16th Nov 2005 07:01
Uranium Mining Corporation PLC16 November 2005 URANIUM MINING CORPORATION PLC ("UMC" or "the Company") CORPORATE UPDATE EXPANSION OF ACTIVITIES, PROPOSED CHANGE OF NAME, NOTICE OF EGM AND APPOINTMENT OF EXECUTIVE CHAIRMAN Uranium Mining Corporation plc, which listed on AIM in August 2005 with existinguranium exploration assets in Canada and a stated focus on acquiring assets inKazakhstan, today announces a number of key developments in the Company'sstrategy. When the Company listed in August it announced it was actively seekingpotentially prospective uranium properties in Kazakhstan, which has significantundeveloped and under-developed uranium resources, many of which offer thepossibility of quickly reaching the production stage through in-situ leaching.Since then the Company has pursued a number of opportunities but due to avariety of issues the Board has determined that it will take longer thaninitially expected to acquire assets of the quality it is seeking. Therefore the Company's Board, which has extensive natural resources experienceacross all sectors, made the decision to expand its activities in the energysector as a whole. UMC have been introduced to a number of energy-relatedprojects in Kazakhstan, including oil and gas opportunities, and are close totaking an option to acquire one project. Proposed Change of Name To reflect the expansion in activities in the energy sector, the Companyproposes to change its name, subject to shareholder approval, from UraniumMining Corporation plc to UMC Energy plc. The Company's stock exchange symbolwill remain as "UOX". The Board continues to believe in its stated strategy upon listing, that thedemand for uranium will continue to rise over the coming years, and so theCompany's search for uranium assets will continue. The Company continues tosupport the programme which will enable it to retain a 75% interest in threepotential uranium bearing blocks in the Central Labrador Trough of north-easternCanada, consisting of 150 claims across 7,100 acres. Its Joint Venture partnerin the Blocks, Waseco Resources Inc., is expected to announce the results of theC$250,000 geophysical summer programme shortly. A short circular and notice of an EGM of the Company to be held at 11 AlbermarleStreet on Wednesday 14 December 2005 is to be sent to shareholders this week.The notice contains a special resolution to approve the name change and anordinary resolution to expand the Company's activities. Appointment of Executive Chairman Whilst the Board has huge breadth and depth in its natural resources experienceit is delighted to announce the appointment of Rob Schoonbrood as ExecutiveChairman, to drive the Company forward following its decision to expand itsactivities in the energy sector. Chris Kyriakou will step down as Chairman butwill remain on the Board as a Non-Executive Director. Rob Schoonbrood, 60, has nearly 40 years energy sector experience, primarily inoil and gas exploration and production, having spent the first 30 years of hiscareer with the Royal Dutch Shell Group. He has held a variety of positionsincluding Business Development Manager of Oil Products, East for ShellInternational Petroleum Company in London and Chief Executive of Shell MarketsMiddle East/ Shell Trading Middle East in Dubai. Mr Schoonbrood left the Royal Dutch Shell Group in 1998 and since then has actedas an independent business consultant, advising on a number of deals and for avariety of companies in Kazakhstan. This includes initiating and implementing aCrude Oil swap agreement between Kazakhstan and Iran on behalf of CJSC MunaiImpex and acting as a Senior Advisor to the management of PetroKazakhstan, withan emphasis on business with Iran, Kazakhstan and China. He also acted as President of Unioil AG, an independent oil transport andtrading company focusing on niche business around the Caspian, from 2002-2003and was Operations Director of Cobalt Energy Group, a US based wholesalecompany, from 2004-2005. Appointment of Broker UMC also today announces the appointment of ODL Securities Limited as theCompany's Broker. Chris Kyriakou, Non-Executive Director, commented: "I am delighted to announce that Rob Schoonbrood has agreed to join us asExecutive Chairman. He has huge amounts of sector and Kazakh experience and isthe ideal person to drive the Company forward at this point in its evolution." Rob Schoonbrood, Executive Chairman, commented: "It is clear that UMC will continue to pursue its stated aim in the uraniummining industry, particularly with people on the Board of such calibre andexperience in the sector, but I am very pleased to be able to add another aspectto the Board's portfolio of experience as it moves forward in its expanded areasof activity in the energy sector." 16 November 2005 Uranium Mining Rob Schoonbrood +44 (0)20 7514 1480Corporation Executive Chairman Chris Kyriakou +44 (0) 20 7514 1482 Non-Executive Director Pelham Public Charles Vivian [email protected] +44 (0)20 7743 6672Relations Alisdair Haythornthwaite [email protected] +44 (0) 207 743 6676 Note to Editors Jean Joseph Louis Robert Schoonbrood 2004 -2005 Independent Business Consultant Senior Advisor to the management of PetroKazakhstan, with emphasis on businesswith Iran, Kazakhstan and China. Operations Director of Cobalt Energy Group (USbased wholesale). 2002 -2003 President UniOil AG Independent oil transport and trading company, focussing on niche businessaround the Caspian, with emphasis on Kazakhstan and Iran. 1999 -2002 Independent Business Development Consultant Projects in Central Asia, Japan and Singapore. Initiated and implemented CrudeOil swap agreement between Kazakhstan and Iran on behalf of CJSC Munai Impex. 1968 -1998 Royal Dutch Shell Group • 1996 - 1998 Business Development Manager, Oil Products, East - Shell International Petroleum Company, London • 1991 - 1995 Chief Executive - Shell Markets Middle East/ Shell Trading Middle East, Dubai • 1987 - 1991 Crude Oil Trading Manager - Government Accounts - Shell International Trading Company, London, with responsibility for West Africa (Nigeria), Iran, Mexico and South America, London • 1984 - 1987 General Manager - Shell Company of Gibraltar Ltd • 1981 - 1984 General Manager - Shell Nederlandse Antillen Verkoop Maatschappij Dutch Antilles • 1979 - 1981 Logistics, economics and information planning manager Shell Nederland Verkoop Maatschappij, Rotterdam • 1977 - 1979 Area Manager for Distribution in Shell Francaise • 1975 - 1977 Development Project Manager - Shell International Petroleum Company, London • 1968 - 1975 Research Scientist - Koninklijke Shell Laboratory Amsterdam, Project manager Management Information Systems. Rob Schoonbrood has been, in the past 5 years, a director of the followingcompanies: Current Directorships Previous Directorships Web Choice Internet Services Middle East and South Asia Petroleum Corporation Ltd MP Management and Consultancy Inc. Services Supersport Performance Inc. There are no other matters to be disclosed in relation to Schedule 2 paragraph(f) of the AIM Rules. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
UEP.L