Rugby Announces Changes to the Board and Management

VANCOUVER, British Columbia, July 09, 2019 (GLOBE NEWSWIRE) -- Rugby Mining Limited (“Rugby” or the “Company”) (TSX-V: RUG). The Company is pleased to announce that Yale Simpson has been appointed Chairman of the Company with Bryce Roxburgh assuming the role of President and CEO.

The change in management is due to personal commitments Paul Joyce has in Australia. Paul will remain an executive director and assume the role of Chief Operating Officer. We thank Paul for his exceptional work in constructing a remarkable portfolio of projects.

Yale Simpson and Bryce Roxburgh are industry professionals with a track record of both exploration and corporate success. Until recently, Yale and Bryce were Joint Chairmen of Exeter Resource Corp. (“Exeter”) until it was sold to Goldcorp in 2017 for approximately $250 million. Exeter discovered the large Caspiche gold copper porphyry project in Chile.

Prior to that, they were Joint Chairmen of Extorre Gold Mines (“Extorre”) which was born through the spin-out from Exeter of the high-grade Cerro Moro gold project in Argentina. Extorre was sold to Yamana for approximately $420 million in 2012.

Yale, Bryce and Paul are significant shareholders of Rugby and hold approximately 24% of Rugby’s issued shares which reflects their commitment to building a company the likes of Exeter and Extorre.

At present Rugby is preparing to drill the Motherlode project in the Philippines to test for extensions to the high-grade epithermal gold veins that were mined previously. The drilling will also target the potential for discovery of an underlying high-grade gold-copper porphyry.

About Rugby
Rugby controls a portfolio of gold and gold-copper projects in Colombia that are unaffected by the recent negative permitting decision on the Cobrasco copper project. These projects have considerable potential for significant mineral discoveries.

Rugby benefits from the experience of its directors and management, a team that has either been directly responsible for world-class mineral discoveries or have been part of the management teams responsible for such discoveries.

For additional information you are invited to visit the Rugby Mining Limited website at www.rugbymining.com.

CAUTIONARY STATEMENT
Certain of the statements made and information contained herein is “forward-looking information” within the meaning of the British Columbia, Alberta and Ontario Securities Acts. This includes statements concerning the Company’s plans at its projects including the expected timing of drilling programs at the Motherlode, prospectivity, high grade potential and potential for mineral discoveries at Motherlode, the style or occurrence of the mineralization and drilling costs which involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. In addition the Company holds certain of its projects under option agreements, which require expenditure and/ or drilling requirements in order to maintain its interest. Should the Company not be able to meet its obligations or renegotiate the agreements it will lose its rights under the option agreement. Forward-looking information is subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking information, including, without limitation, the effect on prices of major mineral commodities such as copper and gold by factors beyond the control of the Company; events which cannot be accurately predicted such as political and economic instability, terrorism, environmental factors and changes in government regulations and taxes; the shortage of personnel with the requisite knowledge and skills to design and execute exploration programs; difficulties in arranging contracts for drilling and other exploration services; the Company’s dependency on equity market financings to fund its exploration programs and maintain its mineral exploration properties in good standing; political risk that a government will change, interpret or enforce mineral tenure, environmental regulations, taxes or mineral royalties in a manner that could have an adverse effect on the Company’s assets or financial condition and impair its ability to advance its mineral exploration projects or raise further funds for exploration; risks associated with title to resource properties due to the difficulties of determining the validity of certain claims as well as the potential for problems arising from the interpretation of laws regarding ownership or exploration of mineral properties in the Philippines and Colombia and in the sometimes ambiguous conveyancing characteristic of many resource properties, currency risks associated with foreign operations, the timing of obtaining permits to conduct exploration activities, the ability to conclude agreements with local communities and other risks and uncertainties, including those described in each of the Company’s management discussion and analysis and those contained in its financial statements for the year ended February 28, 2019 filed with the Canadian Securities Administrators and available at www.sedar.com. In addition, forward-looking information is based on various assumptions including, without limitation, assumptions associated with exploration results and costs and the availability of materials and skilled labour. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements. Accordingly, readers are advised not to place undue reliance on forward-looking information. Except as required under applicable securities legislation, the Company undertakes no obligation to publicly update or revise forward-looking information, whether as a result of new information, future events or otherwise.

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