Kivalliq Appoints Team Members to Key Roles
October 19, 2010
Vancouver, B.C. – Kivalliq Energy Corporation (KIV: TSX-V) (the “Company” or “Kivalliq”) today announced the appointment of current team members to key management and board roles. The Company’s board and executive is focused on establishing a 43-101 compliant mineral resource at the Lac Cinquante Uranium Deposit by Q1, 2011, and demonstrating the potential for the Angilak Property to host additional U3O8 resources through an aggressive exploration program in 2011.
John Robins has been appointed to Chairman of the Company’s board of directors, and Dr. Robert Carpenter will remain a director. Jim Paterson will continue to serve on the board of directors and immediately assume the role of Chief Executive Officer. Jeff Ward, has been promoted to President after successfully serving as the Company’s Vice-President, Exploration, for the past 2 years.
“We are excited to have the complementary skill-sets of Jim Paterson and Jeff Ward working in unison to advance Lac Cinquante and increase the Company’s value,” stated John Robins, P.Geo, Kivalliq’s new Chairman. “Jim’s corporate experience and proven ability to build market awareness for companies in the resource sector, combined with Jeff’s expertise in managing large scale exploration and logistical projects in Canada’s north, are exactly what Kivalliq needs to take the Company through the next stage of its development.”
Newly appointed CEO, Jim Paterson, B.Comm., has been an active member of the Board of Directors of Kivalliq Energy Corp. since the Company’s inception. He has over 13 years of corporate experience with several North American mineral exploration and development companies. Mr. Paterson founded, was President & CEO, and currently serves as a Director of Corsa Capital Ltd. (CSO: TSX-V) – a company which recently announced its intention to acquire and capitalize coal assets in the USA. Jim is also a Director of Kaminak Gold Corporation and Niblack Development Corporation, both resource companies listed on the TSX Venture Exchange.
Kivalliq’s new President, Jeff Ward, BSc, P.Geo, obtained a Bachelors of Science degree in Geology from the University of Western Ontario and is a registered professional geologist in British Columbia and Alberta. He has over 25 years experience exploring for base metals, precious metals and diamonds with companies such as Corona Corporation, Ashton Mining of Canada Inc., and Stornoway Diamond Corporation. Mr. Ward’s experience ranges from reconnaissance to advanced-stage projects throughout Canada’s north. As Regional Project Manager, he directed exploration programs in the Northwest Territories, Nunavut and Alberta for over ten years and was responsible for program design, supervision, compliance, joint venture management and stakeholder relations.
Stock Options Grant
Stock options have been granted to directors, officers and key employees of Kivalliq, in accordance with the terms and conditions of the stock option plan of the Company, entitling them to purchase 2,870,000 shares at the price of $0.50 per common share expiring October 19, 2015.
About Kivalliq Energy Corporation
Kivalliq Energy Corporation is a uranium exploration and development company, and the first company in Canada to sign a comprehensive agreement with the Inuit of Nunavut to explore for uranium on Inuit Owned Lands in Nunavut.
The Lac Cinquante Deposit is Canada’s highest grade uranium deposit outside of the Athabasca Basin. Kivalliq’s core asset, the 225,000 acre Angilak Property hosts the historic Lac Cinquante uranium deposit, and over 150 other uranium occurrences. Since acquiring the project in 2008 the Company has invested approximately $9 million on the property conducting systematic exploration which has included ground and airborne geophysics, geological mapping /sampling and over 15,000 meters of drilling since 2009.
On behalf of the Board of Directors
John Robins, P.Geo
President and CEO
Kivalliq Energy Corporation
For further information about, Kivalliq Energy Corporation or this news release, please visit our website at www.kivalliqenergy.com or contact Investor Relations at 1.888.331.2269 toll free, directly at 604.646.4527 or by email at [email protected].
Kivalliq Energy Corporation is a member of the Discovery Group of companies, for more information on the group visit www.discoveryexp.com.
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.
** The quoted disclosure of historical resource estimates for the Lac Cinquante Uranium Deposit was prepared by Aberford Resources Ltd in 1982, Abermin Corporation in 1986, and referenced by other subsequent sources. It was prepared prior to the implementation of National Instrument 43-101 (NI 43-101) and should not be relied upon since it does not comply with NI 43-101 Standards of Disclosure for Mineral Projects. A Qualified Person has not classified the historical estimates as current mineral resources or reserves, and therefore, Kivalliq is not treating them as such. Kivalliq has not completed any work to verify these estimates, but ongoing exploration programs are designed to evaluate the economic potential of the deposit and environs. It is uncertain if further exploration will result in the deposit being classified a mineral resource or reserve. However, the historical uranium resource estimate is relevant because: it is indicative of a mineralized zone worthy of follow-up exploration as it is based on drilling and surface exploration carried out by what is believed to be knowledgeable explorers in accordance with acceptable industry practices at the time of the estimate. Historic estimates were originally classified as “indicated” and “inferred” reserves, plus a third “possible” category; however, the equivalent categories acceptable under NI 43-101 are not known at this time.