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TSX.V : VMI
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| | Wed Jul 7, 2004
New Officers and Management
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| | KIRKLAND LAKE, Ontario --July 7, 2004 - Vault Minerals Inc. (TSX Venture Exchange:VMI) (the "Company" or "Vault") announces that Andy Chater, director of the Company since May 16, 2003, has now been appointed President and Chief Executive Officer and Joe Horne who, along with Dan McCormack was elected to the Company's Board at its annual shareholders meeting on June 25, 2004, has been appointed Secretary of the Company. Kathy Reid, C.A. has been appointed Chief Financial Officer.
Andy Chater and Joe Horne were two of the original founding directors of Goldaur Resources Inc., a private company that held the Company's Lebel gold property in Kirkland Lake and Attawapiskat diamond property in James Bay prior to its amalgamation with Vault last year. Dan McCormack was an early shareholder and long time supporter of Goldaur. Combined, the 3 directors have over 65 years of experience in mineral exploration and development, including the acquisition and management of resource properties and junior company management and financing. Kathy Reid has 20 years experience in public accounting, including work with several junior mining companies.
The new board intends to consolidate its current operations to Kirkland Lake and Toronto. Joe Horne and Dan McCormack who are each partners in Kirnova Corp., a private company based in Kirkland Lake, will become increasingly involved in the management of the Company's mineral properties. Kirnova Corp. has extensive experience in mineral property ownership and management. Tom Fenton, securities lawyer at Aird & Berlis in Toronto and another founding director of Goldaur, will become legal counsel to the Company.
The directors of Vault will formulate new plans for the Company's development as soon as possible, which will need to include resolution of the Company's current liabilities, amounting to approximately $180,000, and a reduction in ongoing operating expenditures.
Vault Minerals Inc. is a junior natural resource company involved in exploration for gold and diamonds in Ontario. Its shares trade on the TSX Venture Exchange under the symbol "VMI". The Company owns the 60-claim Lebel gold property, situated in the heart of the historic Kirkland Lake gold camp, and the 3500-claim Attawapiskat diamond property located southeast of De Beers' Victor diamond mine development in the James Bay Lowlands. The Company is based in Toronto and Kirkland Lake, and its capital consists of 8,820,468 issued and outstanding common shares.
On behalf of the Board,
Vault Minerals Inc.
"Andy Chater", P.Geo,
President and CEO
For additional information, contact:
Andy Chater
Tel (416) 360 1985
Fax (416) 360 7193
Email andychater@on.aibn.com
Joe Horne
Tel (705) 567 4511
Fax (705) 567 6873
Email joe.kirnova@nt.net
Dan McCormack
Tel (705) 567 4511
Fax (705) 567 6873
Email dan.kirnova@nt.net
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release. |
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