Pan American Goldfields Ltd. ("Pan American" or the "Company") today announces that it has introduced several initiatives to reduce costs and rationalise its corporate administration organization and cost structure. This strategic business decision is part of the mandate to lower operating costs due to the current mining environment.
Outsourcing company finance, company secretarial services and corporate compliance functions will result in an annualized net reduction in costs. Commenting on these initiatives Mr. Emilio Alvarez, CEO stated, "This process of rationalising our cost structure is simply one component of a broader range of overall tightening in our finances which we have been implementing since the new Board appointments at the Annual General Meeting on June 17, 2013.
Effective September 20, 2012, Daniel Crandall was appointed as Pan American's Chief Financial Officer, replacing Salil Dhaumya who has resigned from the position and that of Corporate Secretary. Mr. Crandall is a Manager at Marrelli Support Services Inc., part of the Marrelli Group of Companies. He is a Canadian Chartered Professional Accountant and currently holds the positions of Chief Financial Officer with several mineral companies trading on the TSX Venture and CNSX stock exchange. In addition, DSA Corporate Services Inc., also part of the Marrelli Group of Companies has been appointed as provider of all Corporate Secretary services.
With these appointments, the Board have brought together the strengths of DSA Corporate Services Inc. ("DSA"), a leader in delivering corporate secretarial services, and Marrelli Support Services Inc. ("MSSI"), a well-respected leader in financial accounting and reporting services.
Commenting on the selection of Mr. Crandall and MSSI and DSA, Mr. Alvarez stated "Pan American is fortunate to be able to engage Dan and his team at Marrelli Support Services. His organization is well versed in the resource sector and we look forward to working with them."
The Board of Directors would like to thank Salil Dhaumya for his contribution to the Company over the years and continued success with his private practice.
About Pan American Goldfields Ltd.
Pan American Goldfields is a precious metals mining and exploration company. Its focus is the production of gold and silver and the development and expansion of its Cieneguita mine in Mexico's booming Sierra Madre gold-silver belt.
On behalf of the Board of Directors,
Emilio Alvarez, Director
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