Gold Spot Price $00.00


Board Reorganisation and Management Changes

May 10, 2018

Toro Gold (“Toro Gold” or “the Company”), is pleased to announce that  Mr Mark Lynam and Mr David Street have been appointed to the Board as Non-Executive Directors, bringing further considerable technical and financial experience to support the continued growth and development of the Company.

In addition to the Board changes, Chief Financial Officer, Mr Gary Townsend, has informed the Board of his decision to retire, with a final date to be agreed during the second half of 2018. The Company will begin a search for his replacement in due course to ensure a smooth transition to his replacement to be completed before the end of 2018.

Mr Lynam will join the Board as a Non-Executive Director as the nominee of QG Africa Mining LP, which was granted the right to appoint a Non-Executive Director as part of the equity funding for construction of the Mako Mine in Senegal.

Mr Street will join the Board as a Non-Executive Director as the nominee of Tembo Capital Mining GP, which was similarly granted the right to appoint a Non-Executive Director as part of the equity funding for construction of the Mako Mine in Senegal.

Martin Horgan, Executive Director and Chief Executive Officer, commented: 

“We are delighted to announce the addition of Mark and David to the Board of Toro Gold.  Both have significant and successful experience within the African gold mining space which we believe will complement the already strong Board and Management team and continue to support Toro’s goal of becoming a multi-asset mid-tier producer.

 And it is with great thanks that we say goodbye to Gary and wish him the very best for his retirement. Gary has been with the Company from its earliest stages of formation and was instrumental in helping Toro Gold advance the Mako Project from a greenfield discovery into a producing mine ahead of time and under budget in only six years. 

We will commence a search to replace Gary in due course with the aim of making an appointment during the second half of the year to ensure that the best possible candidate is chosen to assume this important position within the Company.



Notes to Editors

Mark Lynam, Biography

With a mechanical engineering degree from University College Dublin Mark began his career in the mining industry with Anglo American Corporation at Western Deep Levels gold mine, before joining the management training program at Anglo American Corporation. He gained extensive experience in gold and currency hedging within the gold division, becoming Vice President Treasury of AngloGold Limited, responsible for the groups treasury, including credit ratings, hedging, bank debt and capital market funding in the South African and international markets. As finance manager for AngloGold Ashanti’s African operations, he dealt with tax and mining agreement negotiations with African states. He served on the boards of several of the group’s operational mining and international holding companies, the Rand Refinery and Rand Mutual Assurance Limited. After leaving AngloGold Ashanti in 2013, he served for a year as Interim CEO at Rand Refinery Limited and now serves on the Investment Policy Committee at Professional Provident Society Investments Limited.

David Street, Biography

David Street is one of the founders and a Principal of Tembo Capital, a mining private equity group which was established in 2014 and is focussed on Africa and other Emerging Markets.

Prior to joining Tembo, David was previously a Managing Director of Endeavour Financial, working on financial advisory mandates for mining companies, in addition to working with Endeavour Mining, a mid-tier African gold mining company, on its merger and acquisition activities. Previously, David enjoyed a 15 year career in natural resource banking at NM Rothschild & Sons, culminating in him becoming a Director of Rothschild and Head of Mining and Metals in 2003. David also spent two years with Société Générale as a Director in the Mining & Metals team.

David graduated with an MA (Hons) degree in Economics from the University of Cambridge in 1991.



Cautionary Note Regarding Forward Looking Statements

This Press Release may contain statements which constitute “forward-looking”, including statements regarding the plans, intentions, beliefs and current expectations of the Company, and its directors, or officers with respect to the future business activities and operating performance of the Company. The words “may”, “would”, “could”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” and similar expressions or the negative thereof, as they relate to the Company, or its management, are intended to identify such forward-looking statements.

 Investors are cautioned that any such forward-looking statements are not guarantees of future business activities or performance and involve risks and uncertainties, and that the Company’s future business activities may differ materially from those in the forward-looking statements as a result of various factors.

 Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected.  These forward-looking statements speak only as at the date of this press release.  Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not be as anticipated, estimated or intended. The Company does not intend, and does not assume any obligation, to update these forward-looking statements.