Vancouver, BC, May 4, 2011 –
At Fronteer, which was recently acquired by Newmont Mining Corp. for $2.1 billion, Mr. Fierro acted as COO. He was also Vice President Operations of Metallica where he played the lead role in the construction of the Cerro San Pedro Mine in Mexico. In August 2008, Metallica was part of a $1.6 billion merger with Peak Gold Ltd. and New Gold Inc.
Last December we delivered a very positive Preliminary Economic Assessment Study on the La India Resource and we are moving the project to feasibility. In addition, exploration results at Tarachi are extremely encouraging, reported Marc Prefontaine, President and CEO. We are very pleased Mr. Fierro has joined our team as it greatly strengthens our operational expertise and clearly demonstrates our intent and ability to advance our exciting Mulatos Gold Belt projects toward production.
The Company has granted Mr. Fierro options to purchase up to a total of 425,000 common shares in the capital of Grayd at price of $1.60 per share for a five year period. The options are subject to certain vesting provisions. Grayd is an exploration company focused on its La India property is located in the prolific Mulatos gold belt of Mexico’s Sonora State. In October 2010, the Company reported a Preliminary Economic Assessment (PEA) that demonstrated a 51% internal rate of return, a US$187 million net present value (pre-tax, 5% discount rate), a nine-year mine life and nearly 850,000 ounces of gold produced. Grayd has initiated feasibility level work on this resource. Three drills are currently drilling to test the Tarachi discovery located 10 kilometers north of the resource area.
For further information, please contact:
(604-681-7446) or
www.grayd.com
