|
Alamos Gold Announces Changes in Management and Board |
11/27/2003 |
|
Download this Press Release
|
Vancouver, B.C., Alamos Gold Inc. announces that Chester Millar and Stephen Stine have resigned as Directors of the Company and Stephen Stine has resigned as Vice President of Operations. John McCluskey has been appointed President and now holds the positions of President and Chief Executive Officer. In addition, John Van De Beuken has been appointed as Vice President and Chief of Operations and Leonard Harris has been appointed to the Board of Directors to fill one of the vacancies left by the resignations of Chester Millar and Stephen Stine. The Company is considering other candidates to fill the remaining board position.
The resignation of Chester Millar arose out a difference with the Board with respect to the future plans for development and further exploration of the Mulatos Deposit on the Company's 16,000 hectare Salamandra Property. The Board wishes Mr. Millar well and thanks him for his many years of service and contributions to the Company.
The Mulatos Deposit is currently the subject of a feasibility study lead by M3 Engineering of Tucson, Arizona. The purpose of the feasibility study is to determine the feasibility of developing a mine capable of sustaining a rate of production of at least 100,000 ounces of gold per year which is consistent with the business plan that was approved by the Board of Directors since the formation of the Alamos Gold Inc. in March, 2003.
The Company will implement an expanded exploration program in 2004. In the meantime, drilling continues on the Estrella Zone of Mulatos and is planned to commence on other significant targets on the Salamandra Property in the new year.
Drilling from underground stations accessed from the Nopal, Nopalito and Cantil adits in the Estrella Zone, has been underway since early October (see News Release dated October 7, 2003). The exploration budget for this program was recently increased by $100,000 to accommodate five additional drill holes which has now been completed and assay results are planned to be released shortly.
Appointment of John F. Van De Beuken
John Van De Beuken has been appointed Vice President and Chief of Operations of the Company. Mr. Van De Beuken is a mining engineer with over 30 years experience in senior positions in mining operations. Until recently he was Vice President, Mongolian Projects, for Ivanhoe Mines.
Among his significant past accomplishments, Mr. Van De Beuken was Mine Manager and subsequently General Manager of Echo Bay's McCoy / Cove Mine in Nevada, an operation with annual production of 400,000 ounces of gold and 12 million ounces of silver. This operation mined over 200,000 tons per day and employed over 500 people.
As Vice President of Operations, Mr. Van De Beuken brought the Alumbrera Mine into production on behalf of the MIM, Rio Algom and North's joint venture. Mr. Van De Beuken took the mine from startup through to the receipt of non-recourse financing. Alumbrera has an annual production rate of 560,000 ounces of gold and 170,000 tonnes of Copper. The operation consists of a 340,000 tonne per day mine, and an 80,000 tonne per day concentrator. Mr. Van De Beuken built the production team at Alumbrera which consisted of over 1,100 employees.
Appointment of Leonard Harris to the Board of Directors
Leonard Harris is a 1949 Graduate Metallurgist from the Mount Morgan School of Mines (Australia). After graduation he worked at Mount Morgan, Mount Isa and Radium Hill in Australia and at Taquah & Abosso Mines in Ghana. He spent 18 years with Cerro de Pasco Corp. in Peru and New York and several years as Mine Manager of Texada Mines in Australia. Mr. Harris worked 21 years with Newmont Mining Corp. as Vice President of R&D and Metallurgical Operations, General Manager of Minera Yanacocha, President of Newmont Peru and Vice President and General Manager of Newmont, Latin America. At present, he is a Director of several junior mining companies including Corriente Resources, Solitario Resources, and Endeavour Gold Corp.
ON BEHALF OF THE BOARD
/s/ John A. McCluskey
John A. McCluskey
President and Chief Executive Officer
For further information, please contact:
John A. McCluskey
President and Chief Executive Officer
Tel: 416-925-4880
Fax: 416-925-2264
Email: john.mccluskey@sympatico.ca
Website: www.alamosgold.com
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Safe Harbor Statement under the United States Private Securities Litigation Act of 1995: Statement in this release that are forward-looking, including statements relating to the future recovery of the Mulatos Project, are subject to various risks and uncertainties concerning the specific factors identified about in the Company's periodic filings with the Ontario Securities Commission and the U. S. Securities Exchange Commission. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. The Company does not intend to update this information and disclaims any legal liability to the contrary.
|
|