VANCOUVER, BRITISH COLUMBIA, July 29, 2019 – Lupaka Gold Corp. ("Lupaka Gold" or the “Company") (TSX-V: LPK, FRA: LQP) announced today that it has accepted the resignation of Will Ansley as President, CEO, and Director, and Ryan Webster as CFO of the Company, effective July 31, 2019. Gordon Ellis, co-founder and Chairman of the Company’s board of directors has been appointed President and CEO and Darryl Jones, the founding CFO, will fill the position of CFO.
As a result of the ongoing illegal blockade of Invicta and the current liquidity constraints, the Company is no longer able to support the financial burden of a full-time Canadian management presence. With support from the board of directors, Will Ansley and Ryan Webster have decided to tender their resignations in order to pursue other opportunities. However, both will continue to provide assistance to the Board and new management and help ensure a timely transition while the Company continues to evaluate strategic opportunities and a solution to the ongoing illegal blockade of Invicta.
"On behalf of myself and the rest of the board of directors I would like to thank Will Ansley and Ryan Webster for their efforts in successfully pushing the development of the Invicta Gold Project toward commercial production, and their continued efforts to resolve the illegal blockade of Invicta by the community of Paran."
Gordon Ellis, Chairman of the Board of Lupaka
"I would like to thank our former employees, contractors, and the communities of Lacsanga and Santo Domingo for all of their hard work, dedication and support. Together we were able to advance the overall development of Invicta to approximately 90% complete, commence the shipment of mineralized material to toll plants for batch test processing which produced three saleable concentrates, and through our underground development and geologic sampling and mapping programs we clearly demonstrated the high-grade continuous nature of the mineralization at Invicta and extended the mineralization on-strike. Invicta is an outstanding shovel ready mining project that will bring long-term prosperity in the region. The onus is on the government of Peru to assist in restoring order to the area and the re-establishment of basic property rights. I wish the team my very best towards a swift resolution to get Invicta up and running again."
Will Ansley, President and CEO of Lupaka
Neither the TSX Venture Exchange nor its Regulation Service Provider (as the term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy of this news release.
FOR FURTHER INFORMATION PLEASE CONTACT:
Gordon Ellis, C.E.O.
Tel: (604) 985-3147 (ext 2)