16th Jun 2008 14:12
Press Release
Minco Announces:
Listing Application of Orca Minerals on Toronto Stock Exchange
Executive Appointments
London, 16 June, 2008 - Minco plc (MIO), the London AIM quoted precious and base metals exploration and development company is pleased to report that its Canadian subsidiary Orca Minerals Limited ("Orca Minerals"), has filed a listing application with the TSX Venture Exchange ("TSXV") in Toronto.
Having successfully raised $8,806,000 (Canadian) in a series of Special Warrants placements since September 2007, Orca Minerals has filed a preliminary Filing Statement with the TSXV. The listing will be effected by means of a reverse takeover of Antamena Capital Corp. (TSXV: ANT.P). The resulting issuer, to be known as XTIERRA Resources Ltd. ("XTIERRA") will, subject to regulatory approvals, have a TSXV "Tier 1" listing.
Executive Appointments
The proposed directors and management of XTIERRA will be: John Kearney (Chairman), Terence McKillen (President, CEO and Director), Neil Steenberg (Corporate Secretary and Director), Lee Graber (Director), Tim Gallagher (Director), and Danesh Varma (Chief Financial Officer and Director).
As part of the restructuring of Minco's assets John Kearney and Terence McKillen will also assume similar roles in Minco, with John Kearney as Executive Chairman and Terence McKillen as Chief Executive. Messrs. Kearney and McKillen have been directors of Minco since 1997 and Mr. McKillen was previously Executive Director of Exploration and Business Development.
Roger Turner, Executive Chairman of Minco, who has been a director of Minco since 2003, has indicated his wish to retire from the Minco board.
Appointment of Manager of Operations (Mexico)
Sr. Luis De La Fuente has been appointed Manager of Operations (Mexico) where he has assumed overall responsibility for the preparation of a feasibility study on the Bilbao silver-zinc-lead-copper project as well as conducting additional optimization studies at the La Laguna silver-gold tailings retreatment project.
Sr. De La Fuente has 35 years experience in the mining industry with mine development and operation of open pit mines and processing facilities and has held senior administrative, planning and operations positions with Canadian, US and Mexican companies, including Compania Minera de Cananea, Minera Real de Angeles, Hecla Mining Co. and Santa Cruz Gold Inc. For the past eight years, Sr. De La Fuente has provided administrative and engineering consulting services to a number of Canadian and Mexican companies. He is a graduate engineer from the University of Guanajuato, and holds a diploma in Administration from the University of Aguascalientes. He was formerly president of the Mining Association of Mexico.
Chairman's Comment
Commenting on the announcement, John Kearney, Executive Chairman of Minco and Chairman designate of XTIERRA said: "The board of Minco would like to record its thanks to Roger Turner, outgoing Executive Chairman, for his overall leadership and specifically in helping to assemble and deliver Minco's Mexican asset base over the past four years.
"We are very pleased that the restructuring of Minco's Mexican assets into a stand-alone Canadian TSXV listed issuer is now close to fruition. We have been able to raise significant financial support in the North American markets for our Mexican Silver projects at a time of volatile equity markets. Orca Minerals (to become XTIERRA) is now well financed with a strong management team to ensure the optimum advancement of its two main development projects in Zacatecas, which should enable Minco, as the major shareholder, to recognize and realize the value of its Mexican assets."
About Minco:
Minco PLC is an AIM quoted precious and base metals exploration and development company with silver projects in Mexico and zinc exploration in Ireland.
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For further information, www.minco.ie or contact: |
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John Kearney: Executive Chairman |
+1 416 362 6686 |
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Terence McKillen: Chief Executive |
+1 416 362 6686 |
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Danesh Varma, CFO & Company Secretary |
+44 (0)20 7397 8154 |
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John Frain / Fergal Meegan: (NOMAD) Davy |
+ 353 (0)1 6796363 |
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Tom McCormack (Ireland PR) ConneXions |
+353 (0)1 230 3015 |
This announcement has been issued through the Companies Announcement Service of
the Irish Stock Exchange.
Related Shares:
Minco PLC