TORONTO, June 25, 2019 (GLOBE NEWSWIRE) -- Stroud Resources Ltd. (TSXV: SDR) (“Stroud” or the “Company”) is pleased to announce the appointment of Mr. Thomas A. Smeenk, BA, as President and Chief Executive Officer of the Company, effective immediately.
Mr. Smeenk is a project finance, mineral exploration and business development executive with a proven track record of bringing new discoveries to market. On April 30th, as CEO of Broadway Gold Mining Ltd, Smeenk closed a $30 million-for-70%-interest earn-in agreement, with option to joint venture, with Kennecott Exploration Company, part of the Rio Tinto Group. Investing in the mining industry since 1996, Smeenk served as President of Tyranex Gold Inc. and as President and CEO of IBI Corporation, where he financed the discovery of a world-class vermiculite mine in Uganda, which was subsequently sold to Rio Tinto.
Additionally, Mr. Smeenk’s background includes extensive experience in financing and business development as Vice President and President of e-Manufacturing Networks Inc. He founded, financed, and spent five years as President and Director of TheraVitae Inc., a heart disease focused patented autologous stem cell therapy company; and, he took Astrix Networks Inc. public as its Vice President, Business Development.
“On behalf of the Board of Directors, I am pleased to welcome Thomas to the Stroud team. His experience in the mining industry, finance and business development will be instrumental to unlocking the value of the Company’s silver-gold project in Mexico,” said Howard Atkinson, Chairman, Stroud Resources Ltd.
“The Santo Domingo property’s data is very prospective,” said Thomas Smeenk. “Given its NI 43-101 resource of 39 million ounces of silver within the first 150 metres of surface which averages 4 ounces per tonne; vein widths that range from 15 - 85 metres; adit-based mapped depth extensions of existing veins 150 - 500 metres below the deposit; and, five adit-based, mapped, yet-to-be drilled parallel vein systems that are geologically similar to the resource; I am honoured to lead the Company through its capital restructuring and next financings. Silver is trading at 90 ounces to the ounce of gold today. Whereas, historically, for 5,000 years, it was freely convertible into gold at 11 - 15 ounces. Buying gold as sliver today is buying gold at an 84% discount to the pre-central banking historic average. That, plus the 3D mapped down dip and strike length extension merits of the property, plus the technical factors of the silver market, is why I’m buying SDR at a $2-$3 million valuation,” Smeenk added.
Building its management team to unlock the value of the Santo Domingo property, the Board of Directors also appoints Dr. Scott Jobin-Bevans, PhD, PGeo, PMP, to the position of Vice-President Exploration. Dr. Derek McBride, PhD, PEng, remains an integral part of the technical team as an independent consulting Project Geologist.
About Stroud Resources Ltd.
Stroud Resources Ltd. is focused on the development of its 39-million-ounce silver-gold epithermal property located 90 kilometres northwest of Guadalajara, Mexico. The Company owns a 100% interest in the Santo Domingo Silver-Gold Project, subject to an NSR capped at USD $3.25 million. Discovered and mined by the Spaniards in the 1600’s, the Santo Domingo deposit is located in a rich mining area that includes the Cinco Minas and San Pedro de Analco mines.
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For more information:
Thomas Smeenk,
President & CEO
905-580-4170