These guys are definitely on the move. I think this appointment shows confidence in their potential as a leading junior. I look forward to seeing what types of project they add from Peru.
Former Senior Geologist of World-Renowned Barrick Gold Joins Paramount Gold Team
LIMA, Peru, Oct 05, 2005 (BUSINESS WIRE) -- Paramount Gold Mining Corp. (OTC:PGDP) announced today that Senior Geologist, Alain Vachon P.Eng, has been appointed Manager of Exploration for all possible future projects in South America. Mr. Vachon will also be assuming the title of General Manager of Compania Minera Paramount SAC, Paramount's recently formed, wholly-owned subsidiary in Peru. Commenting on his appointment, Mr. Vachon stated "I have worked in Peru for over 8 years and have built a very strong network of contacts with many of major operators. I am confident that I can bring high potential, advanced-stage projects to Paramount in the near future and look forward to playing a major role in both the short and long term success of these projects."
Chris Crupi, Paramount's President and CFO also commented, "We are very fortunate that someone with Alain's experience and knowledge has agreed to head up our efforts in Peru. Alain's immediate responsibilities will entail the completion of due diligence on potential acquisitions that are currently being evaluated within the immediate Peruvian region. Furthermore, Paramount's confidence of future successful developments has now been reinforced by 200% since we now possess two renowned geologists who have both played intricate roles in the success of two of the world's most successful mining companies" (reference to Alain Vachon as Senior Geologist of Barrick Gold (NYSE: ABX, $29.30, market cap of $15.3 billion) and Bill Reed as Chief Geologist, Mexico of Hecla Mining (NYSE: HL, $4.40, market cap of $485 million)).
About Mr. Alain Vachon:
Alain Vachon, P.Eng., Geologist has 30 years of experience. Since 2002, he has worked as an independent Consulting Geologist and Exploration Manager. From 1997 to 2001 he was Exploration Manager for Sulliden Exploration, where his work on the Mario property in 2000 led to the nomination for the prestigious "Prospector of the Year" award in Peru. Prior to these accomplishments, Mr. Vachon worked as a Senior Geologist for both Barrick Gold (NYSE:ABX) and the recently renamed Noranda Falconbridge (NYSE: FAL, $26.31, market cap of $7.9 billion).
During the success of his past 30 years, Mr. Vachon has participated in managing all aspects of a diverse set of exploration programs, including planning, supervision of field work, preparation of technical reports (43-101), property evaluation and negotiation of option terms. He has managed and evaluated exploration and development projects, located in Canada, Peru, Zaire, Cuba and Republic Dominica focusing on gold and base metals in geological settings such as volcanogenic massive sulphides, lode gold, epithermal, porphyry copper-gold and skarn-carbonate replacement.
About Paramount Gold:
Paramount Gold Mining Corp. is a precious metals exploration and development company. It is management's objective to grow Paramount into a significant gold and precious metals producer by developing the San Miguel and Yoquivo projects in Mexico, and by acquiring other advanced-stage projects and/or producing mines in the most prolific precious metal districts in the world. www.paramountgold.com
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: The statements contained herein which are not historical are forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements, including, but not limited to, certain delays beyond the company's control with respect to market acceptance of new technologies or products, delays in testing and evaluation of products, and other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission.