Avanti Announces Senior Management Changes
Vancouver, British Columbia: Avanti Mining Inc. (TSX-V: AVT) (OTC: AVNMF.PK) ("Avanti" or the "Company") announces changes to its senior management team in line with its focus on the responsible development of the Kitsault Mine Project. Under the Company's new leadership, financing and development of the Kitsault Mine Project will go forward as planned.
Mark Premo, President and Chief Executive Officer has notified the Board of Directors ("Board") of his intention to resign to pursue personal interests. Mr. Premo will continue as a Director of the Company and will serve as a consultant to Avanti in support of the final stages of permitting, pre-construction activities and detailed engineering at Kitsault. The Avanti Board thanks Mr. Premo for his contributions in advancing the Company and the Kitsault Mine Project
After completing a review process, the Board of Directors has appointed Gordon Bogden to President and Chief Executive Officer of the Company. Mr. Bogden joined the Board of Directors of Avanti in November 2012, and is Chairman of the Finance Committee, Chairman of the Corporate Governance Committee and member of the Compensation Committee. He has a long career as a corporate director, senior executive, investment banker and geoscientist to the mining sector. He concluded his investment-banking career in 2012 as Vice Chairman, Metals & Mining, of Standard Chartered Bank, joining the bank after the sale of Gryphon Partners where he was a co-founder and Managing Partner. Mr. Bogden also held senior investment banking positions with National Bank Financial Inc., N.M. Rothschild & Sons Canada and CIBC Wood Gundy Securities, among others. He currently is a director of Orvana Minerals Corp., NexGen Energy Ltd., and Royal Gold, Inc., and is a member of the Foundation Board of Bridgepoint Active Healthcare in Toronto. Mr. Bogden holds a Bachelor of Science Honours degree in Applied Science from Queen's University and earned professional certifications as a Professional Engineer (Ontario) and as a Corporate Director (ICD.D.) from the Rotman School of Business. Keenly interested in social and development issues, Mr. Bogden leverages his business experience in strategy, mergers and acquisitions, capital markets and banking, along with his technical background to create solutions to the benefit of all corporate stakeholders. In 2013, he was awarded the Queen Elizabeth II Diamond Jubilee Medal for his work as a member of the Champions Foundation Board of Right to Play Canada where he serves as Chairman.
Graham du Preez has been appointed Chief Financial Officer of the Company. Mr. du Preez was the Executive Vice President and Chief Financial Officer of Uranium One Inc. from June 2010 until April 2013. Subsequent to joining Uranium One as Vice President Finance and Treasury in February 2006, Mr. du Preez held positions of increasing responsibility before being promoted to Chief Financial Officer. Prior to joining Uranium One, Mr. du Preez held positions in the financial services industry, with a focus on treasury and asset management. Mr. du Preez qualified as a Chartered Accountant in South Africa in 1999 and holds a Bachelor of Commerce (Accounting) Honours degree and an Honours Diploma (Tax) from the University of Johannesburg.
Mr. A.J. Ali, currently CFO, will assume the role of Executive Vice President. Mr. Ali will continue in this role through June 30, 2014, at which time he will retire from Avanti and serve as a consultant to the Company. In his transition role, Mr. Ali will work closely with Mr. du Preez and Mr. Bogden as Avanti completes its mine financing package.
Jeff Lowe assumes the role of Chief Operating Officer for Avanti Mining Inc. and President of Avanti Kitsault Mines Ltd. Mr. Lowe has served as Vice President, Operations of Avanti Mining Inc. since September 2013. He has more than 33 years' experience of combined surface and underground mining in the coal and minerals industry and most recently served as General Manager of the Brazion Coal Group with Walter Canadian Coal Partnership in Chetwynd, BC. Prior to joining Walter in 2011, Mr. Lowe held a number of construction management and mine site positions as well as executive leadership roles during his more than 30 years with Chevron Mining. Mr. Lowe is a Registered Professional Engineer with a bachelor's degree in Civil Engineering and a master's degree in Mining Engineering, both from the University of Kentucky.
For further information, please visit contact:
Gordon Bogden, President and Chief Executive Officer, (604) 620-7670
Graham du Preez, Chief Financial Officer, (604) 620-7670
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 Mining Inc. (the "Corporation"). All statements, other than statements of historical fact, included herein including, without limitation; statements related to the development of the Kitsault molybdenum mine, 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 Corporation's expectations include 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; uncertainty as to timely availability of permits and other governmental approvals; and other risks and uncertainties disclosed in the Corporation's Annual Information Form for the year ended December 31, 2010, which are available at www.sedar.com. The Corporation is under no obligation to update forward-looking statements if circumstances or management's opinions should change, except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking statements.
You can also view this News Release on our website at:
http://www.avantimining.com/s/NewsReleases.asp?ReportID=634376 |