Mayfair Gold Announces the Appointment of Vice President Technical Services

Rhea-AI Summary

Mayfair Gold Corp. appoints Richard Klue as Vice President Technical Services, bringing over 40 years of industry experience. Klue will lead engineering studies for the pre-feasibility study. Mayfair grants him 100,000 stock options at $2.54 each, vesting over 12 months.

MATHESON, Ontario, April 18, 2024 (GLOBE NEWSWIRE) -- Mayfair Gold Corp. (“Mayfair” or the “Company”) (TSX-V: MFG; OTCQB: MFGCF) is pleased to announce the appointment of Richard Klue to the position of Vice President Technical Services of Mayfair Gold. Mr. Klue has over 40 years of experience in the mining, minerals, and metals industry, and has held numerous senior leadership positions overseeing global engineering studies, projects, and engineering programs. Most recently, Mr. Klue was Vice President Engineering and Studies at Hudbay Minerals Inc. Prior to that, he served as Vice President Technical Services at Copper Mountain Mining Corp., Regional Director of Mining and Metals at Hatch, and Senior Vice President at Tetra Tech Wardrop.

Mayfair’s president and CEO, Patrick Evans, commented: “We welcome Richard to the Mayfair team. He brings a wealth of engineering study experience to Mayfair as he leads the team undertaking the pre-feasibility study currently underway.”

Mayfair Gold has granted Mr. Klue 100,000 incentive stock options under the Company long-term incentive plan at an exercise price of $2.54. The options vest over 12 months and are exercisable for a five-year term expiring on April 17, 2029.

About Mayfair
Mayfair Gold is a Canadian mineral exploration company focused on advancing the 100% controlled Fenn-Gib gold project in the Timmins region of Northern Ontario. The Fenn-Gib gold deposit is Mayfair’s flagship asset and currently hosts an updated NI 43-101 resource estimate with an effective date of April 6, 2023 with a total Indicated Resource of 113.69M tonnes containing 3.38M ounces at a grade of 0.93 g/t Au and an Inferred Resource of 5.72M tonnes containing 0.16M ounces at a grade of 0.85 g/t Au at a 0.40 g/t Au cut-off grade (Source: NI 43-101 Technical Report on Fenn-Gib Project, Ontario, Canada, prepared by Tim Maunula, P. Geo., of T. Maunula & Associates Consulting Inc., dated April 6, 2023). Mr. Maunula is deemed a qualified person as defined by NI 43-101. The Fenn-Gib deposit has a strike length of over 1.5km with widths ranging over 500m. The gold mineralized zones remain open at depth and along strike to the east and west. Recently completed metallurgical tests confirm that the Fenn-Gib deposit can deliver robust gold recoveries of up to 94%.

For further information contact:

Patrick Evans, President and CEO
Phone: (480) 747-3032
Email: patrick@mayfairgold.ca
Web: www.mayfairgold.ca

Forward Looking Statements

This news release contains forward-looking statements and forward-looking information within the meaning of Canadian securities legislation (collectively, “forward-looking statements”) that relate to Mayfair’s current expectations and views of future events, including the Board’s review of, and response to, Muddy Waters’ meeting requisition and the timing thereof, the results of the Company’s Board recruitment process, the Board’s recommendation with respect to the election of directors at its upcoming AGM, the timing of the AGM and exercise of nomination rights under Board Nomination Rights Agreements held by two founders of the Company. Forward-looking statements and may involve estimates, assumptions and uncertainties which could cause actual results or outcomes to differ materially from those expressed in such forward-looking statements. No assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be unduly relied upon. These statements speak only as of the date of this news release.

Forward-looking statements are based on a number of assumptions and are subject to a number of risks and uncertainties, many of which are beyond Mayfair’s control, which could cause actual results and events to differ materially from those that are disclosed in or implied by such forward- looking statements. Such risks and uncertainties include, but are not limited to, the results of the Board recruitment process. Mayfair undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law. New factors emerge from time to time, and it is not possible for Mayfair to predict all of them, or assess the impact of each such factor or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statement. Any forward-looking statements contained in this news release are expressly qualified in their entirety by this cautionary statement.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

FAQ

Who has Mayfair Gold appointed as Vice President Technical Services?

Mayfair Gold Corp. has appointed Richard Klue as Vice President Technical Services.

What is Richard Klue's experience in the mining industry?

Richard Klue has over 40 years of experience in the mining, minerals, and metals industry.

What is the exercise price of the stock options granted to Mr. Klue?

The exercise price of the stock options granted to Mr. Klue is $2.54.

How many stock options has Mayfair Gold granted to Mr. Klue?

Mayfair Gold has granted Mr. Klue 100,000 incentive stock options.

How long is the term for exercising the stock options granted to Mr. Klue?

The stock options granted to Mr. Klue are exercisable for a five-year term expiring on April 17, 2029.