Vancouver, British Columbia, July 13, 2021 – IM Exploration Inc. (CSE: IM) ( “IM” or the “Company” ) is pleased to announce the appointment of Dr. Chris Osterman, PhD, P.Geo to the Company’s Technical Advisory Committee, which will be providing guidance on the exploration strategy at the Company’s Toiyabe and Turquoise Canyon Projects located in Lander, Nevada, USA.
Dr. Osterman is an exploration geologist with over 40 years of experience in the mining industry across all stages of project development and in regions including North and South America, Africa, and Asia. Notably, Dr. Osterman founded Sundance Minerals Ltd. in April 2007 which owned the Turquoise Canyon Project ( “Turquoise Canyon” ) and was ultimately acquired by First Mining Gold (TSX: FF) in 2015. IM is now earning into a 100% ownership interest in Turquoise Canyon through its recent acquisition of Momentum Minerals Ltd. Dr. Osterman held the roles of Chief Executive Officer, Chief Operating Officer, and Director at First Mining Gold from April 2015 to April 2019 where he was integral in helping First Mining build out a 12Moz gold portfolio in Eastern Canada through a series of acquisitions of private and publicly listed companies.
Colin Moore, President of IM Exploration, noted: “Having the guidance of an experienced mining executive with such intimate knowledge of our project area will be a major strategic advantage to the Company and our shareholders. Furthermore, Dr. Osterman’s technical guidance and Nevada-based relationships will be invaluable as we seek to build on our existing foundation.”
“Turquoise Canyon offers great discovery potential in the Cortez Mining District, perhaps the largest concentration of active gold mines and new discoveries in Nevada” said Dr. Osterman.
Dr. Osterman has also played key roles in the reconnaissance and initial discoveries of the Malku Khota silver deposit in Bolivia (370 Moz Ag), the San Jose silver and gold mine in Oaxaca, Mexico (84 Moz Ag equivalent), and the Zuun Mod copper/moly deposit in Mongolia (273 M lbs Mo/ 330 M lb Cu). Currently, Dr. Osterman serves as President of Phoenix Silver Corporation, a private company exploring a unique high grade, native silver deposit in the Proterozoic rocks of central Arizona.
Mr. Osterman received a B.Sc. in Mining Engineering in 1979 from the University of Idaho; an M.Sc in Geological Engineering from the University of Arizona in 1984, and his PhD in Geology in 1999 from the Colorado School of Mines.
The Company has granted an aggregate of 200,000 options to Dr. Chris Osterman pursuant to the Company’s stock option plan. The options, which vest immediately, are exercisable at a price of $0.24 per IM Share for a period of five (5) years from the date of grant.
About IM Exploration
IM Exploration is a mineral exploration company focused on developing the Toiyabe and Turquoise Canyon Projects located in the Cortez Hills area of Lander County, Nevada. The Company is also advancing the Mulloy Project in Northern Ontario. From time to time, the Company may also evaluate the acquisition of other mineral exploration assets and opportunities.
For further information contact:
Raymond D. Harari
Chief Executive Officer
IM Exploration Inc.
The securities issued pursuant to the Transaction have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”) or any U.S. state securities laws, and may not be offered or sold in the United States or to, or for the account or benefit of, United States persons absent registration or any applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
The Canadian Securities Exchange has neither approved nor disapproved the contents of this news release. The Canadian Securities Exchange does not accept responsibility for the adequacy or accuracy of this news release.
Forward-looking statements or information are subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from those reflected in the forward-looking statements or information, including, without limitation, the need for additional capital by the Company through financings, and the risk that such funds may not be raised; the speculative nature of exploration and the stages of the Company’s properties; the effect of changes in commodity prices; regulatory risks that development of the Company’s material properties will not be acceptable for social, environmental or other reasons, availability of equipment (including drills) and personnel to carry out work programs, that each stage of work will be completed within expected time frames, that current geological models and interpretations prove correct, the results of ongoing work programs may lead to a change of exploration priorities, and the efforts and abilities of the senior management team. This list is not exhaustive of the factors that may affect any of the Company’s forward-looking statements or information. These and other factors may cause the Company to change its exploration and work programs, not proceed with work programs, or change the timing or order of planned work programs. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated, described or intended. Accordingly, readers should not place undue reliance on forward-looking statements or information. The Company’s forward-looking statements and information are based on the assumptions, beliefs, expectations and opinions of management as of the date of this press release, and other than as required by applicable securities laws, the Company does not assume any obligation to update forward-looking statements and information if circumstances or management’s assumptions, beliefs, expectations or opinions should change, or changes in any other events affecting such statements or information.
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