MONTREAL, March 20, 2019 (GLOBE NEWSWIRE) -- Falco Resources Ltd. (FPC.V) (“Falco” or the “Corporation”) announces the resignation of Mr. Sean Roosen as a Director and as Chair of the Board of Directors.
Sean Roosen noted: “I am proud of the progress that we have achieved at the Horne 5 Project under my stewardship and I look forward to continuing to work with the Falco team and its stakeholders in moving the project to commercial production over the next few years. Osisko Gold Royalties continues to view Horne 5 as one of the top gold development projects in Canada.”
Luc Lessard, President and CEO of Falco, noted: “We appreciate the guidance and support that Mr. Roosen has provided over the years, as we established our plan to develop the Horne 5 Project. His leadership and contribution in developing our long-term strategy and financing plan is noteworthy. We are pleased that we will continue to benefit from his support through Osisko Gold Royalties’ significant ownership in Falco and as special advisor to the Corporation.”
Bryan A. Coates, President of Osisko Gold Royalties Ltd and a member of the Board of Directors of Falco, will assume the position of Chair of the Board effective immediately.
Falco Resources Ltd. is one of the largest mineral claim holders in the Province of Québec, with extensive land holdings in the Abitibi Greenstone Belt. Falco owns about 67,000 hectares of land in the Rouyn-Noranda mining camp, which represents approximately 70% of the entire camp and includes 13 former gold and base metal mine sites. Falco’s principal asset is the Horne 5 Project located in the former Horne mine that was operated by Noranda from 1927 to 1976 and produced 11.6 million ounces of gold and 2.5 billion pounds of copper. Osisko Gold Royalties Ltd is the largest shareholder of the Corporation and currently owns 19.9% of the issued and outstanding shares of the Corporation. The Corporation has 207,878,736 shares issued and outstanding.
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