Last checked at 30 Sep 2013 14:55
30 September 2013
Kryso Resources Corporation Limited
(‘Kryso’ or the ‘Company’)
AIM: KYS
PROPOSED CHANGE OF NAME AND BOARD CHANGES
Kryso Resources Corporation Limited (AIM: KYS), the mineral exploration and development company currently developing the Pakrut gold project in the Republic of Tajikistan, is pleased to announce that as part of the Company’s strategy for the proposed listing of the shares of the Company on the main board of the Stock Exchange of Hong Kong Limited, the Board has decided to change the name of the Company to China Nonferrous Gold Limited, subject to the approval of the Company’s shareholders. China Nonferrous Metals Int’l Mining Co., Ltd. (‘CNMIM’) is the largest shareholder of Kryso Resources Corporation Limited, the holders of the majority of the Company’s shares are from the People’s Republic of China and Kryso has other strong Chinese ties. A circular will be sent to shareholders in due course providing details of a general meeting at which approval of the name change will be sought.
The Company also today announces that Mr Weili Tang (David Tang) has been appointed Managing Director of Kryso Resources Corporation Limited. Mr Tang is President of CNMIM and currently a non-executive director of Kryso. He graduated with a Bachelor of Science degree (1988) majoring in computer science from Central-South University, China and also holds a Master of Science degree (1991). In the early 1990s he pioneered the trading system for the first nonferrous metals future commodity exchange in China. He worked for several years in Canada in the investment management and consulting industry before returning to China to take up office at CNMIM since 2003. Mr Craig Brown has resigned, with immediate effect, from the board of the Company to pursue other business opportunities. The board of the Company would like to thank Mr Brown, who was a founding director and shareholder of the Kryso Group, for his contribution to the development of Kryso and its projects, and wishes him every success with his future endeavours. Kryso is pleased to advise that, in order to effect an orderly transition of his responsibilities and to assist the Board with various tasks, Mr Brown will continue to work with the Company as a consultant until the Company has completed its proposed listing on the main board of the Hong Kong Stock Exchange.
The Company is also pleased to announce that it has appointed Mr Che Pizhao as a non-executive director of the Company with immediate effect. Mr Che (aged 56) graduated from the Law School of Wisconsin University and served as Professor of International Economic Law in the Law School of Tsinghua University. Mr Che also currently holds the positions of Deputy President of China International Economic Law Research, Deputy President of the China International Economic Law Society, and Executive Vice President of China International Law Society. Mr Che is also a member of the committee of Lawyer Review Oversight International Chamber of Commerce China National Committee (‘ICC China’), Beijing Arbitration Committee, China International Economic Trade Arbitration Committee, Singapore International Arbitration Centre, Republic Business Federation International Court of Arbitration in Kazakhstan, and the Kuala Lumpur Arbitration Centre. In March 2012 Mr Che was appointed a non-executive director of Fangda Carbon, which is listed on the Shanghai Stock Exchange. Excluding the above disclosure, he has not held any other director or partner positions in the past five years and there are no further disclosures required to be made for the purposes of paragraph (g) of Schedule Two to the AIM Rules.
ENDS
For further information please visit the Company’s website (www.kryso.com) or contact:
Kryso Resources Corporation Limited
David Tang, Managing Director
Leonard Li, Finance Director
Tel: +44 (0)20 7349 9160
Tel: +86 10 8442 6681
Investec Bank Plc
Jeremy Ellis, Chris Sim, George Price
Tel: +44 (0)20 7597 5970
XCAP Securities Plc
Jon Belliss, Guy Peters
Tel: +44 (0) 207 101 7070
Blythe Weigh Communications
Paul Weigh, Halimah Hussain
Tel: +44 (0)20 7138 3204
Project Summary
The Pakrut gold project, of which Kryso has 100 per cent ownership, is situated in Tajikistan approximately 120km northeast of the capital city Dushanbe. Pakrut has estimated total JORC compliant resources of 4,720,000 oz Au (assuming a cut-off grade of 0.5 grams per tonne of gold) 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.
Kryso is currently in a construction phase with mining contractors on site developing the underground mine and surface infrastructure. Kryso has completed building a number of new bridges and roads up to site. Infrastructure construction began in October 2011 and construction of the mine commenced in September 2012. At the same time exploration is continuing with four drill rigs currently operating in the Pakrut Licensed Area drilling at Eastern Pakrut, Rufigar and Sulfidnoye.
About Tajikistan
Tajikistan is a secular republic located in Central Asia. The country is a member of the Commonwealth of Independent States 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 2013