REG - Frontier Mining Ltd - Directorate Change

Fri Nov 26, 2010 9:31am EST

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RNS Number : 9049W
Frontier Mining Ltd
26 November 2010
 



 

 

 

 

 

26 November 2010                                                                                        

 

Frontier Mining Ltd

("Frontier" or the "Company")

 

Directorate Change

 

Frontier Mining Ltd (AIM: FML), the gold and copper exploration and development company focussed on Kazakhstan, announces that Brian Savage has resigned as a non-executive director of the Company and will step down from the Board with immediate effect.  

 

Mr Savage was a founder of Frontier and served as Chairman and CEO during its early development as a private company before acting as part of the management team that took the Company public in 2004. He was also instrumental in the Company's acquisition of the first 50% of the Benkala copper project. The Board wishes to thank Mr Savage for his contribution to the Company during his 12 year tenure at Frontier and wishes him every success for the future.

 

Commenting on Brian's departure, Erlan Sagadiev, CEO of Frontier, said: "We at Frontier would like to thank Brian for his incredible efforts in building this Company. His deep understanding of true reserve values has resulted in us acquiring world-class assets which can enable the Company to reach its full potential. We wish Brian every success in his current endeavours."

 

 

 

For further details please contact:

 

Frontier Mining Ltd

George Cole

+44 (0) 20 7898 9019




Libertas

Sandy Jamieson

+44 (0) 20 7569 9695




Walbrook PR

Bob Huxford

+44 (0) 20 7933 8780

 

 

Notes to Editors

 

About Frontier Mining Ltd:

 

Frontier Mining Ltd. is a mineral exploration and development Company that was incorporated in the state of Delaware, USA, on 5 August 1998 for the purpose of exploring and developing gold and copper deposits in the Republic of Kazakhstan. Through its subsidiaries and affiliates, Frontier locates, evaluates, acquires, explores and develops mineral properties.

 

The Company announced on 18 October its intention to re-domicile the holding company of the Group from Delaware, USA to the Cayman Islands (the "Re-domicile") and the proposed acquisition of interests in the Benkala copper deposit in northern Kazakhstan currently under development (the "Benkala Copper Project") and the Maminskoye gold deposit in the southern Ural region of Russia currently under exploration (the "Maminskoye Gold Project") (the "Asset Acquisition").  The Proposals were duly passed by shareholders in a Special Meeting held on 8 November 2010.

 

On the Re-domicile becoming effective, each outstanding ordinary share of the Company will be converted into and represent the right to receive one share in the new Cayman Company ("FML (Cayman)") save that each outstanding ordinary share of the Company whose holder is not an "accredited investor", as such term is defined in Rule 501 of Regulation D promulgated under the United States Securities Act, will be converted into and represent the right to receive a cash payment in U.S. Dollars.  The shares of the Company will then be admitted to trading on AIM. Upon the Re-domicile becoming effective, ordinary shares in the Company will be cancelled, resulting in the respective holdings of shareholders in the FML (Cayman) (excluding holders who are not "accredited investors") being the same as the respective holdings of shareholders in the Company immediately prior to the Merger becoming effective.

 

Frontier currently owns two licenses in Kazakhstan.  They are the Naimanjal exploration and mining licence, held by FML Kazakhstan, and, 50% of U.S. Megatech BVI which holds the Benkala licence. FML Kazakhstan is a wholly-owned subsidiary of Frontier Mining Ltd.  Frontier has one producing gold mine, Naimanjal; one pre-feasibility stage gold project, Koskuduk; and the recently acquired 50% interest in the Benkala copper mine.

 

Frontier also has a potential copper porphyry deposit with associated gold and molybdenum, Baitimir; and several copper/gold prospects along a 25-km trend including both VMS and porphyry types.  Metallurgical tests on its Beschoku and Yubileiny copper projects confirm the oxide copper ore is amenable to extraction using low cost SX-EW technology.

 

Frontier owns a 50% interest in KazCopper LLP, the joint venture company that owns the Benkala copper-molybdenum-gold deposit located in north-western Kazakhstan within the Urals gold/copper ore belt.

 

A Competent Persons Report ("CPR") valuation report on the oxide section  of the Benkala project completed by Wardell Armstrong International ("WAI") in June 2010 has resulted in an NPV of $190 million  based on 0.5% diluted copper grade, 63% recovery and 185 000 ton of contained metal and 6,000 USD per tonne copper price. The oxide copper project represents development of approximately 10% of the total resource at Benkala and Frontier will use the production platform of the SX-EW project to finance further evaluation and technical studies required to advance development of the significant Benkala sulphide resource.

 

Frontier maintains an administrative office in Almaty, the former capital city of Kazakhstan and the main business centre in the southeast. The Company also maintains an office in Semipalatinsk, close to the Naimanjal operations, which is the base for all exploration and development personnel with additional administrative support for exploration. Semipalatinsk is 830 kilometres north of Almaty, connected by regular commercial airline services.

 

Issued Share Capital

Frontier Mining's shares are traded on the AIM market of the London Stock Exchange.

Frontier has 917,336,206 ordinary shares issued.

 

For further information please visit; www.frontiermining.com

 

 

 

 

 

 


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