CLINE MINING ANNOUNCES APPOINTMENT OF DIRECTORS
Toronto, Ontario, Canada - February 11, 2013. Cline Mining Corporation ("Cline" or the "Company") (TSX:CMK) is pleased to announce the appointments, effective immediately, of the Honourable Brian Tobin and Mark Haywood to its Board of Directors.
Mr. Tobin served as a Member of Parliament from 1980 to 1996, and served as Minister of Fisheries and Oceans in the Federal Cabinet from 1993 to 1996. Mr. Tobin served as the Federal Minister of Industry from 2000 to 2002. Previously, he served as the Premier of Newfoundland and Labrador from 1996 to 2000. Mr. Tobin was Executive Chairman and CEO of Consolidated Thompson Iron Mines Ltd. (CLM), an iron ore company, until May 2011, when Mr. Tobin and his team from CLM sold the organization for $4.9 billion to Cliffs Natural Resources Inc. Mr. Tobin is currently senior business advisor with Fraser Milner Casgrain LLP in Toronto, and serves on a number of public company boards, including Chairman of the Board of Directors at Marret Resource Corporation.
Mr. Haywood BE (Mining) Hons, LLB has over 20 years of mining operations experience gained internationally with various companies including BHP Billiton, Gold Fields Limited, Ashanti Goldfields and Placer Pacific. Mr. Haywood has a strong technical background having worked at several public mining companies as a Mining Engineer and Mine Manager. Most recently, Mr. Haywood served as the President & Chief Executive officer of Calvista Gold Corporation, where he negotiated and sold the company to Eike Batista's AUX Group for a 100% premium to 10 day VWAP. Mr. Haywood is a degree-qualified mining engineer and lawyer, and is also a Member of the Australasian Institute of Mining and Metallurgy (AusIMM) and the Institute of Corporate Directors (ICD).
The Company welcomes Mr. Tobin and Mr. Haywood and looks to benefit from their experience and insight.
Cline has metallurgical coal property interests in British Columbia and in Colorado, U.S.A. with NI 43-101 independent Technical Reports. Cline is focused on the exploration and development of metallurgical steel making coals in Canada and the U.S., and on its iron ore property in Madagascar and its Cline Lake gold property in northern Ontario, Canada.
This press release contains forward-looking statements (including "forward-looking information" within the meaning of applicable Canadian securities legislation and "forward-looking statements" within the meaning of the US Private Securities Litigation Reform Act of 1995) relating to the Company, the environment in which it operates and the Company's future financial and operating performance. Generally, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget",
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"scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Such statements are based on assumptions, estimates, forecasts and projections made in light of the trends, conditions and expected developments that are considered to be relevant and reasonable in the circumstances at the date that such statements are made. Forward-looking statements are not guarantees of future performance and such information is inherently subject to known and unknown risks, uncertainties and other factors that are difficult to predict and may be beyond the control of the Company. A number of factors and assumptions may cause actual results, level of activity, performance or outcomes of the Company to be materially different from those expressed or implied by such forward-looking statements including, without limitation, the future price of coal, industry market trends and predictions, the estimation of mineral reserves and resources, capital, operating and exploration expenditures, costs and timing of future exploration, requirements for additional capital, government regulation of mining operations, environmental risks, reclamation expenses, title disputes or claims, limitations of insurance coverage and regulatory matters and other risks set forth in other public filings of the Company. Consequently, undue reliance should not be placed on such forward- looking statements. In addition, all forward-looking statements in this press release are given as of the date hereof. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, save and except as may be required by applicable securities laws.
Brookfield Place, 181 Bay Street, 3rd Floor, Clarkson Gordon Heritage Building, Toronto, ON, M5J 2T3
Ken Bates, President and CEO Office: (416) 504-7600
Email: [email protected]
Belinda Labatte Greg DiTomaso The Capital Lab
Office: (647) 438-2193
Email: [email protected]