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Appointment of Executive Director and Corporate Broker
Altyn plc ("Altyn" or the "Company"), is pleased to announce the appointment of Neil Herbert as Executive Deputy Chairman effective immediately.
Aidar Assaubayev, Chief Executive Officer, said "Neil has been working closely with Altyn since his appointment as a non-executive director in February 2016. With our mine expansion on plan and on budget we are delighted that he is now joining us in an executive capacity, where his wealth of experience in both mining and finance strengthens our management team."
Neil Herbert, Deputy Chairman, said "We are working to transform the Sekisovskoye gold mine, which produced 20,890oz in 2015, into a 100,000oz producer in 2019. We are also working on the adjacent Karasuyskoe ore fields, which will provide Altyn with open pit expansion potential beyond 2019. These projects will transform Altyn into a significant gold producer."
Neil Herbert has worked in the resource sector since joining Antofagasta in the 1990s, during which time the Company was transformed into a major copper producer. He was subsequently appointed as a senior executive at Brancote Holdings plc, Patagonia Gold plc, Galahad Gold plc, International Molybdenum plc, UraMin Inc and also Polo Resources Ltd where he was both Chairman and Managing Director.
Mr Herbert is currently Chairman of Helium One Ltd and Siderian Capital Resources Ltd and is also a non-executive Director of Concepta plc, IronRidge Resources plc, Kemin Resources plc, Waratah Resources Limited and, since February 2016, Altyn plc. Prior to joining the resource sector he worked for PwC and he is a fellow of the Association of Chartered Certified Accountants.
He has been issued share options over 46,686,843 Altyn plc ordinary shares at an exercise price of 2.125 pence per share.
The Company is also pleased to announce the appointment of VSA Capital as Corporate Broker to the Company. VSA Capital Limited is a London based investment banking group providing corporate finance and corporate broking services to companies operating in the natural resources sector.
Neil Herbert - Past Public Directorships in last 5 years :
Polo Resources Ltd, Anglo African Agriculture Plc, Premier African Minerals Ltd, GCM Resources plc, Sunrise resources plc.
For further information please contact:
Rajinder Basra, CFO +44 (0) 207 932 2456
VSA Capital (Corporate Broker)
Andrew Monk / Andrew Raca +44 (0) 203 005 5000
Information on the Company
Altyn is a gold mining, exploration and development group based in Kazakhstan. Whilst the Company was initially established to exclusively develop and operate the Sekisovskoye gold and silver mine in the East Kazakhstan Region, it is now actively targeting additional gold mining opportunities in Kazakhstan. This includes the adjacent prospective Karasuyskoye Ore Fields, on which Altyn was recently awarded the tender to perform further confirmatory testing in order to gain the sub-soil user licence.
The Company holds a 100 per cent shareholding in DTOO Gornorudnoe Predpriatie Sekisovskoye ("DGPS") which holds a subsoil use contract in relation to the Sekisovskoye deposit, covering a total area of 0.855km². The subsoil use contract for Sekisovskoye is valid until 2020 and the Company currently intends to seek to extend the contract in accordance with its terms. The Company also holds a 100 per cent shareholding in Altyn MM LLP (formerly Altai Ken-Bayitu LLP), which owns and operates the processing plant at the Sekisovskoye deposit. The Sekisovskoye deposit is located at the village of Sekisovskoye, approximately 40km north of the town of Ust-Kamenogorsk, the capital city of the East Kazakhstan Region. The current operation is focused on mining the near-vertical deposits which extend to the surface below the open pits which have been previously mined.
The Company intends that the Sekisovskoye deposit shall become a selective-mining underground operation. As at 31 May 2014, the Company's proven and probable reserves consisted of 2.3Moz of gold and 3.0Moz of silver and the Company's measured, indicated and inferred resources consisted of 5.1Moz of gold and 3.5Moz of silver, in each case as classified in accordance with JORC.
In the year ended 31 December 2015, the Company's consolidated revenue was US$24.05 million and its net assets US$38.4 million.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170131005911/en/
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(END) Dow Jones Newswires
February 01, 2017 02:00 ET (07:00 GMT)