TORONTO, Sept. 20, 2021 (GLOBE NEWSWIRE) -- FenixOro Gold Corp (CSE:FENX) (OTCQB:FDVXF) (Frankfurt:8FD) is pleased to announce that Tom Obradovich, a notably successful and experienced mining investor and entrepreneur, has joined the Fenix Oro Advisory Committee.
Born and raised into a mining family in Kirkland Lake, Ontario, Mr. Obradovich is a graduate of the Haileybury School of Mines in Mining Technology and Advanced Field Geophysics. He has a wide range of experience in mining exploration, development and financing. Over a career of thirty-eight years he has enjoyed significant success as a number of projects he has been involved in have gone onto become producing mines acquired by major mining companies.
Tom cofounded Canadian Royalties Inc. which discovered and developed the Raglan South Nickel Belt. He then acquired most of the Matachewan Gold Camp and through a reverse takeover of Young-Davidson Mines, upgraded and doubled the resource. The company was subsequently acquired by Northgate Minerals and the project is currently producing over 200,000 oz of gold per year for Alamos Gold Inc. (TSX:AGI).
He was also one of the founders of Aurelian Resources Inc. which discovered the Fruta Del Norte gold deposit in Ecuador and was subsequently acquired by Kinross Gold (TSX:K) for $1.2 Billion. The project is now producing approximately 400,000 oz of gold per year for Lundin Gold (TSX:LUG).
Mr. Obradovich became President and CEO of Barkerville Gold Mines in January of 2015 and led the management team to turn the company into a debt free mining and exploration vehicle with a market capital in excess of $200 million and $60 million in treasury when he resigned in July 2016. Barkerville was subsequently acquired by Osisko Mining (TSX:OSK). He was also Lead Director of Dalradian Resources, a company that developed a multi-million ounce gold deposit in Northern Ireland and was subsequently sold for $560 million to Orion Mine Finance.
Tom is currently the Chairman of Sable Resources, a pure greenfields exploration company developing the Don Julio Project through a joint venture in San Juan Province, Argentina.
FenixOro CEO John Carlesso commented: “Tom Obradovich is a seasoned and highly respected veteran in the mining industry and we are very fortunate to have his support on the Advisory Committee. As we continue to grow and develop the Abriaqui gold deposit, Tom’s vast knowledge and experience will bring tremendous value to our decision-making process."
The Company has granted 1,200,000 stock options to advisors and consultants. The options have an exercise price of 32 cents and expire 5 years from the grant date.
About FenixOro Gold Corp.
FenixOro Gold Corp is a Canadian company focused on acquiring and exploring gold projects with world class exploration potential in the most prolific gold producing regions of Colombia. FenixOro's flagship property, the Abriaqui project, is the closest project to Continental Gold's Buritica project. It is located 15 km to the west in Antioquia State at the northern end of the Mid-Cauca gold belt, a geological trend which has seen multiple large gold discoveries in the past 10 years including Buritica and Anglo Gold's Nuevo Chaquiro and La Colosa. As documented in "NI 43-101 Technical Report on the Abriaqui project Antioquia State, Colombia" (December 5, 2019), the geological characteristics of Abriaqui and Buritica are similar. Since the preparation of this report a Phase 1 drilling program has been completed at Abriaqui resulting in a significant discovery of a high grade, “Buritica style” gold deposit. A Phase 2 drilling program has recently commenced.
FenixOro's VP of Exploration, Stuart Moller, led the discovery team at Buritica for Continental Gold in 2007-2011. At the time of its latest public report, the Buritica Mine contains measured plus indicated resources of 5.32 million ounces of gold (16.02 Mt grading 10.32 g/t) plus a 6.02 million ounce inferred resource (21.87 Mt grading 8.56 g/t) for a total of 11.34 million ounces of gold resources Buritica began formal production in November 2020 and has expected annual average production of 250,000 ounces at an all-in sustaining cost of approximately US$600 per ounce. Resources, cost and production data are taken from Continental Gold's "NI 43-101 Buritica Mineral Resource 2019-01, Antioquia, Colombia, 18 March, 2019"). Continental Gold was recently the subject of a takeover by Zijin Mining in an all-cash transaction valued at C$1.4 billion.