Calgary, Alberta (FSCwire) – Morro Bay Resources Ltd. (TSX-V: MRB) (“Morro Bay“ or the “Company“) a gold and silver exploration company targeting historic mining districts in the prolific Durango Silver belt (the Peñoles Project), announces that the Board of Directors has appointed Andrew Daniels, P. Geo, as Chief Operating Officer of Morro Bay.
Mr. Daniels has over 30 years international experience in the mining industry with some of the world’s leading companies. This experience includes 4.5 years in capital markets and mining finance as a consultant and later as Director, Global Finance at Deutsche Bank. Prior relevant experience includes VP Exploration – Riverside Resources Inc. (Canada and Mexico, including the Peñoles Project); Group Consulting Geologist – European Nickel PLC (Global); VP Exploration – Chariot Resources Inc. (Peru); Project Manager – Jaguar Nickel (Guatemala); Consultant Geologist – Anglo American; Mr. Daniels is a graduate of Acadia University (Nova Scotia) where he obtained a B.Sc. Geology.
Mr. John Zang, CEO of Morro Bay, states “it is very exciting to add Mr. Daniels to our team. He brings with him a great deal of knowledge both in regard to financial assessment of assets and has expertise on conducting exploration operations. Mr. Daniels’ prior exploration work on the Peñoles Project will serve as valuable experience in the advancement of the project.” Mr. Daniels comments “I am very happy to work with Morro Bay as I believe that the upside potential of the Peñoles Project is quite large and I look forward to pursuing that potential on behalf of Morro Bay.”
As well, the Company announces that Carl von Einsiedel has ceased to be an Officer of Morro Bay. Mr. von Einsiedel will remain with the Company as a Director. The Board of Directors wishes to sincerely thank Mr. von Einsiedel for his efforts during his tenure as VP Exploration, which included detailed oversight of the 2014 exploration program.
In addition, the Company announces that it has granted 150,000 share purchase options at an option price of $0.05 to Mr. Daniels pursuant to the Company’s Option Plan.
The Company also announces it has retained Palisade Capital Corp. ("Palisade") as an independent consultant to provide investor relations and marketing services, setting up marketing teleconferences and road shows for the European, Canadian and U.S. investment community, and assisting in the distribution of news releases. Collin Kettell and Sean Zubick, the principals of Palisade, will be primarily responsible for providing the marketing services to the Company.
Palisade Capital is an offshore merchant banking group, specializing in high growth, small cap investments. Through its global network of private equity groups, fund managers, high net worth and retail investors, Palisade is able to create strategic relationships to drive increased liquidity and source financing. (www.palisadecapitalcorp.com)
Effective immediately, the services agreement for investor relations and market-making is for a term of twelve months. Under the terms of the agreement, Palisade will receive $8,500 on a monthly basis in fees and reimbursement of approved expenses. Palisade has been granted 300,000 options exercisable at $0.05. The options vest quarterly over twelve months and have a three year term. Upon termination of the services agreement, any vested options will be cancelled after 30 days, as is required for TSX Venture.
Prior to the grant of options outlined above, Palisade had no direct or indirect interest in the Company or its securities.
About Morro Bay Resources Ltd.
Morro Bay is a junior mineral exploration company based in Calgary, Alberta, Canada, focused on the exploration for precious metals in Mexico. Morro Bay's business strategy is to build shareholder value by rapidly advancing the Peñoles Project in Mexico through the resource delineation stage. Further information on Morro Bay may be found at morrobayresources.com.
Issued on behalf of the Board of Directors of Morro Bay Resources Ltd.
“John Zang”
John Zang, President & CEO
Further Information
For further information please contact:
Morro Bay Resources Ltd.
John C. Zang
President and Chief Executive Officer
