December 14, 2011 – Vancouver, British Columbia. Indigo Exploration Inc. (TSX-V: IXI, FSE: INE) announces the appointments of Paul Cowley as interim CEO and Keir Reynolds as interim president following the resignation of R. Tim Henneberry.
Indigo's R. Tim Henneberry has resigned as president and chief executive officer of the company, and as a member of the board of directors of Indigo, effective immediately.
A search committee has been formed by the board to begin the search, selection and appointment of a new president and CEO. Effective immediately, the board has appointed Paul Cowley, P.Geo., to serve as Indigo’s interim CEO and appointed Keir Reynolds to serve as interim president. Mr. Cowley is a founding shareholder and has been a member of the board of directors since the company went public in 2009. Mr. Reynolds has been a corporate advisor to the company since 2010 and has overseen the nearly $4.3M in capital raised since mid-2010 for the exploration of the Burkina Faso-based gold projects. Mr. Reynolds was recently appointed to the board of directors as stated in news release 11-21 dated December 8, 2011. Both Mr. Cowley and Mr. Reynolds will serve their interim roles until successors are found.
Mr. Cowley is a professional geologist with over 33 years experience in worldwide exploration for precious and base metals, diamonds, coal and industrial minerals with junior and senior companies, acting in technical and managerial positions. During his 18 years at BHP Minerals, he was instrumental in the discovery and advancement of four major gold deposits in the Canadian Arctic. Mr. Cowley is currently VP Exploration for Huakan International Mining Inc. and on the board of directors of several other junior mining companies.
"Mr. Cowley is very familiar with the operations of the company and will play a major role in the key strategic decisions upcoming that will facilitate the company’s evolution into a successful precious metal explorer," said Keir Reynolds, Indigo’s interim president. Mr. Reynolds added, "We will immediately begin locating an ideal permanent replacement whom we expect to be efficient and effective in generating value for stakeholders in the role of president and CEO."
Mr. Henneberry was a founder of the company and an important contributor to its initial setup and success in Burkina Faso. The board thanks Mr. Henneberry for his work with the corporation and wishes him well in his future endeavours.
About Burkina Faso
The Lati , Kodyel, Loto, and Moule properties lie in the West African nation of Burkina Faso. Much of West Africa is underlain by the Birimian Greenstone Belt, one of the most prolific gold producing areas in the world. Many of the world’s major gold companies are active in West Africa, several with producing mines, including: IAMGOLD Corporation, AngloGold Ashanti Limited, Randgold Resources Limited, Gold Fields Limited and Newmont Mining Corporation. Burkina Faso is politically and economically stable and relies on farming and mining as it primary sources of revenue. Burkina Faso saw gold production double from 2008 to 2010 and is currently the 5th largest gold producing country in Africa.
On Behalf of the Board of Directors,
Paul Cowley, P.Geo.
For further information, please contact:
Keir Reynolds: (778) 998-9242 or
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This press release contains forward-looking statements. All statements, other than statements of historical fact, constitute “forward-looking statements” and include any information that addresses activities, events or developments that the Company believes, expects or anticipates will or may occur in the future including the Company’s strategy, planned drill program or future financial or operating performance and other statements that express management’s expectations or estimates of future performance.
Forward-looking statements are generally identifiable by the use of the words “may”, “will”, “should”, “continue”, “expect”, “anticipate”, “estimate”, “believe”, “intend”, “plan” or “project” or the negative of these words or other variations on these words or comparable terminology. All such forward-looking information and statements are based on certain assumptions and analyses made by the Company’s management in light of their experience and perception of historical trends, current conditions and expected future developments, as well as other factors management believes are appropriate in the circumstances. These statements, however, are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed, implied by or projected in the forward-looking information or statements. Important factors that could cause actual results to differ from these forward-looking statements include but are not limited to: risks related to the exploration and potential development of the Company’s projects, risks related to international operations, the actual results of current exploration activities, conclusions of economic evaluations, changes in project parameters as plans continue to be refined, future prices of gold, as well as those factors discussed in the sections relating to risk factors of the Company set out in the Company’s MD&A filed on SEDAR.
There can be no assurance that any forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader should not place any undue reliance on forward-looking information or statements. Except as required by law, the Company does not intend to revise or update these forward-looking statements after the date of this document or to revise them to reflect the occurrence of future unanticipated events