Adyton appoints independent director and restructures
BRISBANE, Australia, December 31, 2021 (GLOBE NEWSWIRE) – Adyton Resource Company (TSX Venture: ADY) is pleased to announce the appointment of David Irvine to the Board as an independent non-executive director effective December 31, 2021, subject to the approval of the TSX Venture Exchange. The Company also announces the appointment of current directors Sinton Spence and Tim Crossley as Chairman of the Board and Interim CEO, respectively. New board of directors, made up of existing board members Sinton Spence and Tim Crossley, and newly appointed David Irvine, will lead the company on an interim basis as it restructures its board and management team .
New President Sinton Spence said, âI am honored to be asked to be president of a company that has so much potential. Since Adyton’s listing in February 2021, we have undertaken two very successful drilling campaigns, the most recent on Feni Island where the company reported a very large copper interception (see announcement of December 1, 2021) and more early on Fergusson Island (Gameta and Wapolu deposits). where the company reported a significant increase in its mineral resource inventory (see announcement of October 14, 2021). Despite these successes, we share the frustration of all shareholders with the company’s stock price. As a longtime resident of PNG and a participant in the country’s mining sector, I am excited about the opportunity to restructure and reposition Adyton and continue these successes with the goal of achieving a market valuation at multiples that reflect our resources relative to our peers and prospects for advancement and growth. I absolutely believe in the quality of the geology of the Adyton projects.
Interim CEO Tim Crossley said: âLike Sinton, I am a strong believer in the geology of our assets and look forward to restructuring and positioning Adyton for continued success and greater recognition of value by the Marlet. Mr Crossley said he had also met with Chief Geologist Rod Watt who, having coordinated and managed exploration programs before Adyton’s listing and over the past 9 months, is also a strong supporter of geology and indicated he wanted to stay involved in any capacity. new wishes of the board of directors.
For more information, please contact:
Tim Crossley, Managing Director
Email: [email protected]
Telephone: +61 7 3854 2389
ABOUT ADYTON RESOURCE COMPANY
Adyton Resources Corporation is focused on the development of gold and copper resources in world-class mining jurisdictions. It currently has a portfolio of highly promising mineral exploration projects in Papua New Guinea on which it is exploring for copper and gold. The Company’s mineral exploration projects are located on the Pacific Ring of Fire, home to several world-class copper and gold deposits.
Adyton was formed through a reverse takeover transaction with XIB I Capital Corporation on February 17, 2021 and began trading on the TSX Venture Exchange under the symbol “ADY” on February 24, 2021.
Adyton is also listed on the Frankfurt Stock Exchange under the code 701: GR.
For more information on Adyton and its projects, visit www.adytonresources.com.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/3646a34c-ad39-4dd5-8fe9-23572b2f84d8
This press release contains “forward-looking statements”, including forecasts, estimates, expectations and targets for future operations that are subject to several assumptions, risks and uncertainties, many of which are beyond Adyton’s control. Forward-looking statements and information can generally be identified by the use of forward-looking terms such as “may”, “will”, “should”, “expect”, “intend”, “estimate”, ” anticipate “,” believe “,” continue “,” plans “or similar terminology. Forward-looking statements contained in this press release include plans for additional drilling tests, intention to prepare additional technical studies, timing additional drilling results and preparation for a resource upgrade in the third quarter of 2021. The forward-looking information contained herein is provided for the purpose of helping readers understand the current expectations and plans for the direction regarding the future. Readers are cautioned that this information may not be appropriate for other purposes. Forward-looking information is based on the direction of assumptions, reasonable estimates, expectations, analyzes and opinions of the parties, which are based on this management’s experience and perception of trends, current conditions and expected developments, and other factors that management considers relevant and reasonable in the circumstances , but that may turn out to be inaccurate. These factors include, among others: impacts resulting from the global disruption caused by the Covid-19 coronavirus epidemic; changes in general macroeconomic conditions; changes in the securities markets; changes in the price of gold or certain other commodities; change in national and local government, legislation, taxation, controls, regulations and political or economic developments; risks and hazards associated with exploration, development and mining activities (including environmental hazards, industrial accidents, unusual or unexpected forming pressures, collapses and floods); differences between actual and estimated metallurgical recoveries; failure to obtain adequate insurance to cover risks and dangers; the presence of laws and regulations that may impose restrictions on mining; employee relations; the relationships and claims of local communities and indigenous populations; the availability and evolution of costs associated with mining inputs and labor; the speculative nature of mineral exploration and development (including the risks of obtaining necessary licenses, permits and approvals from government authorities); and the title of the properties. Investors are cautioned that these statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in the forward-looking statements. This forward-looking information represents management’s best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary significantly. Readers are cautioned not to place undue reliance on forward-looking statements or information. Adyton Resources Corporation assumes no obligation to update forward-looking information, except as required by applicable law.