Manitou Gold Announces Management Changes
March 3, 2011
Sudbury, ON – Manitou Gold Inc. (TSX-V: MTU) (“Manitou”) is pleased to announce that Todd Keast has been appointed President of the Company. Todd Keast is a founder of Manitou Gold and has served as the Company’s founding Vice-president Exploration.
In connection with this appointment, Richard Murphy, who previously held the positions of President and CEO, will assume the positions of Chairman and CEO.
“Todd’s appointment as President of Manitou Gold reflects his contributions to the Company since its inception,” stated Chairman and CEO Richard Murphy, “Todd identified the Goldrock Mining Camp, the location of Kenwest and our other portfolio properties, as an underexplored yet highly prospective mining camp. He is also the driving force behind the Company’s recently announced discovery of 53.7 kg/t of gold over 0.55 metres on the Kenwest property, as disclosed in our press release of February 28, 2011.”
The Company also announces that, further to its press release dated January 20, 2010 it has signed a definitive option agreement to acquire a 100% in the Gaffney Extension Property. Under the terms of the option agreement, Manitou Gold can acquire a 100% interest in the Gaffney Extension Project in exchange for the payment of $70,000 in cash and the issuance of 700,000 common shares of the Company, over a three year period. The definitive option agreement is subject to acceptance by the TSX Venture Exchange.
About Manitou Gold
Manitou Gold Inc. is a well-funded gold exploration company focused with a dominant land position in the Gold Rock Mining Camp, located in the Kenora Mining District, in Northwestern Ontario. The Company’s largest individual shareholder is Goldcorp Inc, who holds a 15% interest in the Company.
For further information on Manitou Gold Inc. contact:
Chairman and CEO
Manitou Gold Inc.
CACS International Inc.
Telephone: (604) 315-4400
The Qualified Person responsible for the technical content of this news release is Todd Keast, P. Geo., President of Manitou Gold Inc. Mr. Keast has verified all of the technical data contained in this release.
The Company has implemented a quality control program to ensure best practice in sampling and analysis. Assayed samples are transported in security sealed bags for preparation and analysis at ALS Chemex facilities. ALS Chemex is an ISO 9001-2000 and ISO 17025 registered laboratory. In respect of the sample from the 0.55 m intersection from 55.90 m to56.45 m in hole KW-11-26, the following procedures were undertaken in the preparation and assaying of that sample, due to the anticipated high grade: The entire sample was crushed and pulverized and the crushing specification was > 70% passing 6mm; the pulverized sample was then screened to 100um to produce a plus fraction and minus fraction. The entire plus fraction was assayed by a 50g fire assay gravimetric method and the undersize was assayed in duplicate by a 50g fire assay gravimetric method.
Statements in this release that are forward-looking statements are subject to various risks and uncertainties, certain of which are beyond the control of the Company including, but not limited to, the impact of general economic conditions, industry conditions, volatility of commodity prices, risks associated with the uncertainty of exploration results and estimates and that the resource potential will be achieved on exploration projects, currency fluctuations, dependence upon regulatory approvals, the uncertainty of obtaining additional financing and exploration risk. Readers should also refer to the specific factors disclosed under the heading "Risk Factors" in the Company's filings with Canadian securities regulators. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. The Company does not assume any obligation to update any forward-looking statements, save and except as may be required by applicable securities laws.
Neither 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 releas