Oracle Mining announces Vice President Corporate Development
Nov 28, 2011
OTC Disclosure News Service
Vancouver, BC, Canada –
Oracle Mining Corp.
Oracle Mining announces Vice President
Corporation cancels and grants stock options
Vancouver, British Columbia, November 28, 2011– Oracle Mining Corp. (“Oracle Mining” or the “Corporation”) (TSXV: OMN, OTCQX: OMCCF, XETRA: OMC) is pleased to announce the hiring of Paul O’Brien, CFA, as the Corporation’s Vice President of Corporate Development.
Mr. O’Brien has more than seven years of experience in gold equity research covering developing companies to senior producers as well as precious metals forecasting, during which time he was ranked in the top five of Wall Street Journal’s “Best on the Street Analyst Survey” for North American Mining Analysts two years in a row. His prior corporate advisory and investment banking experience includes more than nine years primarily focused on mining, while gaining global mining markets experience in Canada and Australia as a member of bank-owned capital markets groups.
Most recently, Mr. O’Brien was a Partner at Gryphon Partners, a mining-focused corporate advisory and MA firm that was recently acquired by Standard Chartered Bank. Mr. O’Brien received his B. Comm. from McMaster University and is a CFA Charterholder.
The Board of Directors has granted stock options to Mr. O’Brien in conjunction with his employment with the Corporation. Options were granted to purchase 200,000 common shares in the capital of the Corporation, exercisable for a period of five years at a price of $1.15 per share and subject to the terms and conditions of the Corporation’s Stock Option Plan and TSX Venture Exchange approval. One-third of the options vest immediately upon the date of grant, one-third of the options will vest 12 months from the date of grant and one-third will vest 24 months from the date of grant.
In addition, two directors of the Corporation have each voluntarily forfeited for cancellation 100,000 options to facilitate the above options grant and comply with the terms of the Corporation’s Stock Option Plan with respect to the maximum number of options available for grant thereunder. Following the options cancellation and grant, the Corporation’s stock options outstanding remains unchanged, at 3,029,000.
About Oracle Mining Corp.
Oracle Mining Corp. (TSXV: OMN, OTCQX: OMCCF, XETRA: OMC) is a Vancouver, Canada-based corporation with a focus on uncovering overlooked deep-value projects to achieve superior shareholder returns. The Corporation is the sole owner and operator of Oracle Ridge Mining LLC and copper mine located 24 km northeast of Tucson, Arizona. Oracle Mining has cash on hand of approximately $9 million, minimal long-term debt and is managed by an experienced team of mining professionals with extensive operating and financial experience.
Forward-looking Statement Disclaimer
This document may contain “forward-looking statements” within the meaning of Canadian securities legislation. These forward-looking statements are made as of the date of this document and Oracle Mining Corp. (hereinafter referred to as the “Corporation”) does not intend, and does not assume any obligation, to update these forward-looking statements. Forward-looking statements relate to future events or future performance and reflect management of the Corporation’s expectations or beliefs regarding future events and include, but are not limited to, statements with respect to the estimation of mineral reserves and resources, the realization of mineral reserve estimates, the timing and amount of estimated future production, costs of production, capital expenditures, success of mining operations, commodity prices, environmental risks, unanticipated reclamation expenses, title disputes or claims and limitations on insurance coverage. In certain cases, forward-looking statements can be identified by the use of words such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved” or the negative of these terms or comparable terminology. By their very nature forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Corporation to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others, risks related to actual results of current exploration activities; changes in project parameters as plans continue to be refined; future prices of resources; possible variations in ore reserves, grade or recovery rates; accidents, labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing or in the completion of development or construction activities; as well as those factors detailed from time to time in the Corporation’s interim and annual financial statements and management’s discussion and analysis of those statements, all of which are filed and available for review on SEDAR at www.sedar.com. Although the Corporation has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
This media release does not constitute an offer to sell or solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to a U.S. Person unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
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.
For further information, contact:
Mr. Alex Langer, Corporate Communications
Mr. Jason Mercier, Corporate Secretary
The above news release has been provided by the above company via the OTC Disclosure and News Service. Issuers of news releases and not OTC Markets Group Inc. are solely responsible for the accuracy of such news releases.