towards unlocking significant value in the Golden Rose Project. As a mining engineer, Steve's operations management experience is well suited to overseeing the gold and copper focused exploration programme in this new phase for TRU."

The full announcement issued by TRU appears below:

TRU Appoints Experienced Mining Executive Steve Nicol as New CEO

Toronto, Ontario - August 8, 2024 - TRU Precious Metals Corp. (TSXV:TRU)(OTCQB:TRUIF)(FSE:706) ("TRU" or the "Company") is pleased to announce the appointment of Steve Nicol as the new CEO of the Company, effective August 7, 2024. Mr. Nicol is currently a director on the TRU board of directors (the "Board") and also serves as Technical Advisor to TRU's strategic investor Ormonde Mining plc ("Ormonde"). One of his initial key focusses will be overseeing the multi-year, partner-funded gold and copper focused exploration program at the Golden Rose Project ("Golden Rose") in Western-Central Newfoundland pursuant to the earn-in agreement with Eldorado Gold Corporation (TSX:ELD)(NYSE:EGO) ("Eldorado") announced on July 30, 2024.

Mr. Nicol is a mining engineer with over 35 years of experience in the mining industry, including in operations management, mine evaluation and development, and other diverse corporate roles. He has held Operations Management positions in various underground and open pit mines, culminating in a 13-year period as Managing Director and Project Manager of the Spanish-based company that identified, studied, designed, permitted, financed, constructed, and put into successful operation the Barruecopardo Tungsten mine in Western Spain. That mine continues successfully operating today, adjacent to an environmentally protected area, employing some 200 people and selling a high-quality mineral concentrate product across the globe.

A generalist, with a very strong ESG as well as economic focus, Mr. Nicol's experience covers base, precious and specialty metals, open pit and underground mining, CIL, flotation, and gravity processing, and direct hands-on management of all phases of diverse mining projects from early-stage exploration through to mine closure and rehabilitation.

To transition leadership of the Company, now embarking on an exciting new phase of its development as a Newfoundland mineral resources explorer, Joel Freudman, who has been serving TRU as CEO since founding the Company in its current incarnation in late 2020, has resigned from his positions as CEO and director. Mr. Freudman will continue to provide transitional capital markets advisory support through his Toronto-based merchant bank, Resurgent Capital Corp.

TRU's Chairman of the Board Manish Z. Kshatriya commented: "I would like to congratulate Steve on his appointment as CEO. Through our work on the TRU Board, I have had the opportunity to get to know him as a highly analytical, strategic thinker with an expansive technical expertise in mining and operations. As the Company is moving forward with more extensive exploration plans, we are certainly in good hands with more technical mining leadership experience. Through its new earn-in arrangement with Eldorado, management believes that TRU and Golden Rose are positioned for significant value creation."

Mr. Kshatriya continued: "We respect and appreciate Joel's decision to resign from his positions as CEO and director, to ensure that TRU, under the leadership of Steve and together with the assistance of current serving President and CFO Olga Nikitovic, can deliver operational excellence paving the path for major discoveries. On behalf of the Board, I would like to thank Joel for his valuable role in identifying and securing the Golden Rose Project opportunity in the Cape Ray-Valentine Lake Shear Zone. Through subsequent tactical acquisitions and option agreements, TRU was able to consolidate a district-scale land package that is now approximately triple the original project size. Joel was pivotal in attracting a number of strategic investments and partnerships for TRU despite challenging market conditions for junior mining companies. The talented team he helped assemble will provide continuity and support for the new CEO. We look forward to Joel's continued future contributions as capital markets advisor."

About TRU Precious Metals Corp.

TRU (TSXV:TRU)(OTCQB:TRUIF)(FSE:706) is on a mission to build long-term shareholder value through prudent natural resource property development and transactions. TRU is exploring for gold and copper in the highly prospective Central Newfoundland Gold Belt on its 100%-owned Golden Rose Project, a regional-scale 264.25 km² land package including 45 km of strike length along the deposit-bearing Cape Ray - Valentine Lake Shear Zone, directly between Calibre Mining's Valentine Gold Project and AuMEGA Metals' Cape Ray Gold Project. In addition, TRU has an option to acquire up to an aggregate 65% ownership interest in two claim packages covering 33.25 km², including a 12 km strike length along the Shear Zone within Golden Rose. The Golden Rose Project is currently optioned-out to TSX-listed Eldorado Gold Corporation.

TRU is approximately 36%-owned by European strategic investor Ormonde Mining plc (AQSE:ORM).

Enquiries: 

Ormonde Mining plc
Brian Timmons, Chairman	Tel: [phone]
Vigo Consulting (Investor Relations)
Ben Simons / Fiona Hetherington	Tel: [phone]
Peterhouse Capital (Aquis Corporate Adviser)
	Tel: [phone]

About Ormonde Mining

Ormonde is a natural resource company which provides its shareholders with exposure to quality and diverse assets across a range of strategic minerals. Ormonde's portfolio includes an initial 36.2% interest in TRU Precious Metals (TSXV: TRU), which is exploring for gold and copper in the highly prospective Central Newfoundland Gold Belt in Canada, and a 20% interest in Peak Nickel Limited, which is advancing exploration on a potentially significant nickel project in Scotland.

Ormonde's shares are listed on the Aquis Stock Exchange Growth Market under the symbol AQSE: ORM.

For more information, visit the Company's website at www.ormondemining.com. 

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The Directors of the Company are responsible for the release of this announcement.

 

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