Karus Gold Strengthens Board Independence and Governance Ahead of Stock Listing

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Vancouver, British Columbia–(Newsfile Corp. – January 24, 2022) – Karus Gold Corp. (“Karus Gold“or the”Society“), a growing exploration company focused on the South Cariboo gold district of British Columbia, announces the appointment of Joe Ovsenek and Cathy McLay to the Board of Directors (the “advice“). The new additions to the board of directors are independent and will strengthen governance and help realize the vision of making Karus a leading gold explorer in British Columbia. Current directors James Hynes, Scott Trebilcock, David Whittle and CEO Andrew Kaip round out the board that is expected to go public with Karus Gold in the first half of 2022.

“I am delighted to have Mr. Ovsenek and Ms. McLay join the Board. Mr. Ovsenek has been instrumental in navigating several precious metals projects from discovery to production while delivering hundreds of millions in shareholder value. Ms. McLay brings to the team her strong background in finance, ESG and corporate governance. Together, the new Board of Directors has the right balance of skills and experience to make Karus a leader in gold exploration in British Columbia,” said Andrew Kaip, President and CEO of Karus. Gold.

The board also announces that James Hynes has stepped down from his day-to-day leadership role, allowing Andrew Kaip to lead the transition to a public company and continue to build the Karus Gold team.

Mr. Ovsenek has over 20 years of experience in the precious metals industry. Before founding P2 Gold Inc. where Mr. Ovsenek is Founder, CEO and Director, he served as Chairman and CEO of Pretium Resources Inc. where he led the development of the high-grade Brucejack gold mine, which has been operating profitably since commercial start-up in 2017. Prior to Pretium, he spent 15 years in senior management positions at Silver Standard Resources Inc. Mr. Ovsenek holds a Bachelor of Applied Science from the University of British Columbia, a Bachelor of Laws from the University of Toronto and is a member of the Association of Professional Engineers and Geoscientists of British Columbia, and holds the of approved director (C.Dir).

Ms. McLay is an award-winning British Columbia executive and former Chief Financial Officer of TransLink. She has over 30 years of experience and relationships in public and private companies in British Columbia. Ms. McLay began her career in the forestry industry by holding several senior management positions at Canfor Corp. and Howe Sound Pulp and Paper Ltd. Ms. McLay currently sits on the boards of Vancouver Fraser Port Authority, Insurance Corporation of British Columbia, Coast Mountain Bus Company, and GreenPower Motor Company. Ms. McLay is an International Certified Business Coach, a member of the Chartered Professional Accountants of British Columbia and holds the Institute of Corporate Directors (IAS) designation.

To facilitate Joe and Cathy’s appointments to the board, Jessica Van Den Akker stepped down as director. The Karus Gold Board of Directors would like to thank Jessica for her duties as a director.

List update

As previously reported in the September 23, 2021 press release, Karus Gold filed an updated listing application in October 2021 and continues to work with the TSX Venture Exchange to complete the listing process.

About Karus Gold

Karus Gold owns 100% of the 1,000 km2 The South Caribou gold district which includes the FG Gold and Gold Creek drilling projects in British Columbia. Karus Gold is backed by strategic investor Eric Sprott; and insiders, along with management and the board, own approximately 57% of the basic shares outstanding.

Further information about Karus Gold and its assets can be found on the Company’s website at www.karusgold.com and to www.sedar.com, or by contacting us as [email protected] or by phone at (888) 455-7620.

On behalf of Karus Gold
“Andre Kaip”
Chief executive officer
(647) 515-7858

Investor Relations
Victor Ostlund – Kin Communications
(604) 684-6730
[email protected]

Caution Regarding Forward-Looking Information

This press release contains forward-looking statements relating to the Company’s future operations and other statements that are not historical facts. Forward-looking statements are often identified by words such as “will”, “may”, “should”, “anticipate”, “expect”, “suggest” and similar expressions. All statements, other than statements of historical facts, included in this release, including, without limitation, statements regarding the Company’s future plans and objectives, successful listing on the TSX Venture Exchange, are forward-looking statements. These forward-looking statements, and any assumptions on which they are based, are made in good faith and reflect our current judgment regarding the direction of our business. Management considers these assumptions to be reasonable. Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information.

These factors include, among others: risks relating to the exploration and development activities of the Company’s projects and factors relating to the commercial viability or not of extracting mineralization; risks relating to hazards and risks normally encountered in mineral exploration, such as unusual and unexpected geological formations; uncertainties regarding regulatory matters, including obtaining permits and compliance with laws and regulations governing exploration, development, production, taxes, labor standards, occupational health, waste disposal , toxic substances, land use, environmental protection, site security and other issues, and the potential for existing laws and regulations to be amended or implemented more strictly by authorities competent; risks relating to title to the Company’s properties, including the risk that title to the Company may be challenged or challenged by third parties; the Company’s ability to access necessary resources, including mining equipment and crews, on a timely basis and at a reasonable cost; competition within the mining industry to discover and acquire properties from other mining companies, many of which have greater financial, technical and other resources than the Company, including for the acquisition of mining claims , leases and other mining interests as well as for the recruitment and retention of qualified employees and other personnel; access to appropriate infrastructure, such as roads, energy and water supplies near Company properties; and risks relating to the stage of development of the Company, including risks relating to limited financial resources, the limited availability of additional financing and potential dilution for existing shareholders; dependence on its management and key personnel; failure to obtain adequate insurance or other insurance; exposure to litigation or similar claims; currently unprofitable operations; risks relating to the ability of the Company and its management to manage growth; and potential conflicts of interest.

The forward-looking statements contained herein are made as of the date of this press release, and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results, except if this may be required by applicable securities laws. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/111291









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