|By Marketwired .||
|August 7, 2013 05:48 PM EDT||
TORONTO, ONTARIO -- (Marketwired) -- 08/07/13 -- Victory Nickel Inc. ("Victory Nickel" or the "Company")(TSX:NI) (www.victorynickel.ca) today announced that Howard Stockford has retired from the Board of Directors. Replacing Mr. Stockford is Mr. Alireza Moghadam, Chairman of the AMIDT Group.
Cynthia Thomas, Chair of the Board stated: "On behalf of the Board, employees and shareholders, I'd like to thank Howard for his efforts since becoming one of Victory Nickel's inaugural board members upon the founding of the Company in 2007. Howard has been a tremendous resource from both a technical and business perspective, and his sage counsel will be sorely missed. Alireza Moghadam brings a wealth of experience in the metals business and in international finance. We believe he is a very valuable addition, and are pleased to welcome him to the Board."
Mr. Moghadam comes from a family that has successfully been operating in the non-ferrous metals business for the last 160 years. He has academic knowledge in engineering and extensive practical experience in the production of lead, zinc and alloys. He has established companies in Europe, the Middle East, the Far East and in India, and recently became a key investor in Victory Nickel, his first North American investment.
"I am very pleased to be welcomed to the Board of Victory Nickel," said Mr. Moghadam. "I feel this association will be mutually beneficial, and that Victory Nickel and AMIDT together have tremendous potential to capitalize on opportunities to build a bridge between the massive reserves of energy in the Middle East and the North American mining sector."
In addition to his role as Chairman of AMIDT, Mr. Moghadam acts as consul and Special Representative of St. Christopher and Nevis to the Commonwealth of Independent States and Turkey. His primary role is to pursue opportunities and initiatives in industrial, social and economic development between Eastern Caribbean countries and CIS countries, Turkey and other selected countries in that region.
AMIDT (Alloy Metal International Distribution Technology) Group is a privately-held company that is focused on the physical production, engineering and trading of ferrous and non-ferrous metals, minerals, chemicals, alloys and scraps. Headquartered in Dubai, UAE, AMIDT Group has, through the acquisition of interests in production assets in mining, smelting, refining and processing, evolved from a pure physical commodity marketing company into a diversified natural resources group. A&M International Ltd. ("A&M") recently participated in a private placement in Victory Nickel. A&M is based in London, UK, and is a member company of AMIDT Group.
About Victory Nickel
Victory Nickel Inc. is a Canadian company with four sulphide nickel deposits containing significant NI 43-101- compliant nickel resources. Victory Nickel is focused on becoming a mid-tier nickel producer by developing its existing properties, Minago, Mel and Lynn Lake (under option to Prophecy Platinum) in Manitoba, and Lac Rocher in northwestern Quebec, and by evaluating opportunities to expand its nickel asset base. Through a wholly-owned subsidiary, Victory Silica Ltd., Victory Nickel is establishing a presence in the frac sand market prior to commencing frac sand production and sales from Minago.
Forward-Looking Information: This news release contains forward-looking information. All statements, other than statements of historic fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future (including, the Company's development plans and objectives (including for the Minago, Mel, Lac Rocher and Lynn Lake properties and Victory Silica) and estimates and/or assumptions in respect of production, revenue, sales, cash flow, costs, economic return, and net present value (including for the Minago, Mel, Lac Rocher and Lynn Lake properties and Victory Silica)) constitute forward-looking information. This forward-looking information reflects the current expectations or beliefs of the Company based on information currently available to the Company. Forward-looking information is subject to a number of risks and uncertainties that may cause the actual results of the Company to differ materially from those discussed in the forward-looking information, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on the Company. Factors that could cause actual results or events to differ materially from current expectations include, among other things: the possibility that actual circumstances will differ from estimates and assumptions; changes in equity markets; the inability of the Company to generate cash flow in the future; the inability of the Company to meet its development plans and objectives; and the other risks disclosed under the heading "Risk Factors" and elsewhere in the Company's annual information form dated March 28, 2013 filed on SEDAR at www.sedar.com. Forward-looking information speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise. Although the Company believes that the assumptions (including that all of the Rights will be exercised under the Offering) inherent in the forward-looking information are reasonable, forward-looking information is not a guarantee of future performance and accordingly undue reliance should not be put on such information due to the inherent uncertainty therein.