PR – Geoinformatics Exploration Inc. announced today with regret that Dr. Nicholas Archibald has tendered his resignation as Executive Vice-Chairman, Chief Executive Officer and a director of Geoinformatics due to personal and family reasons, effective immediately. Dr. Archibald will remain with the Company for a 90-day notice period in a consulting capacity.
Dr. Archibald was the founder of Geoinformatics and has been the driving force behind the Company since 1991 when he brought together a strong software development team with a range of geoscience experts to develop the FracSIS Product Suite, one of the first spatial database and 3-D visualization software packages for exploration and mining. This initial work developed into a sophisticated and multi-faceted methodology and process of exploration now known as the Geoinformatics Process.
Dr. Archibald has dedicated over fifteen years to Geoinformatics and the advancement of exploration science providing innovative thinking, guidance and leadership as the Company evolved from a private consulting enterprise to a publicly-held global exploration company. The board of directors extends its sincere thanks and gratitude to Dr. Archibald for his years of service and commitment. On July 16, 2008, the Company announced that Mr. Kevin L. Snook, Chairman, would assume the additional role of CEO following the closing of a $25 million private placement with Geologic Resource Partners LLC. Due to the termination of that private placement announced on August 1, 2008, Mr. Snook has advised the board he is no longer a candidate for the role of CEO and the Company will begin a search for a replacement for Dr. Archibald. Other members of senior management and the board of directors will assume the CEO duties in the interim until a successor is named.