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Quaterra Resources Announces New CEO and AGM Results

Mining News - Published on Tue, 25 Jun 2019

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Quaterra Resources Inc announced that Mr Gerald Prosalendis, current President and COO of the Company, has been named President and Chief Executive Officer, effective July 1, 2019. To accommodate this appointment, Thomas Patton will resign as CEO while retaining the position of Chairman of the Board of Directors. Mr Prosalendis has been involved in decision-making at a senior level for 30 years across a variety of business sectors, and for the last two decades has focused on mineral exploration and development. He has been an integral part of Quaterra's recent strategic developments including the agreement with Atlantic Richfield Company facilitating a solution to long-standing environmental issues at the Company’s Nevada-based Yerington project, and the sale of certain water rights for USD 6.02 million.

Mr Prosalendis said that “Over the past few months we have made big strides towards de-risking our Yerington project and setting the stage for attracting investment and potential partners for mine development. The sale of water rights enabled us to fund the company without diluting shareholders. The agreement with Atlantic Richfield facilitated a solution to long-standing environmental issues at Yerington, in turn, placing the project on a simpler path to permitting and mine development."

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Posted By : Mohan Sharma on Tue, 25 Jun 2019
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