Market Overview

La Mancha Resources Announces Changes to Its Board of Directors

MONTREAL--(Marketwire - April 08, 2012) - La Mancha Resources Inc. (TSX: LMA) (hereinafter "La Mancha" or the "Company") is pleased to announce the appointment of three new Independent Directors to its Board of Directors, effective immediately. Concurrently, the Company announces the resignations of William Hess and Johanne Duchesne as directors of the Company. The Board of Directors of La Mancha wishes to thank Mr. Hess and Ms. Duchesne for their significant contribution to the Company over the last five years.

The Company is delighted to welcome the new Independent Directors, each of whom has solid experience in business and highly esteemed reputations.

Francois Lemarchand has developed an expertise as a financial advisor. He has been an independent consultant in financial strategy and capital markets since 2009. Over 15 years he developed extensive experience in Corporate Finance and Capital Markets by assuming various positions with National Bank of Canada, The Bank of Nova Scotia and Levesque Beaubien Geoffrion. Between 1996 and 2009, he worked at Bombardier Inc. where he served as Senior Vice-President and Treasurer from 2006 to 2009. Mr. Lemarchand holds a masters degree in economics from the University of Montreal and is a Chartered Director from the Directors College. He is active on the board of various not-for-profit organizations.

Jean Pierre Ouellet has a dual expertise in law and finance. He has been an advisor to Capital Saint-Laurent, a venture capital fund, since 2008. During the course of his career, he has held such positions as Senior Partner at the Montreal law firm of Stikeman Elliott and Senior Vice-President, Chief Legal Officer and Corporate Secretary of Canadian National Railway. More recently, he served as Vice-Chairman of RBC Capital Markets with responsibility for Quebec. Mr. Ouellet has a master's degree in law from the University of Oxford and a licentiate in laws from the Universite de Montreal. As a corporate director, Mr. Ouellet has sat on the boards of a number of Canadian publicly traded companies, including Bionair, Hartco Enterprises, C-Mac and Credit commercial de France (Canada). He has also been a director of several non-profit organizations, including the Montreal Economic Institute, the Macdonald-Stewart Foundation, the RCGA Foundation, the Fondation du maire de Montreal and Club Mont-Royal. He is also a member of the board of Caisse de depot et placement du Quebec, where he sits on the Human Resources Committee, and a member of the board of Noranda Income Fund, and Chair of its Governance, Ethics and Human Resources Committee. Mr. Ouellet is also a member of the Quebec advisory councils of Talisman Energy and of Birch Hill Equity Partners.

Francois R. Roy has extensive experience as a corporate director and executive in the private and public sectors, at non-profit organizations and in academia. He began his career at The Bank of Nova Scotia, where he held several positions in Canada and the United States, and then worked for Societe generale de financement du Quebec. Mr. Roy subsequently held the position of Chief Financial Officer at Quebecor, Avenor and Telemedia Corporation. He has been a corporate director since 1998 and sits on the boards of Transcontinental, Fibrek, Noranda Income Fund, Capstone Infrastructure Corporation and Caisse de depot et placement du Quebec. He was also McGill University's Chief Financial Officer from 2007 to 2010. Mr. Roy holds a Bachelor of Arts and a Master of Business Administration from the University of Toronto. Over the past 25 years, he has been and continues to be active with many not-for-profit organizations, including the Montreal Museum of Fine Arts, the Canadian Centre for Architecture, Vie des Arts magazine, the Opera de Montreal and College Jean-Eudes.

The Board of Directors has unanimously appointed Dominique Delorme as Chairman of the Board of the Company and is delighted to announce the appointment of Francois R. Roy as lead director.

"Collectively, these nominations bring invaluable transaction, finance and legal depth, not to mention independence, to the Board of Directors and we know that they will greatly contribute to strengthening the Company's position" said Dominique Delorme.

All three new directors are considered to be independent within the meaning of applicable securities laws. They were appointed as members of the Audit Committee (of which Mr. Lemarchand is Chair) and the Corporate Governance and Human Resources Committee (of which Mr. Ouellet is Chair) as well as members of the Special Committee (of which Mr. Roy is Chair) that is currently conducting an auction process for the Company. Mr. Ouellet was also appointed as member of the Reserves and Resources Committee.

Furthermore, the Company's majority shareholder, Compagnie Francaise de Mines et Metaux, a wholly-owned subsidiary of AREVA Mines, has reaffirmed its request to the Company, as announced on March 14, 2012, to conduct an auction process through which the Special Committee, with the assistance of its financial and legal advisors, will analyze acquisition proposals in order to maximize value for all shareholders.

ABOUT LA MANCHA RESOURCES INC.:
La Mancha Resources Inc. is an international gold producer based in Canada with operations, development projects and exploration activities in Sudan, Cote d'Ivoire and Australia. La Mancha's shares trade on the Toronto (TSX) under the symbol "LMA". For more information on the Company, visit its website at http://www.lamancha.ca/.

PDF Version : http://hugin.info/145163/R/1600918/505398.pdf


 

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