🕐01.12.14 - 13:54 Uhr
AVANTI MINING ANNOUNCES SENIOR MANAGEMENT AND BOARD CHANGES AND NAME CHANGE TO A
LLLOYCORP MINING INC.
=======================================================================
Re: News Release - Monday, December 01, 2014
Avanti Mining Announces Senior Management and Board Changes and
Name Change to Allloycorp Mining Inc.
=======================================================================
Toronto, Ontario: Avanti Mining Inc.
(TSX-V: AVT) ("Avanti" or the
"Company") announced today changes to senior management and Board of
Directors in support of the continued development of the Kitsault
Molybdenum project ("Kitsault") and overall growth of the Company.
The Company has appointed Peter Mah as the Chief Operating Officer of
the Company and President of Avanti Kitsault Mines Ltd.
("Avanti
Kitsault").
Mr.
Mah replaces Jeff Lowe, who has notified the Company
of his intention to retire from the Company, effective December 31,
2014.
Gordon J.
Bogden, President and Chief Executive Officer of Avanti,
stated, "I would like to thank Jeff for his outstanding leadership in
advancing Kitsault through development and his assistance in
transitioning with Peter Mah.
On behalf of the Board of Directors and
the entire Avanti team, we wish Jeff all the best in the future."
Mr.
Mah is a Professional Engineer with over 23 years of practical mine
operations and development experience spanning project studies,
construction and operations management with some of the industrys
largest major producers.
Most recently, Mr.
Mah was the Chief Operating
Officer and Executive Vice President at Luna Gold Corporation.
Mr.
Mah
was responsible for the operations of the companys primary asset, the
Aurizona Gold Mine in Maranho Brazil.
Prior to this, Mr.
Mah worked
at Newmont Mining Corporation as Group Executive, responsible for the
strategic business development of early stage global gold projects.
Prior to Newmont, Mr.
Mah served as the General Manager of the De Beers
Victor Mine, Ontarios first diamond mine, where he led the development
of the operating team during construction and operations.
Mr.
Mahs
earlier experience includes management and engineering roles with
Newcrest Mining Limited, Goldcorp Inc.
and Placer Dome Inc.
Mr.
Mah
holds a Master of Applied Science, Rock Mechanics, and a Bachelor of
Science, both obtained from the University of British Columbia.
"Peter is an accomplished professional engineer and seasoned executive
with a proven track record of leading the construction, development and
operation of projects and mines on an international scale.
Peters deep
industry experience will be a critical asset as we continue to develop
the longer term growth strategy of the Company," said Mr.
Bogden.
"We
are very pleased to welcome him as part of our team".
New Board Members
Avanti also announced today that the Board of Directors (the "Board")
has appointed Daniella Dimitrov, Ken Pickering and John Stubbs to the
Board, effective immediately.
In addition, Peter Roberts will be
retiring from the Board, effective December 31, 2014.
Ms.
Dimitrov has over 20 years of capital markets, financial,
operational and regulatory experience.
Ms.
Dimitrov is currently the
Chief Financial Officer of Orvana Minerals.
She has held various other
roles in the mining industry including with Baffinland Iron Mines where
she served as a director and the Executive Vice Chair.
She also held or
holds other directorships including with Orvana Minerals, Aldridge
Minerals and Commonwealth Silver and Gold.
Ms.
Dimitrovs former
positions include Senior Vice President, Strategic Initiatives of
Raymond James Ltd.
and Chief Operating Officer of Dundee Securities.
Ms.
Dimitrov has a Bachelor of Laws from the University of Windsor and
an Executive MBA from Kellogg School of Management and Schulich School
of Business.
Mr.
Pickering is a retired professional engineer and mining executive
with over 40 years of experience in the natural resources sector
spanning operations in Canada, Chile, Australia, Peru and the United
States with particular skills in major project development and mine
operations management.
Mr.
Pickering has previously held senior
executive positions with BHP Billiton Base Metals.
From 2004 to 2010,
Mr.
Pickering was Vice President, Major Projects, Closed Mines and
North American Assets.
In this position, he was responsible for the
planning and execution of various major mining projects in Chile
costing over US$3 billion to develop.
During this time, Mr.
Pickering
also served as a Director of the Resolution Copper Joint Venture with
Rio Tinto was responsible for the Pinto Valley Copper Operations and
oversaw the reclamation management of thirty closed mine sites in
Canada, the USA and South Africa.
Prior to this, he held various
senior positions at BHP across Latin America and Australia.
Mr.
Pickering currently serves as a non-executive Director for Endeavour
Silver Corp., Northern Dynasty Minerals Ltd., PanAust Limited, THEMAC
Resources Group Ltd.
and Enaex S.A.
Mr.
Stubbs is a retired chemical engineer with over 40 years of
experience in the natural resources sector spanning all aspects of
project management including development, execution, assurance,
commissioning and operations.
Mr.
Stubbs most recently completed a
three year contract with BHP Billiton PLC ("BHP") as Project Director,
Jansen Project, responsible for the development of the Jansen Potash
Mine.
Prior to BHP, Mr.
Stubbs worked for British Gas as Development
Manager for the Karachaganak Project (high pressure sour gas
development in Kazakhstan) and as Project Director for the upstream
element of the LNG Project on Curtis Island in Australia.
Earlier in
his career, Mr.
Stubbs held several executive project management
positions at Royal Dutch Shell plc ("Shell") and is one of only two
Project Directors to reach the title of Senior Executive Grade at
Shell.
Mr.
Stubbs currently serves as a Senior Advisor with the
Capital Productivity Practice within McKinsey and Companys offices in
the UK and Canada.
Mark Smith, Chairman of the Board of Avanti stated, "On behalf of the
Board, management and staff of Avanti, I welcome Daniella, Ken and John
to the Board.
Each member provides a unique background and set of
valuable experiences spanning financial, project management and
execution which will be highly beneficial in guiding Kitsault through
construction and in supporting the overall growth of the Company." Mr.
Smith added, "I also thank Peter Roberts for his contributions to the
Board and as Chair of the Audit Committee over the years.
We wish him
well in his future endeavours."
Corporate Name Change
The Company is also pleased to announce it will change its corporate
name to Alloycorp Mining Inc.
("Alloycorp"), effective today.
Shareholders approved the proposed name change at a special meeting of
shareholders (the "Special Meeting"), held on November 28, 2014.
Common shares of the Company are expected to commence trading on the
TSX Venture Exchange under the new name by the end of this week.
Shares will continue trading under the stock symbol "AVT".
"Changing our name to Alloycorp reflects an alignment with the
Companys strategy to become a diversified producer of steel alloys
metals and will effect greater public awareness and recognition of the
business conducted by the Company," said Mr.
Bogden.
At the Special Meeting, shareholders also approved a consolidation
("Share Consolidation") of the issued and outstanding common shares of
the Company on the basis of up to thirty-five (35) pre-consolidation
common shares for each one post-consolidation common share.
The Share
Consolidation is subject to final approval of the consolidation ratio
by the Board, and the approval of the TSX Venture Exchange.
About the Kitsault Molybdenum Project
Kitsault is located in the Nass Valley area, approximately 140 km north
of Prince Rupert, in British Columbia, Canada.
Avanti holds a 100
percent interest in the Project through its wholly owned subsidiary,
Avanti Kitsault Mine Ltd.
Total investment into the Project will be
approximately $1 billion.
Once developed, Kitsault is expected to become one of the largest
primary molybdenum producers globally, producing more than 11,000
tonnes of molybdenum and 1 million ounces of silver annually, over a
15-year mine life.
About Avanti
Avanti is a TSX-Venture listed company headquartered in Toronto with an
operations office in Vancouver.
Avantis strategy is to become the
unique supplier of steel alloy metals.
Cornerstone to this strategy is
the development of Kitsault.
Parallel to the development of Kitsault,
Avanti is also seeking to grow through the acquisition of other assets
with commodities that supply to the steel alloys industry.
For further information, please visit www.avantimining.com, or contact:
Shawn Howarth, Vice President, Corporate Development and Investor
Relations, (416) 847-0376
Neither the TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements: This news release contains certain
forward-looking information concerning the business of Avanti.
All
statements, other than statements of historical fact, included herein,
including, without limitation, the effective date of proposed board and
management changes, the proposed share consolidation, the timing of
TSXV acceptance of the name change and the proposed, and the
development of the Kitsault project, are forward-looking statements.
These forward-looking statements are based on the opinions of
management at the date the statements are made and are based on
assumptions and subject to a variety of risks and uncertainties and
other factors that could cause actual events to differ materially from
those projected in forward-looking statements.
Important factors that
could cause actual results to differ materially from the Companys
expectations include the timing for board and regulatory approvals,
fluctuations in commodity prices and currency exchange rates;
uncertainties relating to interpretation of drill results and the
geology, continuity and grade of mineral deposits; uncertainty of
estimates of capital and operating costs, recovery rates, production
estimates and estimated economic return; the need for cooperation of
government agencies and native groups in the exploration and
development of properties and the issuance of required permits; the
need to obtain additional financing to develop properties and
uncertainty as to the availability and terms of future financing; the
possibility of delay in exploration or development programs or in
construction projects and uncertainty of meeting anticipated program
milestones; and other risks and uncertainties disclosed in the
Companys Annual Information Form for the year ended December 31, 2013,
which is available at www.sedar.com.
The Company is under no obligation
to update forward-looking statements if circumstances or managements
opinions should change, excepting as required by applicable securities
laws.
The reader is cautioned not to place undue reliance on
forward-looking statements.
=======================================================================
This message is personalized to you at .
Please do not forward this email.
Sent by Avanti Mining Inc.
67 Yonge Street, Suite 602, Toronto, ON, Canada M5E 1J8
Sent using QwikBroadcast(tm) system from Adnet Communications
#401 - 510 West Hastings St, Vancouver BC V6B 1L8, Canada
Report abuse:
To unsubscribe, visit:
www.qwikbroadcast.com/optout/A5E8C253-13C5-42E5-BD04-55295E484367
=======================================================================