DGAP-News: United Mining Group Appoints New CEO and Director
(firmenpresse) - United Mining Group / Key word(s): Change of Personnel
24.09.2010 14:22
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Vancouver, British Columbia: United Mining Group, Inc. (the 'Company'),
(TSX: UMG Frankfurt: UM8) announces the appointment of Charles Pitcher,
formerly President and CEO of Western Canadian Coal as CEO of the Company,
and Graham (Chip) Clarke, Jr., formerly Senior Vice President and General
Counsel with Newmont Mining as Independent Director. Greg Stewart will
continue as Chairman, President and will also assume the position of COO.
Erik Panke, CFO has resigned as Non-Independent Director to allow for the
addition of Graham Clark, Jr. as Independent Director. Mr Panke will
continue in his role of CFO and Corporate Secretary.
Charles G. Pitcher, P.E.
Charles Pitcher has over 40 years of experience in senior executive
positions in civil construction and mine development with a consistent
record of accomplishment. He has extensive experience in the development
and operations associated with underground and open-pit mining. He has
built successful teams for the mine management and operations in both
developed and developing regions of the world. Mr. Pitcher was President
and CEO of Western Canadian Coal Corp in the development of the Northeast
coal deposits for the Company. He joined the Company in 2002 as Chief
Executive Officer to oversee the completion of feasibility studies and then
served as Chief Operating Officer. Mr. Pitcher is President of The Mining
House Inc, a provider of engineering services related to project
development and management. Mr Pitcher also holds Board positions Wildcat
Resources and Sila Industries Ltd.
Graham M. (Chip) Clark, LLB
Graham Clark is a senior member of the mining community. He has been
involved in the major mining trends of the last 35 years. He has deep
expertise in the acquisition, finance and provision of security for mineral
properties in the U.S. and in foreign jurisdictions. Mr. Clark has
conceived and executed joint operating agreements for hundreds of millions
of dollars. He was a key player in the settlement of Superfund clean-up
actions and Clean Air violations. He has been involved in the acquisition
of publicly and privately held companies for cash and/or stock, issuance of
common stock and secured debt. Chip Clark was at Newmont Mining Corporation
for 13 years spending 5 years as General Counsel and Senior Vice President.
His experience with junior resource companies was as President of Gold
Discovery Company for five years. He is presently Of Counsel practising in
Phoenix, Arizona. Mr Clark is a graduate of the Yale School of Law.
Greg Stewart, Chairman and Founder, United Mining Group comments, 'Charles
Pitcher has the senior mining experience which is critical to our company,
especially as we move towards production on the Crescent Silver Mine. Chip
Clark has the experience and connections in the mining world which will be
indispensable to our growth. I am proud to welcome Charles and Chip to the
UMG team. I would like to thank Erik Panke for his considerable help as
Director. His contribution to obtaining our TSX listing was indispensable.'
Charles Pitcher, newly appointed CEO, commented: 'I wish to thank Greg
Stewart and the UMG Board for this appointment. Over the years, Greg
Stewart has built a superb mining services company, which has expanded to
include the Crescent Silver Mine.I compliment Greg and his team for their
superlative work. I look forward to working with Greg and his team to move
UMG to the next level of growth.'
Stock Options
The Company has issued 840,000 incentive stock options to directors,
employees and consultants at a price of $0.81. These options will have a 10
year term and are subject to regulatory approval.
About United Mining Group
United Mining Group is a profitable, vertically integrated mining company
with operations in Idaho, USA. The Company offers a full suite of mining
services including contract mining to silver miners in the district. The
Company owns its own custom welding and fabrication shop allowing it to
repair/rebuild equipment for its own use and for outside mining companies.
The Company is currently earning, through development and operations, an
80% interest in the Crescent Silver Mine adjacent to the Sunshine Silver
Mine in the Silver Valley. The Crescent Mine has historically produced 25
million ounces of silver at an average grade of 27.3 opt (SRK Consulting
43-101 report, March 1, 2010). UMG currently has an indicated resource of
6.1 million ounces silver (324,000 tons grading 18.7 opt silver) and
additional inferred resources of 4.1 million ounces silver (211,000 tons
grading 19.5 opt silver).
UMG is committed to building a senior silver-producing mining company based
on aggressive exploration and development of the highly-prospective current
land position at Crescent and through the acquisition of additional silver
interests.
For more information about the Company, please visit:
www.unitedmininggroup.com
On behalf of the Board of Directors,
'Greg Stewart'
Greg Stewart
Chairman
FORWARD LOOKING STATEMENTS: This press release contains forward-looking
statements, which address future events and conditions, which are subject
to various risks and uncertainties. The Company's actual results and
financial position could differ materially from those anticipated in such
forward-looking statements as a result of numerous factors, some of which
may be beyond the Company's control. These factors include: results of
exploration activities and development of mineral properties, fluctuations
in the marketplace for the sale of minerals, the inability to implement
corporate strategies, the inability to obtain financing, currency
fluctuations, general market and industry conditions and other risks
disclosed in the Company's filings with Canadian Securities Regulators.
Forward-looking statements are based on the expectations and opinions of
the Company's management on the date the statements are made. The
assumptions used in the preparation of such statements, although considered
reasonable at the time of preparation, may prove to be imprecise and, as
such, undue reliance should not be placed on forward-looking statements.
The Company expressly disclaims any intention or obligation to update or
revise any forward-looking statements whether as a result of new
information, future events or otherwise.
The TSX Exchange has not reviewed and does not accept responsibility for
the adequacy or accuracy of the content of this news release.
FOR MORE INFORMATION, PLEASE CONTACT:
Greg Stewart
Tel: +1 208.682.9018
Email: gstewart(at)unitedmininggroup.com
24.09.2010 14:22 Dissemination of a Corporate News, transmitted by DGAP -
a company of EquityStory AG.
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Datum: 24.09.2010 - 14:22 Uhr
Sprache: Deutsch
News-ID 32253
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