Tianshan Goldfields (ASX: TGF)
ASX Release 15 January 2009
Tianshan announces key board and management changes
Tianshan Goldfields Limited (?Tianshan? or ?the Company?) today announced several key changes to its Board and senior management team.
Mr Keith Liddell has tendered his resignation as Non-Executive Director and Chairman of the Company, effective from 15th January 2009, in order to focus on other commitments.
Mr Liddell was instrumental in securing Tianshan?s initial investment in its flagship asset, the 90%-owned Gold Mountain Project in China, in 2003. Since then, he has provided a wealth of invaluable metallurgical and project development expertise to the Company and has been closely involved in all aspects of Gold Mountain development to date.
Mr Grant Thomas has also tendered his resignation as Managing Director, effective immediately. Mr Thomas was the original exploration geologist and General Manger of the Xinjiang Gold Mountain JV and lead the exploration team that discovered the Gold Mountain deposits which has completed over 90,000 metres of exploration drilling to define the current 2.64 million ounce JORC Code Compliant gold resource at Gold Mountain. Subsequently Mr Thomas has lead the resource evaluation and feasibility study teams on the Gold Mountain project.
The Board would like to record its sincere appreciation to both Mr Liddell and Mr Thomas for their significant contribution to the establishment and development of the Company.
Tianshan is pleased to advise that Mr David Evans, who has been a Non-Executive Director of Tianshan since 2005, will assume the role of Non-Executive Chairman. Mr Evans has over 30 years experience in operational and project development in the resource industry, and is also the current Non-Executive Chairman of Mano River Resources Inc and was previously an Executive Director of Aquarius Platinum Limited and Managing Director of Kroondal Platinum Mines.
Mr Jason Bontempo, who has held the position of Chief Financial Officer with Tianshan for the past three years, has been appointed as Interim Managing Director.
Mr Bontempo is a Chartered Accountant who, prior to joining Tianshan, worked in investment banking and corporate advisory positions after initially commencing his professional career with Ernst & Young in 1997.
Notwithstanding the current challenging market environment, Tianshan remains well placed with a high quality development and exploration asset base in China, cash reserves of approximately $11 million and no debt.
The Company expects to announce results from the Pre-Feasibility Study on its Gold Mountain Project in China in the next month and is currently conducting a strategic review of its projects and corporate strategy with a view to maximizing shareholder value.
Yours faithfully
Jason Bontempo
Interim Managing Director
If you would rather not receive future company information, please reply to this e-mail with the word "unsubscribe" in the subject.
READ CORPORATE
Public Relations Corporate Communications
T: (+61-8) 9388-1474 | F: (+61-8) 9388-1472 | E: info@readcorporate.com.au | Web: www.readcorporate.com.au
PLEASE NOTE:
This e-mail and any attachments may contain confidential and/or privileged material and is for the intended addressee(s) only. If you are not an intended addressee, you must not use, copy, retain, disclose or distribute this information. Please notify the sender immediately by return e-mail and delete the message from your system. If you believe that this message constitutes a Commercial Electronic Message (CEM) under the Spam Act 2003 and you wish to unsubscribe please contact the originator of this message with the subject line of unsubscribe.
Note: Virus scanning is carried out on all incoming and outgoing email, but cannot be guaranteed to be timely, secure, error or virus-free. To protect against computer viruses, e-mail programs may prevent sending or receiving certain types of file attachments. If you are having problems please check your e-mail security settings to determine how attachments are handled.