– CANADA, Vancouver – Gold X Mining Corp. (TSX: GLDX |OTC: SSPXF) today announced the appointment of Paul Matysek as the CEO and Chairman of the Board of Directors. Mr. Matysek will succeed Mr. Rich Munson who has been appointed President of the Company.
The Board of Directors believes that Mr. Matysek’s unique qualifications and experience are of great value to the Company as it moves its Toroparu Project forward. As a member of the Strategic Advisory Committee, Paul, with the assistance of Brian Paes-Braga and Company CFO Bassam Moubarak was instrumental in recommending and closing the acquisition of 100% of the Toroparu Project, a major milestone in the Company’s history.
The Board of Directors has also appointed Brian O’Neill as a Director.
The Company has reorganized its Board of Directors with the resignations of Mr. Munson, Mr. Greg Barnes, Mr. Gordon Keep and Mr. David Laing. The Board of Directors recognizes their respective contributions to the Company and wishes Mr. Keep and Mr. Laing much success in the future. Mr. Barnes remains an EVP at the Company.
After the reorganization of the Board, the Company’s Board of Directors is comprised of Mr. Matysek, Chairman, Bassam Moubarak, Suresh Beharry, Federico Restrepo-Solano, Lombardo Paredes-Arena and Mr. O’Neill.
Mr. Munson stated: “Gold X Management is very excited that Paul has agreed to move from his position on the Advisory Board to the role of CEO. I am confident that all investors in Gold X will benefit from the addition of his energy, experience and expertise to the Company in the role of CEO. I will continue to focus on the work in Guyana and provide shareholder communication support.”
About Paul Matysek
Mr. Matysek is a geologist/geochemist by training, a successful alpha entrepreneur and creator of shareholder value with over 40 years of experience in the mining industry. Since 2004 as either CEO or Executive Chairman, Mr. Matysek has sold five publicly listed exploration and development companies, in aggregate worth over $2 billion. Most recently, he was Executive Chairman of Lithium X Energy Corp., which was sold to Nextview New Energy Lion Hong Kong Limited for $265 million in cash. Mr. Matysek was President and CEO of Goldrock Mines Corp., which sold to Fortuna Silver Mines in July 2016. He was previously CEO of Lithium One, which merged with Galaxy Resources of Australia to create a multi-billion-dollar integrated lithium company. He served as CEO of Potash One, which was acquired by K+S Ag for $434-million cash in a friendly takeover in 2011. Mr. Matysek was also the co-founder and CEO of Energy Metals Corp., a uranium company that grew from a market capitalization of $10 million in 2004 to approximately $1.8 billion when sold in 2007.
Mr. Matysek noted: “The Toroparu Project, at 7.4 million ounces of gold with significant copper and silver credits, said a unique opportunity for value creation in this gold environment. The Toroparu Project is at an advanced development stage and has in place potential mine financing up to US$135 million from Wheaton Precious Metals. Furthermore, Gold X is blessed with key shareholders Gran Columbia Gold – 21%, Frank Giustra – 9% and Brian Paes-Braga – 5%, who are solidly behind our corporate vision. As a result of gold’s recent positive performance and bullish long-term expectations, Gold X is certainly well-positioned to develop and/or expand its appreciable resource base. It will undoubtedly become an increasingly attractive target to mid and top tier gold companies. I’m looking forward to working with the reorganized Gold X Board, Management and shareholders.”
About Brian O’Neill
Mr. O’Neill spent nearly a decade in the practice of law with leading Canadian law firm, McCarthy Tétrault LLP, principally focused on corporate tax matters, with a particular emphasis on mergers and acquisitions. He is currently the Vice President, Merchant Banking at SAF Group, a leading structured credit and merchant banking firm. He has experience creating and advising public companies, including recently as a director of Caldas Gold Corp. in its acquisition of the Marmato Project in Colombia.
About Gold X Mining Corp. Ltd.
Gold X Mining Corp. is a Canadian junior mining company currently moving toward a feasibility study for the Toroparu Project in Guyana, South America with 7.4 million ounces of gold in the Measured and Indicated categories. The Toroparu Project, with Wheaton’s participation, generates a 24.2% after tax IRR at $1,400/oz of Au, and 27.68% at $1,500/oz of Au, indicating that project returns are both robust at historic Au prices and positively leveraged to higher Au prices.
The Company signed a renewal in 2019 of the Environmental Permit that authorizes the development, construction and operation of a large-scale mine at the Toroparu Project. Under the terms of the existing Mineral Agreement between Sandspring, ETK Inc. and the Government of Guyana and with the Environmental Permit in place, the final step in securing the large scale Mining License is the review of the economic viability of the Toroparu Project as demonstrated by the PEA.
The Company is closely monitoring the COVID-19 pandemic and has taken precautionary measures at its locations in Guyana and at the main office in North America to help protect the safety of the Company’s workforce and local communities. To date, there are no confirmed or presumptive cases of the COVID-19 virus at any of the Company’s operations or offices. The Company will continue to closely monitor the rapidly changing COVID-19 developments and will adjust its plans as necessary. The Company is following the COVID-19 safety guidelines outlined by the governments at each of its operations.
For more information: https://goldxmining.com
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