Hudson River Minerals Ltd. (“Hudson River” or the “Company”) (TSX-V:HRM) is pleased to announce the commencement of a 1,200 m drill program on its Forge Lake property located 32 km northeast of Wawa, Ontario. The program will attempt to determine the orientation and extent of a major deformation zone that was intersected previously in hole HR-FL-16 (3.25 g/t Au over 12.7 m). Four holes have been drilled to date with all holes intersecting quartz veins and zones of deformation ranging in thickness from 6.5 m to 27 m. Of special interest is hole HR-FL-20 which is located 25 m south of HR- FL-16 and intersected a strong deformation zone from 26.8 m to 44 m downhole (17.2 m thick) described as a chlorite schist with tourmaline and pyrite-bearing quartz veins throughout.
Commenting on the drill program, Hudson River President and CEO Steve Balch stated “we are focused on the deformation zone originally intersected in HR-FL-16 and which appears to occur below the main quartz veins that have been the subject of historic exploration at Forge Lake. The deformation zone is over 20 m thick in places and is emerging as our strongest exploration target. The close spacing of this short drill program will help us determine the orientation along dip and strike of what we are now calling the Forge Lake Deformation Zone”.
Hudson River wishes to announce changes to its Board of Directors. Elaine Ellingham (P.Geo, ON), who has been with Hudson River since the Company went public, has stepped down as Director effective April 30th, 2012. Ms. Ellingham has contributed greatly to Hudson River with her technical knowledge as a geologist and through her previous experience with the Toronto Stock Exchange. The Board wishes her the best in her future endevours.
The Company is pleased to announce the appointment of two new Directors, Mr. Robert Se?guin and Mr. Martin Bernholtz. Mr. Robert Se?guin (MBA) is a founder and managing partner of Westmount Capital, a Geneva-based financial services firm that specializes in developing financial strategies, trading and liquidity support and market making for publicly listed companies, in cooperation with CM-Equity of Munich. Mr. Se?guin has over 26 years experience in institutional sales and corporate finance and is very active in the junior mining market.Mr. Martin Bernholtz (BBA, CA) became a Chartered Accountant in 1983 and has held the position of Chief Financial Officer of Kerbel Group Inc., an integrated real estate developer and property owner, since 1988. He has served as a Director and Officer of public, private, not for profit and condominium corporations over the last 25 years. Mr. Bernholtz previously spent six years with Laventhol & Horwath in the Litigation Support and Business Valuation areas. Mr. Bernholtz graduated with a Bachelor of Business Administration degree from York University in 1981. Both gentlemen have extensive public company Board experience. The appointments are effective May 1st 2012.
The Company further announces the resignation of Graham Desson as CFO and the appointment of David Jarvis to that position. Mr. Graham Desson (CA) has served as CFO since 2010 and the Company thanks him for his service and wishes him well in his other endevours. Mr. David Jarvis (CFA) is a financial analyst with a strong background in compliance and auditing of companies that are active in the public markets and currently serves as the Chief Operating Officer for Spartan Fund Management Inc. Mr Jarvis' appointment is effective May 1st, 2012.
Hudson River has extended its previously announced financing to May 14th, 2012 with approval of the TSX Venture Exchange. To date the Company has raised sufficient funds to complete its current exploration program at Forge Lake and additional funds will be used for further exploration of its Ontario properties and general working capital.
Alan Aubut P.Geo. (ON) is a Qualified Person in accordance with Canadian regulatory requirements as defined in NI 43-101 and has reviewed the preliminary drill logs from this current exploration program and has also reviewed and approved the technical content of this press release.
This document may contain forward-looking statements relating to Hudson River’s operations or to the environment in which it operates. Such statements are based on operations, estimates, forecasts and projections. They are not guarantees of future performance and involve risks and uncertainties that are difficult to predict and may be beyond Hudson River’s control. A number of important factors could cause actual outcomes and results to differ materially from those expressed in forward-looking statements, including those set forth in other public filings. In addition, such statements relate to the date on which they are made. Consequently, undue reliance should not be placed on such forward-looking statements. Hudson River disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, save and except as may be required by applicable securities laws.