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| | Wed Oct 14, 2009
New World Appoints Director
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| | Vancouver, BC - New World Resource Corp. (the "Company") announces the appointment of William (Bill) McCartney as a director of the Company and as Chairman of its Audit Committee. Mr. McCartney has been a member of the Institute of Chartered Accountants of British Columbia since 1980 and was a founding partner of Davidson & Company, Chartered Accountants from 1984 to 1990.
Mr. McCartney is a director and audit committee chairman of Mercer International Inc., a former director and audit committee chairman of Exeter Resources Corp., the director of business development and a founder of Dynasty Metals & Mining Inc., chairman and founder of Heart Force Medical Inc., and a member of the local advisory committee to the TSX Exchange.
John Lando, the Company's president and chief executive officer commented: "Bill McCartney's desire to be involved in New World is a testament to the quality of projects the company is exploring. Bill has been involved at a management level in the successful development of several junior exploration companies and brings a wide range of experience that will be a substantial benefit to New World."
The Company has granted Mr. McCartney a total of 250,000 stock options exercisable at a price of C$0.30 for a term of five years. The Company has also agreed, subject to TSX Venture Exchange approval, to a nonbrokered private placement of 125,000 units ("Units") at a price of $0.27 per Unit for gross proceeds of $33,750. Each Unit consists of one common share of the Company and one half of one common share purchase warrant. Each full warrant is exercisable at a price of $0.40 for a period of 12 months after the closing date. The Units are subject to a four month hold period. The proceeds of the private placement will be used for general working capital.
About New World
New World Resource Corp. is a Canadian based mining exploration company focused on building a strong, diversified project portfolio within the Americas.
NEW WORLD RESOURCE CORP.
John Lando, President
For information with respect to the Company or the contents of this news release, please contact John Lando or Don Flahiff at (604) 669-2701 or toll free at 1-800-663-0510, email at info@newworldresource.com, or visit the web site at www.newworldresource.com.
This news release includes "forward-looking information", as such term is defined in applicable securities laws. The forward-looking information includes, without limitation, the success of exploration activities and other similar statements concerning anticipated future events, conditions or results that are not historical facts. These statements reflect management's current estimates, beliefs, intentions and expectations; they are not guarantees of future performance. The Company cautions that all forward-looking information is inherently uncertain and that actual results may vary from the forward-looking information. A number of material factors, many of which are beyond the Company's control, could cause actual results to differ materially from the forward-looking information. Such factors include, among others, risks and uncertainties relating to exploration and development; the ability of the Company to obtain additional financing; the Company's limited operating history; the need to comply with environmental and governmental regulations; political and economic instability and general civil unrest in Bolivia; potential defects in title to the properties; fluctuations in currency exchange rates; fluctuating prices of commodities; operating hazards and risks; competition; and other risks and uncertainties. Accordingly, actual future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward-looking information. All statements are made as of the date of this news release and the Company is under no obligation to update or alter any forward-looking information.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this news release |
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