9th Feb 2009 09:06
AIM: FML
Frontier Mining Ltd
("Frontier" or "the Company")
Mr. Erlan K. Sagadiev Appointed to Senior Management
Frontier is pleased to announce the appointment of Mr. Erlan K. Sagadiev as President of Frontier, President of the Company's wholly owned subsidiary FML Kazakhstan LLP and as Vice-Chairman of the Company's 50% owned subsidiary KazCopper LLP, a joint venture company with Coville Intercorp Ltd. The Directors of Frontier propose to appoint Mr Sagadiev to Chairman of the Board of Frontier upon completion of regulatory approvals.
Mr. Sagadiev, 41, graduated from Kazakhstan State University and Oberlin College in Ohio in 1988 and received a Masters degree in Agricultural Economics from the University of Minnesota in 1993. Between his undergraduate and graduate degrees, Mr. Sagadiev worked in the Department of Foreign Economic Relations at The Ministry of Foreign Affairs in Kazakhstan. In 1992, while obtaining his graduate degree he also completed internships with the World Bank and United Nations.
In 1994, Mr. Sagadiev formed FoodMaster International ("FoodMaster"), buying a bankrupt Kazakhstan dairy in privatization. After its formation, FoodMaster grew and attracted capital from private equity investors in 1997 adding additional dairies in Kazakhstan as well as in Moldova and Ukraine. FoodMaster grew to be the largest and most successful dairy in Central Asia with dominant market share in Kazakhstan and Moldova, and significant share in Ukraine. In 2004 the business was successfully sold to a major European dairy company.
After the sale of FoodMaster, Mr. Sagadiev went on to form Zere Group, a company he controls and owns together with existing management. Zere Group is a Kazakhstan-based holding company engaged in mining, oil & gas, education and other entrepreneurial developments. Mr. Sagadiev is well respected as a capable and responsible developer of Kazakh businesses whose economic advice and insight is sought by both private business and government officials on a regular basis.
Brian Savage, Chairman and Chief Executive Officer, of Frontier commented; "I am delighted that Erlan has agreed to lead the in-country management team at Frontier. In addition to his experience and through understanding of doing business in Kazakhstan, Erlan has proven his ability to successfully manage and grow companies and I look forward to his surely valuable contribution to Frontier."
Adil Tastanov, Coville Intercorp Ltd. and Benkala project founder commented "We are excited about the appointment of Mr. Sagadiev not only to Frontier, but also to FML Kazakhstan and KazCopper. He is a prominent and experienced international businessman and will be an excellent addition to the Benkala project and future strategic opportunities."
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Enquiries:
|
Frontier Mining Ltd |
Brian Savage |
+44 (0)20 7898 9019 |
|
Parkgreen Communications |
Louise Goodeve / Sue Scott |
+44 (0)20 7933 8780 |
|
Libertas Capital |
Sandy Jamieson |
+44 (0)20 7569 9695 |
About Frontier Mining Ltd:
Frontier Mining Ltd. is a mineral exploration and development Company that was incorporated in the state of Delaware, USA, on 5 August 1998 for the purpose of exploring and developing gold and copper deposits in the Republic of Kazakhstan. Through its subsidiaries and affiliates, Frontier locates, evaluates, acquires, explores and develops mineral properties
Frontier currently owns two licenses in Kazakhstan. They are the Naimanjal exploration and mining licence, held by FML Kazakhstan, and, 50% of U.S. Megatech BVI which holds the Benkala licence. FML Kazakhstan is a wholly-owned subsidiary of Frontier Mining Ltd. Frontier has one producing gold mine, Naimanjal; one pre-feasibility stage gold project, Koskuduk; and the recently acquired 50% interest in the Benkala copper mine.
Frontier also has a potential copper porphyry deposit with associated gold and molybdenum, Baitimir; and several copper/gold prospects along a 25-km trend including both VMS and porphyry types. Metallurgical tests on its Beschoku and Yubileiny copper projects confirm the oxide copper ore is amenable to extraction using low cost SX-EW technology.
Frontier owns a 50% interest in KazCopper LLP, the joint venture Company that owns the Benkala copper-molybdenum-gold deposit located in north-western Kazakhstan within the Urals gold/copper ore belt. A Competent Persons Report ("CPR") on the Benkala project completed by Wardell Armstrong International ("WAI") in March 2007 estimates 47.75 Mt at an average grade of 0.36% Cu for the oxide mineralization, and 873.75 Mt at an average grade of 0.30% Cu for the sulphide mineralisation, representing some 2.8 million tonnes of contained copper. A conceptual study team and advisory team have both been appointed to fast track the development of this project forward towards a pre- feasibility study, with a view to beginning production at the end of 2010.
Issued and Fully Diluted Ordinary Shares
Frontier Mining's shares are traded on the AIM market of the London Stock Exchange.
Frontier currently has 218,120,095 issued and 21,812,009 reserved and outstanding options giving 239,932,104 fully diluted ordinary shares.
For further information please visit; www.frontiermining.com
Related Shares:
FML.L