13th Feb 2006 12:56
Highland Gold Mining Limited13 February 2006 BOARD CHANGES Moscow, 13 February 2006 - Highland Gold Mining Limited ("Highland Gold", or the"Company"), the AIM quoted Russian gold producer announces the resignation onthe 12th February 2006 of Mr Dmitry Korobov as Managing Director. Mr Korobov hasbeen with the Company since its inception in 2002. He has played a major roleover the years in the group's progress and in providing the right operationalinfrastructure for developing our assets in Russia. He now leaves the Company topursue other interests. The Board of Directors has expressed its gratitude for Dmitry's contribution tothe development of the Company, for his loyal and professional work over manyyears. Henry Horne, who joined the group in October 2005, as Deputy Managing Directorat Russdragmet, our Russian management company, will assume the responsibilitiesof Mr Korobov. Mr Horne, aged 48, will join the Board of the Company andtogether with Mr Ivan Koulakov, the Executive Deputy Chairman, will continue thedevelopment of the group's mining operations and other gold assets in Russia. Commenting on today's announcement Deputy Chairman Ivan Koulakov said: "Dmitry Korobov not only stood at the origins of our Company, he has over theyears been involved in all its key functions. During his years at Highland Goldhe has acquired considerable experience and has earned the respect of all of hiscolleagues. I am confident that these factors will ensure for Dmitry a fruitfuland successful transition to other business opportunities and we all wish himthe best in his future work and important responsibilities. The Board alsowelcomes Henry who has considerable mining experience which we are sure willbenefit the group and the Board looks forward to working with him in his newrole" For further information please contact: Enquiries: London: +44 (0) 207 851 6400 Moscow: +7 (495) 777 5529 E-mail: [email protected] James Cross, Chairman Dmitry Yakushkin, Director of Communications Grant Sinitsin, Director of Investor Relations Note: Henry Horne; holds a degree in Financial Accounting and Business Economics from theUniversity of Stellenbosch (South Africa) and has more than 25 years experiencein the mining industry. This experience has been gained around the world andincludes postings at mines in Namibia, South Africa, Ghana, Bulgaria, Chile andRussia. Henry Horne has wide general management experience with strong financial,administrative and people management skills enhanced by confident negotiatingabilities. He has extensive experience of both African, Eastern European,Russian and North American financial best practices. In addition he also hascomprehensive technical and financial knowledge and work experience within thegold and base metal mining industry including the development of greenfieldsites and the preparation of feasibility studies and mine plans. Henry Horne started his career at Newmont's Tsumeb Corporation Limited Mines andCopper/Lead Smelter in Tsumeb, Namibia where he gained experience in almost allof the financial disciplines. He was also exposed to concentrate and metal salesand was instrumental in determining the cost cross subsidisation effect the leadcircuit had on the copper circuit in the Tsumeb smelter. The majority of Henry Horne's career has then been spent in the Gold FieldsGroup where he worked at the Leeudoorn and Deelkraal deep level gold mines inSouth Africa as Financial Manager. Henry was a member of the team that wasinstrumental in setting up Gold Fields Ghana's Tarkwa operations. Henry Hornewas part of Gold Field's Vulindlela initiative, a senior member of the Mine WideBusiness Design Project, which was initiated to improve the profitability ofGold Fields' mining operations and to achieve the required return on investment.Henry Horne was involved in the restructuring of Gold Fields Health Services andwas instrumental in consolidating Gold Fields health and medical services. Henry Horne joined Navan Mining and was appointed Executive Director and ChiefFinancial Officer for Navan's Chelopech operations in Bulgaria, a 700 000 tpaunderground operation producing a copper concentrate. Navan also had variousexploration initiatives within Bulgaria of which the Krumovgrad project is thebest known. During his final year service with Navan Henry Horne was ExecutiveDirector for Navan Chelopech AD and Bimak AD and served as Director on variousother Navan Boards within Bulgaria. Henry Horne was also responsible for allfinancial and commercial disciplines including concentrate sales. His most recent position has been as Deputy General Director and Chief FinanceOfficer for Omolon Gold Mining Company, Kinross Gold's Kubaka operation in theMagadan Region of North East Russia, Underground and Open Pit operations atKubaka and Birkachan, producing 140,000 toz Au annually with explorationactivity within the Magadan Oblast. Henry Horne was then transferred in the samecapacity to Kinross's Refugio mine in Chile before he joined Highland Gold earlyOctober 2005 as Deputy General Director and Head of Cost Control. The following information is provided in accordance with rule 17 of the AIMRules: Henry Horne, aged 48: (a) holds and has held the following directorships or been a partner in thefollowing partnerships within the past 5 years: Current directorships and fiduciary responsibilities: none Previous directorships in past five years: Bimak AD, Chelopech AD, BalkanMineral and Mining AD, Navan Balkan Resources AD; (b) has no unspent convictions in relation to indictable offences; (c) has not had any bankruptcy order made against him or entered into anyindividual voluntary arrangement; (d) has not been a director of a company which has been placed intoreceivership, compulsory liquidation, creditors' voluntary liquidation,administration or which has entered into any company voluntary arrangement orany composition or arrangement with its creditors generally or any class of itscreditors, at the time of or within twelve months preceding such events; (e) has not been a partner of any partnership which has been put into compulsoryliquidation, administration or entered into partnership voluntary arrangements,at the time of or within twelve months preceding such event; (f) has not had a receivership of any asset or of a partnership where he was apartner at the time of or within twelve months preceding such event; or (g) has not been publicly criticised by statutory or regulatory authorities(including recognised professional bodies) or ever been disqualified by a courtfrom acting as a director of a company or from acting in the management orconduct of the affairs of any company. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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