20th Mar 2009 07:00
Churchill Mining PLC
('Churchill Mining' or the 'Company')
Appointment of new Director
Churchill Mining PLC is pleased to announce the appointment of Mr. Jan Alex Castro to its Board as a Non-Executive Director.
Mr. Castro (aged 41) is the Managing Director of Pala Investments AG, the exclusive advisor to a US$1.0 billion investment company focused on the mining and natural resources sector. As a long-term partner, Pala leverages its extensive mining and natural resources sector experience to provide strategic advice and innovative financing solutions.
Prior to founding Pala in July 2006, Mr. Castro was Senior Vice President of Investments and Corporate Affairs for Mechel OAO, a NYSE-listed company and one of Russia's largest coal companies, where his primary responsibilities covered mergers and acquisitions, non-core asset disposals and investor and public relations. He was also responsible for Mechel's IPO in 2004.
Mr. Castro received his J.D. and B.A. from Columbia University.
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Present Directorships or Partnerships |
Directorships or Partnerships in last five years |
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Anatolia Minerals Development Ltd Avoca Resources Limited Gemcom Software International Inc. 630715 N.B. Inc Norcast Castings Company Limited Dumas Contracting Ltd Coalcorp Mining Inc. 0833824 B.C Inc Eagle Holding Limited Melior AG Alacer AG |
630777 N.B. Inc |
There is no other information that should be disclosed under Rule 17 schedule 2 paragraph (g) of the AIM Rules.
Churchill Mining Chairman, David Quinlivan, commented:
"We are extremely pleased with Pala's ongoing support of Churchill Mining and that Jan has joined the Board. This is a clear expression of their continued belief in the strong project economics and the potential of the considerable coal resources at our East Kutai coal project.
Pala has a deep understanding of both Indonesia and the coal industry and as such we view its decision to be involved with Churchill Mining as a significant vote of confidence for the Company.
We have established a strong relationship with Pala, whose growing exposure to our projects is of strategic importance for Churchill's development. Pala is a welcomed strategic partner and expert source of advice on future funding solutions. We look forward to working closely with them as we move to build value for all shareholders."
About Pala Investments Holdings Limited
Pala Investments Holdings Limited is a US$1.0 billion multi-strategy investment company with a particular focus on mining and natural resource companies in both developed and emerging markets. Pala Investments' exclusive investment advisor, Pala Investments AG, is a Switzerland based team with extensive experience within the mining and natural resource sectors. Pala Investments seeks to assist companies in which they have long-term shareholdings by providing strategic advice and innovative financing solutions.
For further information on Pala Investment Holdings Limited please visit: www.pala.com
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Churchill Mining Plc Managing Director - Paul G. Mazak +62 81510539186 / + 62 21 39832398 |
Blue Oar Securities Shane Gallwey +44(0)20 7448 4000 Olly Cairns +61 (0)8 6430 1631 |
Pelham PR Candice Sgroi +44 (0) 20 7743 6376 |
Notes to editors
Churchill Mining Plc listed on AIM in April 2005.
East Kutai Coal Project
In May 2007 Churchill announced a sales agreement had been entered into to purchase a 75% interest in the East Kutai Coal Project from PT Techno Coal Utama. Churchill has now extended the size of the project by 200 square kilometres by acquiring a 75% interest in the abutting tenements to the west of EKCP from the Investmine Group of Indonesia. Resource drilling continues along with detailed scoping and pre-feasibility work.
In 2008 the Company released an updated JORC Resource Statement defining 1.4 billion tonnes of thermal coal reserves and resources.
Sendawar - CBM
The Sendawar CBM project in Kalimantan, Indonesia, covers more than 800 square kilometres of prospective ground and lies in close proximity to two operating open-cut coal mines. The project is located approximately 50 km from the Mahakam River.
During Churchill's coal exploration programme, data collected during geophysical and resistivity work, along with data collected from previous oil and gas exploration in the area, indicated that the area was highly prospective for Coal Bed Methane.
Churchill (70% of the CBM project) along with its Indonesian partner RMU (30%) were granted Indonesia's first CBM JEA license in September 2007. The CBM project has the potential to host Gas-in-Place of 5.6 trillion cubic feet. Churchill is currently conducting further studies on the CBM project before starting detailed field work.
South Woodie Woodie
Given the increased prospectivity of South Woodie Woodie and Churchill's increasing focus on its Indonesian coal and coal bed methane projects, the Company sold 80% of the project to Australian company Spitfire Resources Limited ("Spitfire").
Spitfire, which listed on the ASX on the 12th December 2007, has the option to purchase the remaining equity in the project but must spend AUD$1.5 million on exploration. Aside from its large shareholding in Spitfire, Churchill also retains a price-indexed mining royalty over the South Woodie Woodie project.
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