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Directorate Change

21st Apr 2011 15:07

RNS Number : 3835F
Frontier Mining Ltd
21 April 2011
 



 

21st April 2011

Frontier Mining Ltd

("Frontier" or the "Company")

 

Directorate Change

 

Frontier Mining Ltd (AIM: FML), the AIM listed gold and copper exploration and development company focused on Kazakhstan, announces today that Mr. Thomas Sinclair, Executive Director, has resigned from the Board to focus more directly on his other business activities.

 

Mr. Sinclair joined Frontier in February 2004 and was instrumental in bringing Frontier to AIM in September 2004. He held the position of Chief Financial Officer until February 2010, and has since served as an Executive Director. The Board wishes to thank Mr Sinclair for his contribution to the Company during his 7 years at Frontier and wishes him every success for the future. Mr. Sinclair remains a significant investor in the Company and will continue to advise management and the Board on corporate development matters.

 

Erlan Sagadiev, CEO of Frontier Mining, commenting on the departure of Mr. Sinclair, said: "Tom was a truly creative force in establishing Frontier and in building its Kazakh asset portfolio, including our flagship Benkala project. We wish him well in his new business ventures and look forward to his support for Frontier's future growth."

 

For further details please contact:

 

Frontier Mining Ltd

 

George Cole

 

+44 (0) 20 7898 9019

 

Libertas Capital

 

Westhouse Securities Ltd

(Joint Broker)

 

XCap Securities plc

(Joint Broker)

 

Sandy Jamieson

 

Dermot McKechnie

Matthew Johnson

 

John Bellis

John Grant

David Newton

 

+44 (0) 20 7569 9650

 

+44 (0) 20 7601 6100

 

 

+44 (0) 20 7101 7070

 

Walbrook PR

Walbrook IR

Bob Huxford (Media Enquiries)

Paul Cornelius (Investor Enquiries)

+44 (0) 20 7933 8783

+44 (0) 20 7933 8794

 

 

 

Notes to Editors

 

About Frontier Mining Ltd:

 

Frontier Mining Ltd. is a mineral exploration and development Company that is incorporated in the Cayman Islands 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 U.S. Megatech BVI which holds the Benkala licence, via KazCopper LLP. FML Kazakhstan is a wholly-owned subsidiary of Frontier Mining Ltd.

 

In Kazakhstan, Frontier has one producing gold mine, Koskuduk; and a 100% interest in the Benkala copper mine, currently under development with initial production planned in 2011. Frontier also owns the Maminskoye gold deposit in the southern Ural region of Russia currently under exploration.

 

A Competent Persons Report ("CPR") completed by Wardell Armstrong International ("WAI") in June 2010, e estimatedthe oxide section of the Benkala project, which represents development of only ~10% of the total resource at Benkala, to have a NPV of $190 million, based on 0.5% diluted copper grade, 63% recovery and 185,000 tons of contained metal at a 6,000 USD per tonne copper price. Frontier will use the production platform of the SX-EW project to finance further evaluation and technical studies required to advance development of the significant Benkala sulphide resource.

 

The Maminskoye ores have been subjected to extensive metallurgical analysis with gold recovery estimated at 93.5% for the oxide ore and 92.5% for the primary ore. The CPR, completed by WAI in June 2010, evaluated a preliminary project model contemplating development of an open pit mine operating at an initial mining rate of 700ktpa for the first three years, increasing to 1Mtpa for a 14 year project life. Based on an estimated capital cost of $75M and a $950/oz gold price WAI estimated an attractive project, with a NPV of US$110.9 million using a 10% discount rate and IRR of 48% with a 3 year payback.

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 maintains an administrative and technical office in Almaty, the former capital city of Kazakhstan and the main business centre in the southeast. The Company also maintains offices in Semipalatinsk and Aktyubinsk, close to the Naimanjal and Benkala operations respectively.

 

Issued Share Capital

Frontier Mining's shares are traded on the AIM market of the London Stock Exchange.

Frontier has 1,860,913,973 ordinary shares issued.

 

For further information please visit: www.frontiermining.com.

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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