Orca Gold Provides Corporate Update
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct. 20, 2016) - Orca Gold Inc. (TSX VENTURE:ORG) ("Orca" or the "Company") announces that Dr. Jingbin Wang and Mr. Shuixing Fu have resigned from the Board of Directors of the Company, effective immediately.
Dr. Wang and Mr. Fu are senior executives of Sinotech Minerals Exploration Co. ("Sinotech"), which until recently was a material shareholder of the Company. Sinotech acquired its position in the Company by way of a private placement in Canaco Resources Inc., prior to a reverse takeover and change of name of the Company which took place in April 2013. On October 4, 2016, Sinotech sold the majority of its shareholding in the Company to Mr. Ross Beaty in a private transaction. Mr. Beaty acquired the position for investment purposes.
Commenting on the departures of Dr. Wang and Mr. Fu, Richard Clark, CEO and Director, said, "On behalf of Orca's Board of Directors, I would like to thank Dr. Wang and Mr. Fu for their positive contribution to the Company. We have enjoyed a close working relationship with them as valued board members and are appreciative of Sinotech's support during the formative years of the Company. We understand Sinotech's decision to sell its non-core position in Orca and are pleased that a successful transaction was achieved with Ross Beaty in this regard. As a consequence of this sale, Dr. Wang and Mr. Fu have tendered their resignations as Directors of the Company. I wish them much success in their future endeavours."
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.
Orca Gold Inc. is a Canadian resource company focused on exploration and development opportunities in Africa, where it is currently focused on the development of its 70% owned Block 14 project in the Republic of the Sudan. The Company has an experienced board of directors and management team and a strong balance sheet, with a treasury in excess of $11.5 million at September 30, 2016.
On behalf of the Board of Directors:
Richard P. Clark, CEO and Director