Last checked at 9 Dec 2010 14:25
Kryso Resources plc
("Kryso" or the "Company")
Appointment of Non-Executive Chairman & Non-Executive Director
Kryso Resources plc (AIM: KYS), the mineral exploration and development company with gold and nickel-copper projects in Tajikistan, announces that Mr. Luo Tao has been appointed as non-executive Chairman and Mr. Wei Li Tang has been appointed as a non-executive director of the Company with immediate effect.
Further to the announcement of 23 November 2010, Mr. Luo Tao and Mr. Wei Li Tang were appointed as the nominated board representatives for China Nonferrous Metals Int'l Mining Co. Ltd (CNMIM). CNMIM, which is part of the China Nonferrous Metal Mining (Group), is the largest single shareholder in Kryso with 29.13% of the Company.
Mr. Luo Tao, aged 58, is the President and a director of China Nonferrous Metal Mining (Group) Co., Ltd. (CNMC), and is currently a director of Chaarat Gold Holdings Limited, CNMIM, Zambia-China Economic Trade Cooperation Zone Development Co., Limited and China Nonferrous Metal Industry's Forging and Construction Company Limited. He is not, and has not been, a director or partner of any other company or partnership during the last 5 years.
Mr. Wei Li Tang (also known as David Tang), aged 44, is currently a director of Chaarat Gold Holdings Limited, ORD River Resources Limited and CNMIM. He is not, and has not been, a director or partner of any other company or partnership during the last 5 years.
Mr. Luo Tao, Chairman of Kryso Resources plc, commented:
"I'm very pleased to be appointed as Chairman, and I very much appreciate the hard work of Dr Davenport, fellow directors and shareholders in developing the Company to its present position. I assure the board and the shareholders that David Tang and I, with the support of CNMIM, will do our best to ensure the shareholders get maximum value and as early a return as possible from the resources of the Company."
Neither Luo Tao nor Wei Li Tang hold any shares in the Company, but they are both appointed representatives of CNMIM which, as disclosed above, holds 73,333,333 Ordinary Shares in the Company representing 29.13% of the Company. There is no further information to be disclosed under schedule 2(g) and Rule 17 of the AIM Rules in respect of Mr Tao and Mr Li Tang's appointments.
Dr. Trevor Davenport has stepped down as Chairman but will remain as an independent non-executive director of the Company.
Enquires:
| Kryso Resources plc | Tel: +44 (0)20 7371 0600 | |
| Craig Brown | ||
| WH Ireland Limited | Tel: +44 (0)16 1832 2174 | |
| Katy Mitchell | ||
| Optiva Securities Limited | Tel: +44 (0)20 3137 1902 | |
| Christian Dennis/Jeremy King | ||
| Walbrook PR | Tel: +44 (0)20 7933 8780 | |
| Bob Huxford | Mob: +44 (0)7900 346 978 | |
| bob.huxford@walbrookpr.com |
About 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 Mineral Resources of 3,024,000 oz Au (assuming a cut-off grade of 0.0g/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.
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.
Copyright Business Wire 2010