08:24:51 EST Tue 31 Jan 2023
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or Name

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Altaley Mining Corp (2)
Symbol ATLY
Shares Issued 34,868,052
Close 2023-01-24 C$ 0.425
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Altaley Mining appoints Underwood as CFO

2023-01-25 14:44 ET - News Release

Mr. Mike Struthers reports


Altaley Mining Corp. has appointed Erick Underwood as the company's new chief financial officer. Mr. Underwood will commence his role with the Company on 1st February 2023.

Mr. Underwood has over 25 years of experience in corporate development, business planning and analysis, treasury, and accounting for the mining industry, including 14 years based in Chile and Peru. He is currently CFO of TSX.V listed Chesapeake Gold Corp., owner of the Metates Project in Durango, Mexico.

Mr. Underwood was previously Finance Director at Cia. Minera Zafranal SA (a Teck Resources Ltd. and Mitsubishi Materials Corporation joint venture, owner of the Zafranal copper project in southern Peru) contributing to the successful completion of the Feasibility Study and subsequent update. Previously, Mr. Underwood was Chief Financial Officer of AQM Copper Inc., a formerly TSX-V listed company and prior owner and operator of Zafranal where he contributed to the development of the project and subsequent sale of AQM Copper Inc. to Teck Resources Ltd.

He has worked as an independent Business Planning consultant to mining companies Newmont-Barrick Norte Abierto project JV, Marcobre's Mina Justa and Teck Resources Ltd. Highland Valley Copper, and held various management positions while working for Cia. Minera Antamina and BHP Billiton Base Metals. Mr. Underwood played key roles in securing approval for investment projects such as Highland Valley Copper $475M mine extension and mill modernization, Antamina $1.3 billion 130ktpd expansion, and Spence $950M greenfield project.

Mr. Underwood holds an MBA from the Rotman School of Management of University of Toronto, a Graduate Diploma in Management from McGill University, and a B. Comm. (Finance & International Business) from McGill University. He holds a CPA, CMA professional designation from CPA Ontario.

Erick Underwood stated: "I'm very excited to join the Altaley team and work with Mike and the rest of the organization to take Altaley to the next level. I look forward to contributing to achieve Altaley's future aspirations to become a successful mid-tier producer in Mexico."

Mike Struthers, CEO, commented: "I am very pleased to welcome someone of Erick's calibre into the Company. Erick brings substantial operations and projects experience to the role, with a background in mining operations with both majors and juniors. This experience will be invaluable as we transform Altaley into a consistently performing and profitable mining company in 2023.

I want to thank outgoing CFO Omar Abrego for his tireless efforts to support the Company over many years and wish him luck in the next chapter in his career."

Shares for Debt Settlement

The Company also announces that it has received approval from the TSX Venture Exchange (TSXV) for its previously reported 'shares for debt' arrangement involving settlement of an aggregate indebtedness of CAD$1,176,297 by the issue of a total of 735,186 shares at a deemed issue price of $1.60 per share to an arm's length mining contractor.

About Altaley Mining Corporation

Altaley Mining Corporation is a Canadian based mining company with two 100% owned Mexican gold, silver, and base metal mining projects.

Altaley's Tahuehueto mining project is in north-western Durango State, Mexico, where construction of an initial 500 tpd operation is well advanced. The second stage, the 1000 tpd project, will follow immediately after commissioning the initial stage. The operation is generating gold, silver, lead, and zinc in concentrates.

Campo Morado is an operating polymetallic base metal mine in Guerrero, Mexico, currently producing at an average of approximately 2,400 tonnes per day and is currently estimated to be Mexico's 6th largest zinc producer and is progressively increasing its copper revenues.

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