|By Marketwired .||
|January 13, 2014 04:45 PM EST||
TORONTO, ONTARIO -- (Marketwired) -- 01/13/14 -- Ferrum Americas Mining Inc. ("Ferrum" or the "Company") (TSX VENTURE:FEM) is pleased to announce the appointment of Mr. Saifeng (Adam) Yu to the Company's Board of Directors.
Mr. Yu is an officer of Prestige Times Limited, a Hong Kong-based investment company, and brings an in-depth understanding of resource industry finance, Asian capital markets and Latin American mining.
He holds a Major in Business Management from Pace University in New York and is fluent in Mandarin, Cantonese, Spanish and English.
"We are delighted to welcome Adam to our board of directors," Laurence Curtis, Chairman of the Board commented. "Adam will be playing an important role at Ferrum as we develop our strategic relationship with our new Hong Kong-based shareholders," he added.
Prestige Times is a Hong Kong investment company which subscribed to a private placement in Ferrum last December. Please see our press release dated Dec 10, 2013 for complete details of the private placement on our website at www.ferrumamericas.com.
Mr. Yu's appointment remains subject to the approval of the TSX Venture Exchange.
The Company also announces that it has granted an aggregate of 1,600,000 stock options to directors of the Company pursuant to the Company's stock option plan (the "Plan"). The Options are exercisable into common shares of the Company at an exercise price of $0.10. The options have a five-year term to expiry.
About Ferrum Americas Mining
Ferrum Americas is focused on developing iron ore, base and precious metals projects in the Americas.
Ferrum Americas has rights to acquire a 98% interest in the Cerro Rojo iron ore project in Bolivia. Located 600 kilometres east of Santa Cruz and approximately 55 kilometres from Puerto Suarez and the Hidrovia river system near Corumba, Brazil, Cerro Rojo is a large banded iron formation striking for more than 4 kilometres, according to reports prepared by Rio Tinto in 1999 and verified by Ferrum.
A NI 43-101 mineral resource estimate, prepared by P&E Mining Consultants Inc., includes Indicated resources of 111.0 million tonnes at 48.1% Fe and Inferred resources of 175.9 million tonnes grading 48.8% Fe at a 15% iron cut-off grade.
At a cut-off grade of 50% Fe, Indicated resources are 31.2 million tonnes at 51.5% Fe and Inferred resources are 63.0 million tonnes at 52.0% Fe. The NI-43-101 Technical Report is available at www.ferrumamericas.com.
Ferrum is also evaluating other iron ore and base and precious metals opportunities within Bolivia and throughout the Americas.
Forward Looking Statements
This news release may contain forward-looking statements that are based on Ferrum Americas Mining Inc.'s expectations, estimates and projections regarding its business and the economic environment in which it operates. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. Therefore, actual outcomes and results may differ materially from those expressed in these forward-looking statements and readers should not place undue reliance on such statements. Statements speak only as of the date on which they are made, and the Company undertakes no obligation to update them publicly to reflect new information or the occurrence of future events or circumstances, unless otherwise required to do so by law.
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