Far Resources Appoints Toby Mayo to its Board of Directors
January 3, 2018 – Vancouver, BC: Far Resources Ltd (CSE:FAT) (FSE:F0R) (OTCPK:FRRSF) (www.farresources.com) (“Far Resources” or the “Company”) announces that following the resignation of Mr. Jeremy Ross from its Board of Directors, it has appointed Mr. Toby Mayo to fill the vacancy.
Mr. Mayo brings over twenty years of comprehensive and varied global resource industry experience to the Far Resources board. He holds a B.Sc. (Hons) degree in Geology from the University of Edinburgh and an LL.B. (Hons) in Law from the University of London. Mr. Mayo has most recently held senior management positions at two TSX Venture Exchange listed mineral exploration companies as President and CEO and also brings extensive consulting and corporate development experience. He began his career as an exploration geologist for Rio Tinto in South America, northern and eastern Europe. Subsequently Mr. Mayo worked in a number of senior consulting roles including within the Investment and Business Planning group at Hatch in London and as Senior Technical Advisor for Ivanhoe Mines Ltd. on the development of the Oyu Tolgoi project in Mongolia. He also has experience within the technology and software industry, providing services to the resource sector. Mr. Mayo possesses financial, commercial, technical, project management, IR and legal skills, with experience completing techno-economic and transaction-related studies of mining and metals projects across the globe.
Keith Anderson, President and CEO of Far Resources commented, “We are very pleased to welcome Toby to the Board of Directors; he brings a wealth of experience that will be invaluable to us as we move forward with our plans for the Zoro Lithium Property and the spin off of the Winston Project in 2018. I would also like to thank Jeremy Ross for his service to the Company and together with the rest of the Far Resources’ team, to wish him well in his future endeavours.”
In conjunction with Mr. Mayo’s appointment to the Board, the Company has granted to him 250,000 options to acquire common shares in the equity of the Company (the “Options”). Each Option is exercisable into one (1) common share in the equity of the Company at an exercise price of $0.79 per option share, expiring 5 years from date of grant. The issuance of securities described in this news release are subject to acceptance by the Canadian Securities Exchange. All amounts quoted in this news release are in Canadian funds.
Legal Entity Identifier
Far Resources has been granted a Legal Entity Identifier ("LEI"). The Company's LEI code is 254900WZMB2G5CQ0LA13.
The LEI is a 20-character code used to identify entities that enter into financial transactions. LEIs, like other identifiers, allow issuers to fulfil their reporting obligations and are also key for matching and aggregating market data, both for transparency and regulatory purposes. The objective is to create a global reference data system that uniquely identifies every legal entity or structure, in any jurisdiction, that is party to a financial transaction. Endorsed by the Group of Twenty Finance Ministers and Central Bank Governors (G20), the establishment of a Global LEI System is critical to improving measurement and monitoring of systemic risk.
About the Company
Far Resources Ltd. is an exploration company, publicly traded on the Canadian Securities Exchange under the symbol FAT, focused on the identification and development of high potential mineral opportunities in stable jurisdictions. Far Resources may acquire or option properties of merit to meet its ongoing goal to locate, advance and unlock the potential of these mineral opportunities. Far Resources has two option agreements in place. The Zoro Lithium Property covers a number of known lithium pegmatite occurrences and is located near Snow Lake, MB. Manitoba has been ranked as the world’s second best jurisdiction for mining investment by the Fraser Institute. The second option is on the Winston Property in New Mexico, USA, another historic mining property with potential for silver and gold; New Mexico is also listed by the Fraser Institute, ranking in the top 25 mining jurisdictions in the world. Please visit our updated website at www.farresources.com for full details on our current projects. Far Resources has optioned its wholly owned Tchentlo Lake Property in British Columbia, Canada to Alchemist Mining Inc.
ON BEHALF OF THE BOARD OF DIRECTORS OF
FAR RESOURCES LTD.
Keith C. Anderson, President
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The Canadian Securities Exchange has neither approved nor disapproved the contents of this news release and accepts no responsibility for the adequacy or accuracy hereof.
This news release contains forward-looking statements, which relate to future events or future performance (including our planned exploration for the Winston Project and the Zoro Lithium Property) and reflect management’s current expectations and assumptions. Such forward-looking statements reflect management’s current beliefs and are based on assumptions made by and information currently available to the Company. Readers are cautioned that these forward looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected. All of the forward-looking statements made in this news release are qualified by these cautionary statements and those in our continuous disclosure filings available on SEDAR at www.sedar.com. These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances save as required under applicable securities legislation. This news release does not constitute an offer to sell securities and the Company is not soliciting an offer to buy securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.