Last checked at 8 Dec 2009 07:00
8 December 2009 Kryso Resources plc (`Kryso' or `the Company') Appointment of Director
Kryso Resources plc (AIM: KYS) the gold exploration and development company that is advancing its Pakrut gold project in Tajikistan through a bankable feasibility study (BFS), is pleased to announce that pursuant to the subscription for shares in Kryso by ALTUS Resource Capital Limited (`ALTUS') announced on September 14 2009, Steven James Poulton has been appointed a Non-Executive Director of the Company with effect from 7 December 2009.
Steven, aged 34, is a founder director and CEO of Altus Strategies Limited and a director of ALTUS Asset Management Limited, the investment manager of ALTUS. He holds an honours degree in geology from Southampton University and a master's degree in mining geology from the Camborne School of Mines. He is a fellow of the Geological Society of London, a fellow of the Institute of Materials, Minerals and Mining and a member of the Association of Mining Analysts.
In 2002 Steven co-founded Ariana Resources plc, a gold mining and exploration company listed on AIM, and served as its Chief Executive between 2004 and 2007. In 2004 he founded African Aura Resources Limited, which listed on the TSX-V in 2008. In 2009 African Aura Resources Limited merged with Mano River Resources Inc. to create African Aura Mining Inc., which is listed on AIM and the TSX-V and of which Steven is a director. He is also a director of Stellar Diamonds Limited, a subsidiary of African Aura Mining Inc.
Steven has been nominated to serve as a Non-Executive Director of Kryso by ALTUS. He will not be remunerated by Kryso and will be subject to retirement in accordance with the Company's articles of association. ALTUS may, at its cost, require Kryso to nominate a director in place of Steven, subject always to the Company's articles of association and so long as ALTUS holds 3 per cent or more of the Company's issued share capital.
ALTUS currently holds 10 million ordinary shares in Kryso, equivalent to 6.42 per cent of the Company's issued share capital. ALTUS also holds warrants over 20 million ordinary shares in Kryso, exercisable at a price of 0.08 per share for 60 months from the date of the subscription announced on 14 September 2009. Steven does not hold any direct interest in the Company's shares.
Trevor Davenport, Non-Executive Chairman and acting Managing Director of Kryso, comments:
`We are pleased to welcome Steven to the board following the investment in Kryso made by ALTUS earlier this year. I have no doubt that he has an important contribution to make as we progress the Pakrut gold project towards production.'
Steven James Poulton - Current Directorships
African Aura Mining Inc.
African Aura Resources (CAM) Limited
African Aura Resources (CAR) Limited
African Aura Resources (LIB) Limited
African Aura Resources (Liberia) Limited
African Aura Resources (ZIM) SARL
ALTUS Asset Management Limited
ALTUS Strategies LimitedAsterion AV LimitedArabian Gold Corporation plc
Arabian Resource Holdings Limited
Asian Gold Corporation plcAsian Gold Ventures LimitedAvance African Group LimitedAvance Gold plcAvanex SarlAvanor SarlExploration Capital LimitedFermont Mining LimitedRidgeway Energy LimitedRidgeway Energy SARLStellar Diamonds Limited
Steven James Poulton - Directorships Held in Previous Five Years
African Aura Resources Limited
Ariana Resources plc
Ariana Exploration & Development Limited
Artemis Diamonds Inc.Etoile Diamonds Inc.Himalaya Metals LimitedKSPM Associates LimitedMano River Resources Inc.Portswood Resources LimitedSierra Diamonds LimitedAbout the Pakrut Gold Project
The Pakrut gold project, of which Kryso has 100% ownership, is situated in Tajikistan approximately 112km northeast of the capital city Dushanbe.
Pakrut has total JORC Code-compliant gold resources of 2,830,104 oz Au (assuming a cut-off grade of 0.5g/t Au) and is located within the Tien Shan gold belt, which extends from Uzbekistan into Tajikistan, Kyrgyzstan and western China, and which hosts a number of multi-million ounce gold deposits.
Drilling at Pakrut has previously returned numerous exciting intersections, including 123.7m at 6.14g/t Au, 42m at 11.17g/t Au and 50m at 5.67g/t Au.
A bankable feasibility study for the Pakrut project is currently being undertaken by the Beijing General Research Institute of Mining & Metallurgy. The bankable feasibility study is targeted for completion before the end of 2009.
An internal prefeasibility study completed in 2008 envisaged a mining operation at Pakrut producing in excess of 100,000oz Au per annum with cash costs of approximately US$300/oz Au.
About Tajikistan
Tajikistan is a secular republic located in Central Asia. The country is a member of the Commonwealth of Independent States (CIS) and the Shanghai Cooperation Organisation. Tajikistan hosts numerous operating precious metal mines as well as the largest aluminium smelter in Central Asia. Kryso's management team has extensive experience in the mining industry in Tajikistan.
About ALTUS Resource Capital Limited
ALTUS Resource Capital Limited is a Guernsey incorporated closed-ended investment company that listed on the Specialist Fund Market of the London Stock Exchange on 30 June 2009, raising total monies of 26 million. ALTUS, which is managed by a team with significant expertise in the fields of mineral exploration, development and production, aims to realize capital growth from investing in a concentrated portfolio of junior resource equities.
For further information please visit the Company's website (www.kryso.com) or contact:
Dr. Trevor Davenport/Craig Brown, Kryso Resources plc
Tel: +44 (0) 20 7371 0600
Katy Mitchell, WH Ireland Limited
Tel: +44 (0) 161 832 2174
Christian Dennis, Orbis Equity Partners Limited
Tel: +44 (0) 20 3137 1902
Jason Bahnsen, Fox-Davies Capital Limited
Tel: +44 (0) 20 7936 5200
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