REMOVED: Fundy Minerals out of Liberia (not trading on exchange)
FOR IMMEDIATE RELEASE 23 APRIL 2010
FUNDY MINERALS LTD
(PLUS: FUND)
FUNDY CONTINUES TO NARROW FOCUS
The Board of Fundy Minerals Ltd ("Fundy" or "the Company"), the Canadian exploration company, announces that it has notified the Liberian Ministry of Lands, Mines and Energy that it is withdrawing its operations from the country and surrendering its exploration permit.
Chairman and CEO Jeff Michel commented, “The Board of Fundy has considered the implications and magnitude of the new Liberian Mining Act and has concluded that it is not in the Company’s best interest to devote anymore resources towards this project. As previously announced, Fundy is narrowing its focus to our New Brunswick projects with the highest priority being placed on putting Flatlands into production.”
The Board has also accepted the resignation of non-executive director Scott Sparks. Mr. Sparks will continue for the next month in a transitional role. The Board has also accepted the proposal of Paul Lemmon, head of Northern Lights, to contract with the Company on a project by project basis rather than a continuous basis.
Chairman and CEO Jeff Michel added, “These changes will contribute to the reduction of reoccurring costs and streamline the Company.”
The Directors of the Issuer accept responsibility for this announcement.
--ENDS—
For further information please contact:
Fundy Minerals Ltd Tel. +1 416 238 0361 or +44 (0)207 669 4479
Jeff Michel, Chairman & CEO info@fundyminerals.com
Daniel Stewart & Company Plc Tel. 020 7776 6550
