Wallbridge Announces Appointment of Tony Makuch to Board of Directors
TORONTO , Dec. 9, 2019 /CNW/ - Wallbridge Mining Company Limited (TSX:WM, FWB: WC7) ("Wallbridge" or the "Company") today announced that Tony Makuch , CEO of Kirkland Lake Gold Ltd. (" Kirkland Lake "), has joined the Company's Board of Directors following Kirkland Lake becoming a 9.9% shareholder of Wallbridge pursuant to its private placement financing (the "Offering"), which closed on November 29, 2019.
Mr. Makuch is a professional engineer ( Ontario ) with over 35 years of management, operations and technical experience in the mining industry, having managed numerous projects in Canada and the United States from advanced exploration through production. Most recently prior to joining Kirkland Lake , Mr. Makuch was President and CEO at Lake Shore Gold Inc., from 2008 until its acquisition by Tahoe Resources in 2016.
"We are excited to have Kirkland Lake as a strategic shareholder and we welcome Tony Makuch to the team as a member of the Board of Directors," stated Wallbridge Chair Alar Soever. "Tony's extensive experience in operations, resource development, capital markets and M&A will be very beneficial to all shareholders as we advance Fenelon toward production."
In connection with the Offering, the Company entered into an agreement with Kirkland Lake on December 6, 2019 granting Kirkland certain anti-dilution rights and the right to nominate one director to the Board of Directors of the Company.
About Wallbridge Mining
Wallbridge is establishing a pipeline of projects that will support sustainable 100,000 ounce-plus annual gold production as well as organic growth through exploration and scalability.
The Company is currently developing its 100%-owned Fenelon Gold Property, which is located proximal to the Sunday Lake Deformation Zone, an emerging gold belt in northwestern Quebec with an ongoing 70- 80,000 m exploration drill program in 2019 and a recently-completed 33,500-tonne bulk sample. Wallbridge is also pursuing additional advanced-stage projects which would add to the Company's near-term project pipeline. Wallbridge is also the operator of, and a 20% shareholder in, Loncan Canada Inc., a privately-held company with a large portfolio of nickel, copper, and PGM projects in Ontario's Sudbury Basin.