REG - Ormonde Mining PLC - Investee Company Update: TRU Precious Metals

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08/08/2024 14:45

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RNS Number : 7769Z  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 (https://ormondemining.com/) (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
(https://pr.report/1cb4) .

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 km(2) 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 km(2), 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: +353 (0)1 801 4184

 Vigo Consulting (Investor Relations)
 Ben Simons / Fiona Hetherington                Tel: +44 (0)20 7390 0230

 Peterhouse Capital (Aquis Corporate Adviser)
                                                Tel: +44 (0)20 7469 0930

 

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
(http://www.ormondemining.com) .

 

Follow us on social media:

 

LinkedIn: https://www.linkedin.com/company/ormonde-mining-plc/
(https://www.linkedin.com/company/ormonde-mining-plc/)

X: https://x.com/OrmondeMining (https://twitter.com/OrmondeMining)

 

Subscribe to our email alert service to be notified whenever Ormonde releases
news:

 

https://ormondemining.com/news/regulatory-news/#1469694747033-931e13b7-bd9d
(https://ormondemining.com/news/regulatory-news/#1469694747033-931e13b7-bd9d)

 

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

 

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