Sandspring Resources Ltd. is pleased to announce the completion of a robust and positive pre-feasibility study ("PFS") and initial mineral reserve estimate for its wholly-owned Toroparu Gold Project (the "Project") in the Republic of Guyana.
Sandspring Resources Ltd. is engaged in the exploration and development of mineral properties in the Republic of Guyana, South America. The Company is currently advancing the multi-million ounce Toroparu Gold-Copper Deposit toward potential large-scale gold and copper production in 2015. The Toroparu Gold-Copper Deposit was discovered in 2007 on Sandspring’s 100% controlled Upper Puruni Property, a highly prospective area of contiguous mining claims located in the Upper Puruni River area of western Guyana. Sandspring continues to explore its properties for additional multi-million ounce gold deposits. Sandspring is led by a highly successful board of directors, experienced management team with more than a decade of mining experience in Guyana, and a world-class exploration team based in its capital city of Georgetown.
Rich Munson, B.A., J.D., L.L.M., CEO, Director
Mr. Munson has been active in the natural resources business for 30 years starting as a natural resources lawyer specializing in taxation. Mr. Munson joined the Energy Fuels companies owned by John R. Adams (Chairman of Sandspring) in 1985 and has worked with Mr. Adams since that time serving as an officer, director and general counsel for the Adams group. Mr. Adams and Mr. Munson formed ETK Inc. in 1999 to acquire the Toroparu Gold-Copper Project that is the key asset of Sandspring. Sandspring acquired ETK Inc. in November of 2009. Mr. Munson has been CEO and a director of Sandspring since that time.
Scott Issel, MBA, Chief Financial Officer
Mr. Issel completed a double major in Accounting and Finance from the University of Colorado and an MBA from the University of Notre Dame. He has previously served as an Investment Advisor with Merrill Lynch and as a portfolio manager with a private venture capital group in the United States. Mr. Issel joined Sandspring in May 2009 as the Controller of GoldHeart Investment Holdings Ltd., a subsidiary company of Sandspring and owner of the original Toroparu Gold-Copper Project in Guyana, South America through a Guyanese operating company, ETK Inc. Mr. Isselassisted in the reverse takeover transaction of Sandspring which served as the Company's Qualifying Transaction for listing on the TSX Venture Exchange.
Greg Barnes, B.Sc., MBA, Executive Vice-President, Director
Mr. Barnes has been associated with the Toroparu Gold-Copper Project for a number of years as a technical advisor and investor prior to completion of the Qualifying Transaction in November of 2009. Mr. Barnes has been involved in a number of privately held companies specializing in the trading, production, and investment in commodities in developing countries. Mr. Barnes holds a B.Sc. in Geological Sciences from the University of Texas at Austin and a M.Sc. in Economics from the London School of Economics. He is also the CEO and President of Hunter Energy LLC.
L. Werner Claessens, Lic. Geo., P.Geo., Vice President of Exploration
Mr. Claessens has been exploring for gold in West Africa for more than 30 years. He has experienced considerable success as an explorationist of greenstone hosted gold deposits for several European Union funded regional exploration programs and Etruscan Resources Ltd. Mr Claessen’s discoveries include several large greenstone hosted gold deposits such as Sadiola Hill in Burkina Faso, Morila in Mali, and the Samira Hill in Niger. Mr. Claessens holds a Degree in Geological and Mineralogical Sciences from the Catholic University of Leuven (KUL), Leuven, Belgium.
Pascal VanOsta, Exploration Manager
Mr. VanOsta has worked extensively throughout sub-Saharan West Africa in Chad, Mali, Burkina Faso, Niger, and in French Guiana for Belgian and European Agencies as was as the UNDP. Mr. VanOsta holds a degree in Geological and Mineralogical Sciences from the University of Brussels (ULB), Brussels, Belgium
Dennis Kerstiens, B.Eng., Engineering Technical Coordinator
Mr. Kerstiens has a degree in Metallurgical Engineering from the Colorado School of Mines and over thirty years of experience as a senior manager in all phases of open pit mining. Mr. Kerstiens has a solid background in the administration, engineering, production, and maintenance of both large and small open pit mining operations with Kennecott Corporation and other mining companies.
Wes Adams, Manager of Investor Relations
Wes Adams resides in Denver, Colorado. Prior to joining Sandspring, he was general foreman of the Toroparu gold project from 2005-2007 and also from 2008-2009. As general foreman, he had overall management of the saprolite and alluvial mining operations for Sandspring’s wholly-owned subsidiary, ETK Inc. including gold refining, smelting, personnel management and infrastructure development which included road construction and maintenance and equipment management. Mr. Adams attended Southern Methodist University.
John R. Adams, Chairman of the Board of Directors
Mr. Adams has over 30 years of experience in the mining business. He is the son of the late Robert W. Adams, one of the founders of the U.S. uranium industry. John Adams managed the family-owned company Energy Fuels Corporation, which developed and owned the largest coal mine in Colorado (4 million tons per year). He was also Chief Executive Officer of Energy Fuels Nuclear Inc., the largest producer of uranium in the U.S. (5 million lbs per year) during the 1980's and early 1990's. For over 10 years Mr. Adams has been developing the Toroparu Gold-Copper Deposit in Guyana, South America. In addition to his mining activities, Mr. Adams has been active in real estate development, banking, and cattle production. He formerly owned 40% of the Denver Broncos National Football League franchise. He resides on his family’s cattle ranch in Steamboat Springs, Colorado.
David Constable, BSc, MBA, ICD.D, Independent Director
David Constable is a professional geologist who has more than 40 years of experience in mineral exploration, development and strategic investor relations throughout Canada and internationally. From 2002-10 he was Vice President Investor Relations for FNX Mining Company Inc. (FNX:TSX), retiring after the 2010 merger with Quadra Mining Ltd. (QUA:TSX) to create Quadra/FNX Mining Ltd. (QUX:TSX). Mr. Constable has a BSc (Hons.) from Mount Allison University in New Brunswick, an MBA (Hons.) from Sudbury's Laurentian University and possesses an ICD.D designation from the Institute of Canadian Directors.
Brad L. Doores, B.A., J.D., Independent Director
Mr. Doores is VP and Assistant General Counsel for Barrick Gold Corp. He is a U.S. attorney licensed in the state of Colorado with over 30 years of legal experience in the mining industry. During the course of his career, Mr. Doores has served as an officer, director and legal counsel for both private and public, and senior and junior, natural resources companies. Mr. Doores has a B.A. from Duke University (1972) and a J.D. from the University of Michigan School of Law (1975).
Gerald W. Grandey, B.S. (GeopEng), J.D., Independent Director
Mr. Grandey is the former president, CEO, and Director of Cameco Corporation. His prior appointments include Vice-Chair and Chief Executive Officer of The Concord Mining Business Unit and president of the Energy Fuels group of American coal and uranium mining companies. Mr. Grandey practiced law in the mid '70s with a major Denver law firm specializing in mineral financing, natural resources and environmental law. He graduated from the Colorado School of Mines in 1968 with a degree in geophysical engineering and, after serving two years in the U.S. military, received his law degree from Northwestern University in 1973.
George Bee, Director
Mr. Bee has an extensive career operating and developing world-class gold mining projects, most recently in Latin America. He currently serves as President, CEO and Director of Andina Minerals Inc. and serves on the Board of Directors of Peregrine Metals, which is in the final stages of being acquired by Stillwater Mining Company. Previously, he was Chief Operating Officer at Aurelian Resources, Inc. where he was primarily responsible for the development of the Fruta del Norte Project in Ecuador. Prior to that Mr. Bee was Director, Technical Projects for Barrick Gold Corporation. During his 16-year career at Barrick he was responsible for a number of operating and development projects. In 1998, he worked as Operations Manager to bring together the operating team and work to finalize the construction and commence operations at the Pierina gold mine in Peru culminating in his oversight of the first full year of production of over 800,000 oz AU. He left in 2000 for the Pascua Lama project in Chile before moving in 2002 to the Veladero mine where he was responsible for leading the team that took the Veladero mine from advanced exploration through feasibility, permitting and into production. Veladero was the first major mine investment to be made in Argentina's San Juan province and one of the first investments in Argentina after the financial crisis of 2001-2002. Mr. Bee is a graduate of the Camborne School of Mines in Cornwall, United Kingdom.
Suresh Beharry, Director
Mr. Beharry is Chairman of Edward B. Beharry & Company Ltd. (the "Beharry Group"), a business conglomerate active in a number of industry sectors throughout Guyana and the Caribbean. The Beharry Group engages in the insurance and finance sectors in Guyana through North American Life and Fire Insurance Co. Ltd., Guyana Bank for Trade and Industry, Beharry Stock Brokers, and Guyana Americas Merchant Bank, which started as a joint venture with the International Finance Corporation, a member of the World Bank Group. The Beharry Group operates a major food manufacturing and distribution business in Guyana and has a leading role in the automotive sector in Guyana through Beharry Automotive Ltd., the exclusive distributor of Toyota in Guyana. Mr. Beharry is a graduate of York University in Toronto, Ontario.
The Toroparu Gold-Copper Project lies within Sandspring's 1,000 km2 Upper Puruni Area mining concessions, located in the heart of the Guiana Shield's prolific Mazaruni-Barama greenstone mineral belt; which is host to a number of multi-million ounce gold deposits including Las Cristinas, Las Brisas del Cuyuni, and Aurora.
Sandspring has an ongoing relationship with the government of Guyana, most recently announcing the first comprehensive mineral agreement in the Guyanese gold sector since 1991. The government of Guyana and its team working on the Mineral Agreement spent significant time with Sandspring to create a complete regulatory plan for Sandspring’s mine at Toroparu and the related off-site facilities to be developed in conjunction with Sandspring’s gold mine. This marked a major milestone and represents Sandspring’s continuing commitment to work with all levels within the Guyanese government and its agencies with respect to our local and global activities in Guyana.
Sandspring conducts its business with utmost integrity, and a focus on environmental, social, and economic sustainability.
total full diluted
Cash position, 10 million