Cabral Gold Inc. (CVE:CBR) (OTCPINK:CBGZF) has announced the appointment of Rodney Cooper to its board of directors with immediate effect.
Cooper, a mining engineer, is principal at Cooper Mine Management and Valuation Consulting and is a director of Moneta Porcupine Mines Inc. which has a number of gold exploration projects in Ontario, including a 50% JV with Kirkland Lake Gold. He was formerly a director at Klondex Gold until the company was acquired by Hecla. From the period 2011 to 2017, Cooper was president and COO of Labrador Iron Mines, prior to establishing his own consulting firm.
He joined Kinross Gold Corporation in 2000 and was VP Technical Services for Kinross from 2002 to 2006. During that time, he made numerous trips to Brazil evaluating gold opportunities, and worked on Kinross' world-class Paracatu gold mine and the Gurupi project.
READ: Cabral Gold hits mineralized vein at previously untested Indio target on the Cuiú Cuiú project in Brazil
In a statement, Alan Carter, Cabral's president and CEO commented: "We are delighted that Rod has agreed to join our Board of Directors. His education and wide experience as a mining engineer, analyst and mining executive brings a diverse set of skills and expertise to Cabral's Board. His experience with Kinross Gold and its Paracatu gold mine in Brazil in particular, should prove invaluable to Cabral as we continue to advance towards unlocking the high-grade potential of the Cuiú Cuiú gold project".
The company also announced that Dennis Moore has resigned from its board of directors as part of his retirement process. The board said it would like to thank Moore for his significant contributions to both the Cuiú Cuiú gold project and the company, and wished him well in his retirement.
Cabral's also said its board has approved the granting of restricted share units (RSUs) which entitle the holders to acquire a total of 584,374 common shares in the capital stock of the company. In respect of 126,041 RSUs granted to three independent directors, 50% of the RSUs will vest 18 months after the date of grant with the remainder vesting after 36 months. In respect of 435,416 RSUs granted to non-independent directors, officers and employees (five recipients), 100% of the RSUs will vest 36 months after the date of grant. In respect of the remaining 22,917 RSUs granted to a consultant, 100% of the RSUs will vest 18 months after the date of grant.
The company also said its board has approved the granting of stock options which entitle the holders to purchase a total of 600,000 common shares at a price of $0.49 per common share. The grant includes 300,000 stock options granted to a director of the company. The stock options are exercisable for five years and are subject to vesting over 24 months.
Cabral Gold is a junior resource company engaged in the identification, exploration and development of mineral properties, with a primary focus on gold properties located in Brazil. The company has a 100% interest in the Cuiú Cuiú gold district located in the Tapajós Region, within the state of Pará in northern Brazil.
The Tapajós Gold Province is the site of the largest gold rush in Brazil's history producing an estimated 30 to 50 million ounces of placer gold between 1978 and 1995. Cuiú Cuiú was the largest garimpo in the Tapajós and produced an estimated 2 million ounces of placer gold historically.
Contact the author at jon.hopkins@proactiveinvestors.com