Vendetta Mining Strengthens Board of Directors
Vancouver, British Columbia--(Newsfile Corp. - October 6, 2016) - Vendetta Mining Corp. (TSXV: VTT) (the "Company") is pleased to announce the appointment of Mr. Doug Flegg and Mr. David Baker to the Company's Board of Directors.
Mr. Doug Flegg, MBA, CFA
Mr. Flegg is a geologist with over 30 years Mining and Mining Finance experience including the last 10 years as the Managing Director of Global Mining Sales at BMO Capital Markets ("BMO"), where he was involved in over 200 mining financings exceeding $25 billion in value. While at BMO, Mr. Flegg also provided advice to senior mining management teams on strategic issues involving Capital Markets, Financing, and Corporate Development.
Prior to BMO, Mr. Flegg spent 11 years as a Mining Portfolio Manager with UBS Global Asset Management and Predecessor Companies.
As a Geologist, MBA and CFA, Mr. Flegg brings an invaluable skill set to the Board of Vendetta Mining. Mr. Flegg is currently the Managing Partner (Mining) for Cairn Merchant Partners, a Merchant Banking and Capital Advisory firm based in Toronto.
Mr. David Baker, MBA, CA
Mr. Baker has over 20 years of experience in major mine operations, project development and Government relations. Mr. Baker spent 15 years with the Ivanhoe Mines Group of Companies in several capacities including Project Controller, Manager Corporate Development and Finance, and Vice President Treasurer.
On Ivanhoe Mines' world class Oyu Tolgoi Copper-Gold project Mr. Baker managed the pre-feasibility study and directed the economic modeling for the negotiation of the Investment Agreement with the Government of Mongolia. In addition he led the Oyu Tolgoi financing due diligence program involving eight international banks in a $4 billion debt finance facility.
Mr. Baker is currently a Consultant whose clients include private and publicly listed mining companies, and government agencies. Recent major projects include advisory roles for the Government of Rwanda and the UK Government encompassing mining policy review, analysis and developing extractive industry improvement programs.
Mr. Jeff Sundar will be stepping down from the Board to create the necessary Board space for the new appointees. The Company would like to thank Mr. Sundar for his contributions to the development of Vendetta since the Company's inception.
About Pegmont
The Pegmont lead-zinc-silver deposit is located in North West Queensland Mineral Province, 175 km south-east of the major mining center of Mount Isa, 25 km west of South32's world class Cannington silver-lead-zinc operation and 28 km north of Chinova Resources' Osborne and Kulthor copper-gold operations. It is proximate to infrastructure including roads, rail, and natural gas for power generation.
Pegmont is a multiple lens, stratiform Broken Hill style deposit that outcrops with an overall shallow dip to the south east and is hosted in a magnetite rich, banded iron formation within high metamorphic grade rocks. The project consists of three granted mining leases and two exploration permits that cover an area of approximately 3,468 ha.
Since the February 2014 NI 43-101 Mineral Resource Estimate on Zones 1 to 4 there has been over 13,500 m of drilling, primarily in the Zone 5 underground target and the Burke Hinge Zone open pit target. Highlights of the Companies drill results from Burke Hinge Zone and Zone 5 are presented in Table 1 below, the Company plans to update the resource estimate in the near future.
Table 1. Highlights of the 2014 - 2016 Burke Hinge Zone and Zone 5 Drilling^
| Bore Hole | Dip / Azimuth | From (m) | To (m) | Interval (m) | True Thickness* (m) | Grade | |||
| Pb+Zn % | Pb % | Zn % | Ag g/t | ||||||
| Burke Hinge Zone - Open Pit Target | |||||||||
| PVR018 | -60/205 | 81.0 | 87.0 | 6.0 | 5.4 | 7.30 | 4.90 | 2.41 | 7.0 |
| PVR019 | -60/205 | 62.0 | 69.0 | 7.0 | 6.7 | 11.52 | 7.79 | 3.72 | 12.4 |
| PVR021 | -60/205 | 57.0 | 70.0 | 13.0 | 13.0 | 7.34 | 4.29 | 3.04 | 6.6 |
| and | 81.0 | 87.0 | 6.0 | 6.0 | 10.11 | 6.98 | 3.13 | 12.5 | |
| PVRD023 | -60/205 | 40.64 | 46.64 | 6.00 | 6.0 | 9.48 | 6.08 | 3.40 | 17.8 |
| PVRD026 | -60/025 | 69.65 | 75.65 | 6.00 | 3.7 | 10.41 | 5.94 | 4.47 | 10.4 |
| PVRD027 | -60/205 | 34.16 | 37.16 | 3.00 | 3.0 | 11.48 | 7.55 | 3.93 | 27.9 |
| PVRD041 | -60/205 | 31.0 | 36.0 | 5.0 | 4.9 | 9.15 | 5.99 | 3.16 | 9.1 |
| PVRD042 | -60/205 | 42.5 | 46.45 | 4.00 | 3.9 | 16.83 | 12.28 | 4.55 | 19.9 |
| Zone 5 - Underground Target | |||||||||
| PVRD030 | -68/330 | 290.85 | 299.15 | 8.30 | 7.9 | 10.73 | 5.82 | 4.91 | 6.8 |
| and | 317.25 | 323.00 | 5.75 | 4.8 | 11.01 | 5.85 | 5.16 | 9.0 | |
| PVRD032 | -70/350 | 253.28 | 260.28 | 7.00 | 6.2 | 9.55 | 6.40 | 3.15 | 8.0 |
| PVRD033 | -70/350 | 276.63 | 281.63 | 5.00 | 4.6 | 9.72 | 5.77 | 3.95 | 8.0 |
| PVRD037 | -88/240 | 297.38 | 303.38 | 6.00 | 5.5 | 9.72 | 4.53 | 5.19 | 6.2 |
| PMR283 | -90 | 276.0 | 285.0 | 9.0 | 9.0 | 13.23 | 6.35 | 6.88 | 7.7 |
| PVRD017 | -56/153 | 260.60 | 265.16 | 4.56 | 4.2 | 15.60 | 5.45 | 10.15 | 6.1 |
^Note: For full details about the above drill results please see the Company's previous news releases dated the 7th September 2016 and 21st September 2016.
About Vendetta Mining Corp.
Vendetta Mining Corp. is a Canadian junior exploration company engaged in acquiring, exploring, and developing mineral properties with an emphasis on lead and zinc. It is currently focused on advanced stage exploration projects in Australia, the first of which is the recently optioned Pegmont Lead Zinc project. Additional information on the Company can be found at www.vendettaminingcorp.com.
Qualified Person
Peter Voulgaris, MAusIMM, MAIG, a Director of Vendetta, is a non-independent qualified person as defined by NI 43-101. Mr. Voulgaris has reviewed the technical content of this press release, and consents to the information provided in the form and context in which it appears.
ON BEHALF OF THE BOARD OF DIRECTORS
"Michael Williams"
Michael Williams
President & CEO
(604) 484-7855
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
Certain statements within this news release, other than statements of historical fact relating to Vendetta Mining Corp., are to be considered forward-looking statements with respect to the Company's intentions for its Pegmont project in Queensland, Australia. Forward-looking statements include statements that are predictive in nature, are reliant on future events or conditions, or include words such as "expects", "anticipates", "plans", "believes", "considers", "significant", "intends", "targets", "estimates", "seeks", attempts", "assumes", and other similar expressions.
The forward-looking statements are based on a number of assumptions which, while considered reasonable by Vendetta Mining Corp., are, by their nature, subject to inherent risks and uncertainties and are not guarantees of future performance. Factors that could cause actual results to differ materially from those in forward-looking statements include: the interpretation of current results from the 2016 drilling program mentioned in this news release, further results from the 2016 drilling program, the accuracy of exploration results, the accuracy of Mineral Resource Estimates, the anticipated results of future exploration, the forgoing ability to finance further exploration, delays in the completion of exploration, delays in the completion of the updated Mineral Resource Estimate, the future prices of lead, zinc, and other metals, and general economic, market and/or business conditions. There can be no assurances that such statements and assumptions will prove accurate and, therefore, readers of this news release are advised to rely on their own evaluation of the information contained within. In addition to the assumptions herein, these assumptions include the assumptions described in Vendetta Mining Corp.'s Management's Discussion and Analysis for the nine months ended, February 29th, 2016.
Although Vendetta Mining Corp. has attempted to identify important risks, uncertainties and other factors that could cause actual performance, achievements, actions, events, results or conditions to differ materially from those expressed in or implied by the forward-looking statements, there may be other risks, uncertainties and other factors that cause future performance to differ from what is anticipated, estimated or intended. Unless otherwise indicated, forward-looking statements contained herein are as of the date hereof and Vendetta Mining Corp. does not assume any obligation to update any forward-looking statements after the date on which such statements were made, except as required by applicable law.
