DGAP-News: United Mining Group Announces Changes To The Board
(firmenpresse) - DGAP-News: United Mining Group / Key word(s): Change of Personnel
United Mining Group Announces Changes To The Board
22.02.2011 / 15:30
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Vancouver, British Columbia: United Mining Group, Inc. ('UMG' or the
'Company'), (TSX: UMG) (Frankfurt: UM8) (OTCQX: UMGZF) announces the
following changes to its Board of Directors effective immediately. Mr. Greg
Stewart is stepping down from the position of Chairman and Mr. Graham M.
(Chip) Clark, Jr., a current Director of the Company, has been elected to
the position of Non-Executive Chairman. The Company expresses its
appreciation to Mr. Stewart, who as founding Chairman, helped lead the
Company to its current success. Mr. Stewart will continue as Chief
Operating Officer and Director of the Company, allowing him to focus on the
Company's aggressive expansion plans for its Crescent Silver Mine project,
in the Coeur d'Alene Mining District, Silver Valley, Idaho.
Mr. Clark is a corporate mining lawyer and executive with more than 35
years experience in the field with The Anaconda Company, ASARCO, and 13
years with Newmont Mining Corporation, spending 5 years as Senior Vice
President and General Counsel. He has deep expertise in the acquisition,
finance and provision of security for mineral properties in the U.S. and
internationally, and has conceived and executed joint operating agreements
for hundreds of millions of dollars. Mr. Clark is a graduate of the Yale
School of Law and is presently practising in Phoenix, Arizona.
The Company also announces the resignation of Herrick Lau as Director
effective February 18, 2011 and that Mr. Fred W. Brackebusch has been
appointed to the Board of Directors effective immediately. The Company and
its Directors wish to thank Mr. Lau for his invaluable contributions over
his tenure and wish him the best in his future endeavours.
Mr. Brackebusch is a professional mining engineer with over 25 years
experience in mine development and mine management in the Silver Valley
district. He is President and Chairman of New Jersey Mining Company
('NJMC') which has a gold exploration joint venture with Marathon Gold
Corp, near Murray, Idaho. UMG recently announced an agreement with the NJMC
to secure near term milling capacity for the Company's Crescent Silver Mine
project (see news release dated January 11, 2011). Under the agreement, UMG
is to finance approximately US$2.3 million for mineral processing plant
expansion and, upon completion, will receive a one-third equity ownership
with NJMC continuing as operator.
'We believe these additions will add to the balance and breadth of
experience of the board and will significantly strengthen our ability to
meet UMG's goals of reaching an annual production level of 3.0 million
ounces of silver within the next 36 months from its underground operations
in the Silver Valley', said UMG, Chief Executive Officer, Mr. Charles
Pitcher, 'Chip was a key officer during the period when Newmont increased
its gold production more than 400% to become the largest producer in North
America, and Fred is recognized worldwide as an expert in the development
of paste backfill tailings systems, a strategic component in the Crescent
Silver mining plan '.
ABOUT UNITED MINING GROUP
United Mining Group is a vertically integrated mining company with
operations in Idaho, USA. The Company is currently earning, through
development and operations, an 80% interest in the Crescent Silver Mine
project in Idaho's prolific Silver Belt - directly between two of the
world's historically largest silver producing properties, the Sunshine and
Bunker Hill mines. 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). The Company also offers a full suite of mining
services including contract mining and mine machine repair and fabrication
services to silver miners in the district. 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 the Crescent
Silver Mine project and through the acquisition of additional precious
metals interests. The Company trades on the Toronto Stock Exchange under
the symbol 'UMG'.
For more information about the Company, please visit:
www.unitedmininggroup.com.
ON BEHALF OF UNITED MINING GROUP, INC.
'Charles Pitcher'
Chief Executive Officer
FOR MORE INFORMATION, PLEASE CONTACT:
Greg Stewart
Chief Operating Officer
Tel: +1 208.682.9018
Email: gstewart(at)unitedmininggroup.com
FORWARD LOOKING STATEMENTS: This press release contains forward-looking
statements, which address future events and conditions, which are subject
to various risks and uncertainties. Forward looking statements in this
press release include that we reach an annual production level of 3.0
million ounces of silver within the next 36 months, that we are building a
senior silver-producing mining company, that we will have aggressive
exploration and development of our current land position at Crescent, that
our land is the highly-prospective for mining and that we will make
acquisitions of additional silver interests. 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.
End of Corporate News
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113032 22.02.2011
Datum: 22.02.2011 - 15:30 Uhr
Sprache: Deutsch
News-ID 33268
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Kategorie:
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