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Falco bolsters board with nomination of three mining industry experts

Falco Resources (CVE:FPC), which is developing its land package in the Rouyn-Noranda mining camp, has nominated three mining industry veterans to stand for election as part of the company's board of directors at its annual meeting of shareholders to be held in December.
Falco bolsters board with nomination of three mining industry experts

Falco Resources (CVE:FPC), which is developing its land package in the Rouyn-Noranda mining camp, has nominated three mining industry veterans to stand for election as part of the company's board of directors at its annual meeting of shareholders to be held in December.

"Each of these individuals has an outstanding track record and will be called upon to help formulate Falco's strategy," said chairman Sean Roosen, the former CEO of Osisko Mining who joined Falco in September.

"We have high expectations for the Horne Complex and our Rouyn-Noranda land package and I believe we are assembling a team capable of unlocking meaningful shareholder value."

The three new director nominees include Claude Ferron, Luc Lessard and Rene Marion. 

Ferron has more than 30 years of industry experience, and from 2006 to 2012, was the COO for Xstrata Copper Canada, which is now part of Glencore. He began his career as a metallurgist at the Horne mine operations in Quebec. 

Meanwhile, Lessard is a mining engineer and is currently the COO of Canadian Malartic Partnership, and was previously the COO of Osisko Mining. He was responsible for the design and construction of the famous Canadian Malartic gold mine in Quebec.

Marion is also a mining engineer with 30 years of mining experience, and was president and CEO of AuRico Gold from 2007 to 2012. He also previously worked at Barrick Gold.

"Each nominee has considerable experience not only in the industry but also in the Abitibi Greenstone Belt," said president and CEO Trent Mell. 

"I welcome the guidance and support of a reconstituted board in what will be a very active period for Falco."

Falco said that two co-founders of the company, Dr. Mike Byron and Gord Neal, will not be standing for re-election as board members at the annual meeting, which is scheduled for December 23. Sean Roosen, Trent Mell, Paul-Henri Girard and Jim Davidson are incumbent directors that are nominated for re-election.

Falco is one of the largest claim holders in the province of Quebec, with extensive land holdings in the Abitibi Greenstone Belt. It owns 72,800 hectares of land in the Rouyn-Noranda mining camp, which represents 70 percent of the entire camp and includes 14 former gold and base metal mine sites.

The claims include the former Horne Mine, which was operated by Noranda from 1927 to 1976 and produced 11.6 million ounces of gold and 2.5 billion pounds of copper. Falco is hoping to replicate this with its Horne 5 deposit, the largest undeveloped deposit in the region. 

The company's  strategy has been to compile historic data from previous operators and digitize the results. It recently announced a total of 15 new gold targets and one base metal target near its prized Horne 5 deposit, which were not included in the initial inferred resource estimate. These targets were generated from the digitization of over 460,000 metres of historic drilling conducted by prior operator Noranda when the famous Horne mine was in operation.

An updated NI 43-101 compliant resource estimate on Horne 5 is expected next year, following an extensive drilling program. 

While identifying opportunities to increase the size of the resource estimate within its Horne complex, the company is also working on exploration targets within the remainder of its large land package like Lac Herve and its Rimo property.

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Falco Resources Timeline

Newswire
December 04 2014

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