ATLANTA, May 3, 2011 (GLOBE NEWSWIRE) -- Dutch Gold Resources, Inc. (OTCQB:DGRI) (the "Company") ( http://dutchgold.com ) is pleased to announce that the Company's Board of Directors has appointed Tom Leahey as the new Chief Financial Officer of the Company. Mr. Leahey replaces Steve Keaveny, who will remain on the Board of Directors.
"We are grateful for the contribution that Mr. Keaveny made during his tenure with the Company. During that time, the Company became fully compliant in its filings and made significant advancements in its business structure. We are pleased that Steve will remain a member of the Board of Directors, and continue to support the Company's growth," said Dan Hollis, CEO.
Mr. Leahey began his finance career in corporate banking working for money center banks including Wachovia Bank and Fleet Financial Group. Leahey has been a CFO since 1993 and has worked in a variety of high - growth environments across a spectrum of industries groups and ownership profiles. "The timely filing of our Form 10K and the appointment of Mr. Leahey are exciting developments for the company," company CEO Dan Hollis stated. "Tom is a veteran of the global capital markets, having had 25 years of experience and completing capital raises in excess of $3 billion, including thirty M &A transactions. These experiences will provide the necessary leadership and experience as we prepare for our next phase of growth." Hollis added, "We have put the pieces in place on the finance side of the business with the appointment of Hancock, Askew and Company, LLC. as our new auditors, the filing of our most recent 10K and the addition of Mr. Leahey to our executive team."
The Company also announced that it has completed two additional drill holes at its Basin Gulch project. Assay results were expected by the end of last week, but are now expected early next week. Turn-around time has been longer than anticipated and DGRI is taking steps to reduce the lag time between completion of drilling and reporting out results. Moreover, weather has been problematic but is now breaking, some three to four weeks behind anticipated thawing. The Company expects that current conditions will positively impact the productivity of its drilling program. Reported Mr. Hollis, "Our team has performed admirably during the coldest spring in Montana in many years. We look forward to the completion of the drilling program this month, and anticipate reporting out results on a regular basis beginning the week of May 9, 2011."
Dutch Gold Resources, Inc. is engaged in the acquisition and development of gold properties in North America. The company's strategy is to focus on overlooked resources that have the potential to add a value creation event within 24 months of acquisition. The Company criteria call for a property to reach either near term production, or be a candidate for development through joint venture financing during the two years subsequent to acquisition. The Basin Gulch project in Montana, the Jungo property outside Winnemucca, Nevada, and the Gold Bug Mine in Oregon comprise the Company's current portfolio. The DGRI management team is composed of seasoned professionals with decades of experience in geology and in mergers and acquisitions, as well as corporate finance.
This press release contains forward-looking statements that reflect the Company's current expectation regarding future events. Actual events could differ materially and substantially from those projected herein and depend on a number of factors. Certain statements in this release, and other written or oral statements made by Dutch Gold Resources, Inc., are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors, which are, in some cases, beyond the Company's control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. The Company assumes no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. Important factors that could cause actual results to differ materially from the company's expectations include, but are not limited to, those factors that are disclosed under the heading "Risk Factors" and elsewhere in documents filed by the company from time to time with the United States Securities and Exchange Commission and other regulatory authorities.
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CONTACT: Dan Hollis Dutch Gold Resources, Inc. (404) 419-2440