11:40:20 EDT Sat 18 May 2024
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Western Metallica Resources Corp
Symbol WMS
Shares Issued 71,728,630
Close 2023-08-25 C$ 0.055
Market Cap C$ 3,945,075
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Western Metallica appoints Pearson as director

2023-08-30 11:13 ET - News Release

Mr. Gregory Duras reports

WESTERN METALLICA ANNOUNCES APPOINTMENT OF PAUL PEARSON TO THE BOARD OF DIRECTORS

Western Metallica Resources Corp. has appointed Dr. Paul J. Pearson to its board of directors, effective today. Dr. Pearson is a specialist structural and economic geologist with over 35 years of diverse exploration experience throughout regions including Australasia, Latin America and Northern Africa. Dr. Pearson holds an honours bachelor of science and PhD in structural geology from the University of Queensland, Australia, and is a fellow of the Australian Institute of Mining and Metallurgy (FAusIMM).

Dr. Pearson's extensive leadership experience in executing successful exploration programs across diverse geological environments, including the advancement of a number of Canadian and Australian Peruvian-focused junior exploration companies, provides a synergetic alignment with Western Metallica's corporate strategy following recently announced Peruvian copper project acquisitions, Cana Brava and Turmalina. The company's ability to attract such highly experienced individuals that bring additional depth and knowledge to the board of directors is a testament to the underlying value of its portfolio of exploration assets.

Gregory Duras, chief executive officer and director of Western Metallica Resources, commented: "On behalf of the company and as a fellow director, I am very pleased to extend a warm welcome to Dr. Pearson, recognizing that his extensive geological experience is of substantial additive value to the Western Metallica board, especially given his in-country experience in a region where the company recently acquired two notable copper assets. Dr. Pearson's previous operational involvement in Peruvian mineral projects, such as El Misti Gold Ltd.'s discovery of Sinchao (Antakori), a copper-gold resource in Cajamarca, and Alturas Minerals SA's Sombrero Cu-Au skarn project in Ayacucho, will complement our exploration team's capabilities with local knowledge. Dr. Pearson's appointment provides a strategic benefit given his technical aptitude and the company's new direction towards copper exploration in Peru."

Dr. Pearson replaces Deepak Varshney who has tendered his resignation and ceases to be a director of Western Metallica, effective today. The company thanks Mr. Varshney for his time, service and valuable contributions during his tenure, and wishes him success in his future endeavours.

Grant of stock options

In addition, the company has granted 2.05 million incentive stock options to directors, officers, employees and consultants. The incentive stock options have an exercise price of six cents per share and are valid for a five-year period from the date of grant. All options are granted pursuant to the company's omnibus incentive plan, shall vest immediately (with the exception of those options granted to an individual performing investor relations services, whose options will vest in accordance with TSX Venture Exchange policies), and are subject to the terms of the applicable grant agreements and the requirements of the TSX Venture Exchange. The company's stock option plan allows for the issuance of up to 10 per cent of issued and outstanding share capital in the form of incentive stock options. As a result of this grant, the company has 6.43 million stock options issued, representing approximately 9 per cent of the issued and outstanding share capital.

About Western Metallica Resources Corp.

Western Metallica is an Ontario-registered company with its head office in Toronto, Ont., trading on the TSX Venture Exchange under the symbol WMS. Western Metallica is in the business of mineral resource exploration and development, its principal being its 100-per-cent-owned Nueva Celti copper property in the Ossa Morena belt in Andalusia, Spain, and three other Spanish gold projects in the Navelgas gold belt in Asturias, Spain (Penedela, Valledor and Sierra Alta). Western Metallica also holds options to acquire a 100-per-cent interest in two copper projects in Peru: Cana Brava, in La Libertad province, and Turmalina, in Piura province.

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