Announces Corporate Update
New Dimension Resources Ltd. (TSXV: NDR) (the "Company" or "New Dimension") is pleased to announce the appointment of Mr. James Dawson, P. Eng. ("Jim") to the Company's Board of Directors to replace outgoing Director Mr. Bruce Grant, Q.C. who will be stepping down from the board to pursue other interests.
"I would like to welcome Jim to the New Dimension team," said Fred Hewett, President and CEO of New Dimension. "Jim's successful track record of participating in several significant mineral discoveries coupled with his extensive experience as a consulting geologist will greatly assist the Company in its quest to seek out new exciting exploration projects. I would also like to thank Bruce for all the valuable insight he has provided to the Board during his years of service to New Dimension. On behalf of the entire team, we wish Bruce the very best on his new endeavors."
Mr. James Dawson is the President of Dawson Geological Consultants Ltd., a geological consulting company based in Vancouver, British Columbia. He has forty years experience as a Professional Consulting Geologist, and has been a Director of several public companies in the mineral resource industry including Minefinders Corporation Ltd. and Kivalliq Energy Inc. and is a member of Technical Advisory Board of Kaminak Gold Corp. In addition to managing his own consulting geological firm for many years, as a partner with Kerr, Dawson & Associates Ltd. from 1972 to 1985, Mr. Dawson participated in the discovery of the Blackdome Mine, Frasergold and Taurus Properties in British Columbia and the Big Horn Mine in Arizona. He was also part of the original Pan Ocean team, which in 1975 made the discovery of the Lac Cinquante uranium occurrence in Nunavut. Mr. Dawson Graduated from Memorial University with a B.Sc. in 1960 and a M.Sc. in 1963.
Following a full technical review of its mineral projects New Dimension has elected to return the Yukon properties under option from Strategic Metals Ltd. The Company is retaining its option on the Midas gold project in Ontario and its 33% interest in the Domain gold project in northern Manitoba. Going forward New Dimension will continue to focus on acquisitions, exploration and development of mineral properties in proven mineral jurisdictions. The Company's near term objective is to position itself within politically stable regions that exhibit both favorable geology and a friendly regulatory structure. New Dimension's goal is to explore and develop underexplored properties generated from deal flow through current relationships within the industry, which the Company believes will provide opportunities to acquire significant mineral properties that have been previously overlooked.
The Company also announces the directors have approved a consolidation of the Company's issued and outstanding common shares at a ratio of one new share for seven old shares. The Company currently has 57,194,983 common shares outstanding and after the consolidation of its share capital will have 8,170,712 outstanding. New Dimension will not seek a name change and is undertaking this consolidation of its capital to facilitate future financings. On the date hereof the directors intend to implement the consolidation as soon as practicable following the approval of the consolidation by the TSX Venture Exchange. In addition, notwithstanding approval of the consolidation by the TSX Venture Exchange, the Company's directors, in their sole discretion, may abandon the consolidation without further approval or action by, or prior notice to, shareholders.
ON BEHALF OF THE BOARD
NEW DIMENSION RESOURCES LTD.
"Fred G. Hewett"
Fred G. Hewett, P.Eng.
President & CEO
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
This news release may contain forward looking statements which are not historical facts, such as statements of belief of similarity of geological characteristics or features, statements of unverified drilling and sampling results and expectations of receipt of permits and plans for future work. Forward looking statements involve a number of risks and uncertainties that could cause actual results to differ materially from those projected. These risks and uncertainties include, but are not limited to, unexpected geological factors, exploration results, results of verification work and unanticipated regulatory obstacles. See New Dimension's filings for a more detailed discussion of factors that may impact expected results.
This news release does not constitute an offer to sell or solicitation of an offer to sell any securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.