Radisson Announces CEO Transition

Rhea-AI Summary

Radisson Mining Resources has announced the immediate resignation of CEO Rahul Paul, who will transition to an advisory role. Denis V. Lachance, the current Chairman, has been appointed as the Interim CEO. Lachance brings over 40 years of mining experience and has been a key player in the company’s strategic decisions. Paul, who served as CEO since 2021, stated that the company is in a strong position for future growth. Radisson focuses on the O’Brien project in Quebec, a historically significant gold mining site.

Positive

• Denis V. Lachance appointed Interim CEO, bringing over 40 years of mining experience.
• Company positioned for growth with ongoing support for the O’Brien project.

Negative

• Leadership transition may create uncertainty among investors.

ROUYN-NORANDA, Québec, Sept. 27, 2022 (GLOBE NEWSWIRE) -- Radisson Mining Resources Inc. (TSX-V: RDS, OTC: RMRDF): (“Radisson” or the “Company") announces today that the Board of Directors and Rahul Paul have mutually agreed that Mr. Paul will step down as President and Chief Executive Officer, effective immediately. Denis V. Lachance, who is currently Chairman of the Board of Directors of the Company, has been appointed Interim President and Chief Executive Officer. In connection with this leadership transition, Mr. Paul will also resign as a director of the Company.

Mr. Lachance joined the Board of Directors in January 2013 and has been the Chairman of the Board since March 2016. He also held the position of Interim Chief Financial Officer of the Company from September 2018 to October 2019. He is a mining engineer with more than 40 years of experience in projects, operations, and property evaluation. He has held several management and executive positions with Noranda, Falconbridge and last with Xstrata where he was President of Koniambo Nickel based in New-Caledonia. He is also the President and CEO of Barlow Mine Inc. a private exploration company active in the iron ore sector. He has been closely involved in key operational and strategic decisions over the last year and has the Board’s full confidence to serve as Radisson’s Interim CEO.

Mr. Paul joined Radisson as CFO in 2019, transitioned to President in 2020, was appointed Chief Executive Officer in 2021 and joined the board of directors in 2022. While Mr. Paul will be taking time off due to personal circumstances, he will continue to support the Company in an advisory role to ensure a smooth transition.

Commented Denis V. Lachance, Chairman, Interim President and Chief Executive Officer:
“Rahul has played a key role in the evolution of the Company over the last three years. We wish to recognize his professionalism and dedication. Rahul had to navigate the challenges of the pandemic and managed to implement several positive changes that will continue to benefit the O’Brien project going forward. We thank him for his services and wish him the very best in his future endeavours.”

Commented Rahul Paul:
“I strongly believe that the Company and the O’Brien project are in excellent shape and well positioned going forward in the capable hands of Denis and the team. I thank the employees, board and stakeholders for their support, and I look forward to staying a supportive shareholder.”

Radisson mining resources Inc.

Radisson is a gold exploration company focused on its 100% owned O’Brien project, located in the Bousquet-Cadillac mining camp along the world-renowned Larder-Lake-Cadillac Break in Abitibi, Quebec. The Bousquet-Cadillac mining camp has produced over 21,000,000 ounces of gold over the last 100 years. The project hosts the former O’Brien Mine, considered to have been the Quebec’s highest-grade gold producer during its production (1,197,147 metric tons at 15.25 g/t Au or 587,121 ounces of gold from 1926 to 1957; Kenneth Williamson 3DGeo-Solution, July 2019). For more information on Radisson, visit our website at www.radissonmining.com or contact:

On behalf of the board of directors

Denis V. Lachance
Chairman, Interim President and CEO
819-806-3340
dlachance@radissonmining.com

For more information on Radisson, visit our website at www.radissonmining.com or contact:

Hubert Parent-Bouchard
Chief Financial Officer
819-763-9969
hpbouchard@radissonmining.com

Forward-Looking Statements

All statements, other than statements of historical fact, contained in this press release including, but not limited to, those relating to the intended use of proceeds of the Offering, the development of the O’Brien project and generally, the above “About Radisson Mining Resources Inc.” paragraph which essentially describes the Corporation’s outlook, constitute “forward-looking information” or “forward-looking statements” within the meaning of applicable securities laws, and are based on expectations, estimates and projections as of the time of this press release. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the Corporation as of the time of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. These estimates and assumptions may prove to be incorrect. Many of these uncertainties and contingencies can directly or indirectly affect, and could cause, actual results to differ materially from those expressed or implied in any forward-looking statements and future events, could differ materially from those anticipated in such statements. A description of assumptions used to develop such forward-looking information and a description of risk factors that may cause actual results to differ materially from forward looking information can be found in Radisson’s disclosure documents on the SEDAR website at www.sedar.com.

By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and risks exist that estimates, forecasts, projections and other forward-looking statements will not be achieved or that assumptions do not reflect future experience. Forward-looking statements are provided for the purpose of providing information about management’s endeavours to develop the O’Brien project and, more generally, its expectations and plans relating to the future. Readers are cautioned not to place undue reliance on these forward-looking statements as a number of important risk factors and future events could cause the actual outcomes to differ materially from the beliefs, plans, objectives, expectations, anticipations, estimates, assumptions and intentions expressed in such forward-looking statements. All of the forward-looking statements made in this press release are qualified by these cautionary statements and those made in our other filings with the securities regulators of Canada. The Corporation disclaims any intention or obligation to update or revise any forward-looking statements or to explain any material difference between subsequent actual events and such forward-looking statements, except to the extent required by applicable law. 

FAQ

What recent leadership changes occurred at Radisson Mining Resources (RMRDF)?

Radisson Mining Resources announced that CEO Rahul Paul has stepped down and Denis V. Lachance is appointed as Interim CEO.

Who is the new Interim CEO of Radisson Mining Resources (RMRDF)?

Denis V. Lachance has been appointed as the Interim President and CEO of Radisson Mining Resources.

What project is Radisson Mining Resources (RMRDF) focused on?

Radisson Mining Resources is focused on the O’Brien project, located in the mining camp along the Larder-Lake-Cadillac Break in Quebec.

What is the background of Denis V. Lachance at Radisson Mining Resources (RMRDF)?

Denis V. Lachance has been a board member since 2013 and has served as Chairman since 2016, contributing significantly to the company's strategic decisions.