Michael Callahan, Prior Hecla Executive, Appointed as New President of Silvermex
15 Diciembre 2009 - 8:25AM
Marketwired
Silvermex Resources Ltd. (TSX VENTURE: SMR) (the "Company" or
"Silvermex") is pleased to announce the appointment of Mr. Michael
Callahan as the new President and Director of Silvermex Resources
Ltd. This appointment will become effective December 15, 2009 and
has been made as an on going effort to add production experience,
depth and diversification to Silvermex's management team. Mr.
Arturo Bonillas, the current President of Silvermex, will continue
as a Director and work closely with Mr. Callahan to help develop
the strategies necessary to advance Silvermex to production.
Mr. Callahan served as Vice President of Hecla Mining Co. (NYSE:
HL) and President of Hecla's Venezuelan Operations from 2006 to
2009. He served as Vice President, Corporate Development from 2002
to 2006. He served as President of Minera Hecla Venezolana, a
subsidiary of Hecla Mining Co., from 2000 to 2003. Mr. Callahan
joined Hecla Mining Co. in 1989 and held a variety of positions
including Director, Accounting & Information Services and
Senior Financial Analyst before being named Vice President. From
1997 to 1999, he served as Financial Manager of Silver Valley
Resources.
The Board of Directors of Silvermex supports and welcomes Mr.
Callahan to the Silvermex team and Duane Nelson comments, "I
believe Michael will provide strong leadership and guidance on all
levels of Silvermex's activities and add extensive value through
his broad operational and executive experience in managing projects
and companies from exploration through the production phase. The
experience in Latin America combined with his experience on the
merger and acquisition front will help us transform Silvermex over
the coming months." Mr. Callahan's first priority will be to manage
the effective transition of Silvermex from an exploration company
to a profitable mining company.
Mr. Callahan will become fully active with Silvermex on December
15, 2009. The Board of Directors of Silvermex intends to grant Mr.
Callahan a signing bonus, subject to receipt of required regulatory
approvals, of an aggregate of 1,250,000 common shares (the "Common
Shares") as a retention and incentive bonus. The Common Shares will
be issued in increments over a two-year period from the date of
receiving all necessary approvals and will be subject to certain
conditions. The Company will also issue 500,000 common share
purchase options ("Stock Options") pursuant to Silvermex's
incentive stock option plan (the "Plan"). Each Stock Option can be
exercised into common shares of the Company at an exercise price of
$0.34 per share. The term of the Stock Options granted under the
Plan will be five years. The grant of Shares and Stock Options are
subject to receipt of all required regulatory approvals including
the TSX Venture Exchange.
This News Release contains forward-looking statements. Forward
looking statements are statements which relate to future events. In
some cases, you can identify forward-looking statements by
terminology such as "may", "should", "expects", "plans",
"anticipates", believes", "estimates", "predicts", "potential", or
"continue" or the negative of these terms or other comparable
terminology. These statements are only predictions and involve
known and unknown risks, uncertainties and other factors that may
cause our or our industry's actual results, level of activity,
performance or achievements to be materially different from any
future results, levels of activity, performance, or achievements
expressed or implied by these forward-looking-statements.
While these forward-looking statements, and any assumptions upon
which they are based, are made in good faith and reflect our
current judgment regarding the direction of our business, actual
results will almost always vary, sometimes materially, from any
estimates, predictions, projections, assumptions or other future
performance suggests herein. Except as required by applicable law
the Company does not intend to update any forward-looking
statements to conform these statements to actual results.
Neither 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.
Contacts: Silvermex Resources Ltd. Duane Nelson Director
604-638-8971 www.silvermexresources.com
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