Quimbaya Gold Names Ricardo Sierra as Vice-President of Exploration

Quimbaya Gold (QIM.CN) on Monday said Ricardo Sierra has been appointed vice-president of exploration. "Ricardo has already established himself a key member of our technical advisory committee," said Quimbaya Gold Chief Executive Alexandre P. Boivin. "Given his direct exploration experience in Antioquia, Colombia, he is the right person to help lead us in making the next great gold discovery in one of the best gold rich districts on the planet." Quimbaya also signed a debt settlement agreement with a creditor, pursuant to which the company will issue to the creditor 22,058 common shares at $0.34 per share in full and final settlement of accrued and outstanding indebtedness in the aggregate amount of $7,500. All securities to be issued in connection with the debt settlement will be subject to a four-month hold period from the closing date.