Millstream Signs Financial Advisory Agreement with Added Capital and Updates Management Changes
24.10.2016 | Accesswire
TORONTO, October 24, 2016 - Millstream Mines Ltd. (the "Company" or "MLM") (TSX-V: MLM, Frankfurt: NJD1) is pleased to announce that it has executed a financial advisory agreement with Added Capital Inc. This business arrangement was created for the express purpose of maximizing the value of the Company or the value of the mining assets held within the Company. Added Capital Inc. is a financial advisory firm and merchant bank, with a specialization in mergers and acquisitions, merchant banking investments, risk arbitrage merger and acquisition investments, financial restructurings, proxy solicitation and information agent services.As well, the Company's Board of Directors has approved the selection of Mr. Stephen G. Mlot, P. Eng., for the position of Chief Operating Officer. Stephen brings to the role his experience of 35 years at senior levels of corporate management, mine planning and construction, project management and mine development, and gold production. A result-oriented team leader with proven problem solving and decision making skills, he has an established track record of moving prospective mineral projects from the concept stage, through to the advanced exploration and resource definition stage, onto pre-feasibility, then feasibility and production and then finally to mine closure. He has held posts as President & CEO of Carlisle Goldfields Limited, as President, Director and Chief Operating Officer of Patricia Mines Inc., as President and General Manager of Canadian Mineforce Inc. and as Rehabilitation Engineer with the Ontario Ministry of Northern Development and Mines. Stephen also serves on Millstream's Board of Directors.
The Company also announces that Mr. Ron Haller has resigned from his position as an officer of the company and Mr. Fred Sharpley has resigned from the Board of Directors. Both have cited personal reasons for their departures.
About Millstream Mines Ltd.:
Millstream Mines Ltd. is a Canadian-based mineral exploration company whose principle objective is to enhance and develop known mineral properties to production potential. The Company has projects in the Province of Ontario, Canada and in the State of Montana, USA. The past producing Potter Mine Property is host to a presently known quantity of eleven (11) copper-zinc-cobalt-gold-silver "stacked" mineralized zones located in the highly prolific Abitibi Greenstone Belt and more specifically in the Kidd-Munro Assemblage near the town of Matheson in north eastern Ontario. An initial resource estimate on the Potter, utilizing only seven (7) of the eleven total known mineralized zones, revealed an indicated resource of 3,028,767 tonnes at 1.45% copper, 1.19% zinc, 389.7 ppm cobalt, 11.1 ppm silver, and 127.5 ppb gold along with an inferred resource of 2,071,101 tonnes at 1.08 % copper, 1.05 % zinc, 301.4 ppm cobalt, 8.7 ppm silver, and 81.7 ppb gold. The Potter Resource was drawn up by Mr. David Gamble, P.Geo, Qualified Person for the Property.
The Tamarack Gold Property is a former past producing, high-grade gold operator found in the Tobacco Root Mountains of Madison County, Montana. The Property is presently permitted to operate as a gold mine under the Small Mines Exclusion Act of Montana. It is accessible year round, 4 miles from the town of Sheridan, on a well maintained gravel road. For a more thorough synopsis on the Company please visit the following link: http://www.millstreammines.com/Millstream_brochure.pdf.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. Millstream seeks safe harbour with regard to forward looking statements.
For further information contact:
Millstream Mines Ltd.
Mr. Ernest Harrison, EM, Chairman and CEO
Phone: 705-474-7282
Mr. Robert Chase, CFA, President and CFO
Phone: 416-368-9595
Email: info@millstreammines.com
Web: www.millstreammines.com