TORONTO, ONTARIO–(Marketwired – Aug. 8, 2017) – Melior Resources Inc. (TSX VENTURE:MLR) (“Melior” or the “Company”) is pleased to announce that it has appointed Logan Francis as Chief Operating Officer to oversee the final preparations for restarting the Company’s flagship Goondicum ilmenite project as well as assume responsibility for the construction, commissioning, and operational phases of the Goondicum project.
Mark McCauley, Melior Resources CEO said, “Logan will significantly enhance Melior’s operational capability as we move into finalizing the restart plans for the Goondicum project. His appointment is the first of several that we anticipate once our Board gives us the final green light to restart the project.”
Mr. Francis has previously held senior operational roles with Cristal Mining and MRC Mineral Commodities and has strong resource industry experience, particularly in mineral sands, across a diverse range of projects. Mr Francis holds an Executive MBA from the University of Wollongong and a Master’s Engineering Degree (Mining) from the University of New South Wales.
Supported by the strong recovery of ilmenite prices and favorable outlook for demand, restart of Melior’s Goondicum project remains contingent on:
- Finalizing operational plans;
- Finalizing satisfactory offtake agreements with ilmenite and apatite customers; and
- Obtaining sufficient funding.
About Melior
Melior is the owner and operator of the Goondicum mine, a past-producing ilmenite and apatite mine strategically located in Queensland Australia. Further details on Melior and the Goondicum mine can be found at www.meliorresources.com and regulatory filings are available on SEDAR.
Melior is incorporated under the provisions of the Business Corporations Act (British Columbia) and has a registered office in Toronto, Ontario. Melior is classified as a Tier 1 Mining Issuer under the policies of the TSX-V.
Forward Looking Statements Disclaimer
Statements made in this news release may be forward-looking and therefore subject to various risks and uncertainties. Such statements can typically be identified by terminology such as “may”, “will”, “could”, “should”, “expect”, “plan”, “anticipate”, “believe”, “intend”, “possible“, “continue”, “objective” or other similar expressions concerning matters that are not historical facts. Certain material factors or assumptions are applied in making forward-looking statements and actual results may differ materially from those expressed or implied in such statements. Melior does not undertake to update any forward-looking statements; such statements speak only as at the date made.
Going Concern Risk
As described in Melior’s most recent MD&A, the continuing operations of the Company are dependent upon its ability to continue to raise adequate financing, to commence profitable operations in the future, and repay its liabilities arising from normal business operations as they become due. There remains a significant risk that the Company is unable to find alternative sources of financing for on-going working capital requirements. These material uncertainties cast significant doubt upon the Company’s ability to continue as a going concern.
Failure to obtain sufficient financing could result in a delay or abandonment of the Goondicum Mine and could force the Company into reorganization, bankruptcy or insolvency proceedings. Additional financing may not be available when needed or, if available, the terms of such financing might not be favourable to the Company and might involve substantial dilution to existing shareholders. Failure to raise capital when needed would have a material adverse effect on the Company’s ability to pursue its business strategy, and accordingly could negatively impact the Company’s business, financial condition and results of operations.
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.
Mark McCauley
Chief Executive Officer
+61 7 3233 6300
info@meliorresources.com