GBS Gold Appoints Peter Breese as President & CEO
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TORONTO, ONTARIO, Mar 26 (MARKET WIRE) -- GBS Gold International Inc. (TSX: GBS) ("GBS Gold" or the "Company") announces the appointment of Mr. Peter Breese as President and Chief Executive Officer of the Company, effective August 1, 2008. GBS Gold's current Chairman and Chief Executive Officer, Mr. Gil Playford, will continue until August 1, at which point he will remain Chairman of the Board. Mr. Breese currently serves as Chief Executive of Norilsk Nickel's international nickel business, a position to which he was appointed following the acquisition of LionOre Mining International Ltd in July 2007, where he was Chief Operating Officer. Prior to joining LionOre, Mr. Breese held executive and director positions with Impala Platinum Holdings Limited, Mimosa Mining Company and ZIMASCO Ltd. Mr. Breese is a graduate of the Harvard Business School in the Program of Management Development. He is 47 years old and has over 22 years of mining industry experience. Commenting on Mr. Breese's appointment, Mr. Playford said, "We are very pleased that Peter has decided to join GBS Gold, where he will lead the transformation of the Company from a junior Australian gold producer into an international intermediate gold company. At LionOre, Peter was instrumental in turning around the business, resulting in outstanding operating performance that ultimately led to a successful sale to Norilsk Nickel." Mr. Breese stated, "GBS Gold has an excellent group of projects, extensive exploration tenements, and a large and increasing mineral resource base, all serving as a strong platform for growth. I believe that GBS Gold has enormous potential to greatly increase its production and expand its reach to other mining assets in Australia and elsewhere in the world." The GBS Gold senior management team, comprising Tony Simpson, Chief Operating Officer, Peter Kerr, Chief Financial Officer, and Ted Mayers, Executive Vice President, Business Development (and former Chief Financial Officer of LionOre), will report directly to Mr. Breese. About GBS Gold International Inc. GBS Gold is an emerging gold producer at its Union Reefs Operations Centre located in historically productive goldfields in the Northern Territory of Australia. GBS Gold produces gold through its modern dual-mill 2.5Mtpa Union Reefs processing plant. The Company expects to commence production at its Tom's Gully and Cosmo Deeps free-milling projects in 2008-10 to increase production to an annualized rate of up to 250,000 ounces and to construct a GEOCOAT(R) circuit, a heaped bio-oxidation process, at the Union Reefs plant to treat refractory ores and further increase gold production from the Union Reefs Operations Centre to 300,000 ounces per year. The Union Reefs plant is adjacent to the main Stuart Highway and the trans-continental Adelaide-Darwin railway line, and is on the Northern Territory power grid. Within 125km trucking distance of the Union Reefs plant, GBS Gold has consolidated over 3,500km2 of prospective tenements and gold deposits and also holds gold exploration properties in Western Australia and Canada. GBS Gold trades on the Toronto Stock Exchange under the symbol "GBS". For more information about GBS Gold, please visit our website at www.gbsgold.com or email us at firstname.lastname@example.org. Certain disclosures in this release, including management's assessment of GBS Gold's plans and projects, constitute forward-looking statements that are subject to numerous risks, uncertainties and other factors relating to GBS Gold's operation as a mineral development company that may cause future results to differ materially from those expressed or implied in such forward-looking statements. The following are important factors that could cause the Company's actual results to differ materially from those expressed or implied by such forward looking statements: fluctuations in gold 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; general market conditions; the uncertainty of future profitability; and the uncertainty of access to additional capital. Full descriptions of these risks can be found in the Company's Annual Information Form available on the SEDAR website, www.sedar.com. Readers are cautioned not to place undue reliance on forward-looking statements. GBS Gold expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise. TSX does not accept responsibility for the adequacy or accuracy of the information contained herein. Contacts: In Toronto, Canada: GBS Gold International Inc. Marie Inkster, Vice President, Finance (416) 777-1508 In Perth, Australia: GBS Gold International Inc. Peter Kerr, Chief Financial Officer +61 (0)8 9492 2500 Email: email@example.com Website: www.gbsgold.com Copyright 2008, Market Wire, All rights reserved. -0-
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