Less Ads, More Data, More Tools Register for FREE

Pin to quick picksFML.L Regulatory News (FML)

  • There is currently no data for FML

Board Appointment

6 Jun 2011 07:00

RNS Number : 8612H
Frontier Mining Ltd
06 June 2011
 



 

6 June 2011

Frontier Mining Ltd

("Frontier" or the "Company")

 

Board Appointment

 

Frontier Mining Ltd (AIM: FML), the AIM listed gold and copper exploration and development company focused on Kazakhstan, is pleased to announce the appointment of Yerlan Zhenisovitch Aliyev to the Board of Directors as a non- executive director.

 

 Mr Yerlan Aliyev, MBA, aged 42, is one of the principals of Coville Intercorp Ltd, Frontier's largest shareholder, andis a board member of Kazakhstan's JSC Delta Bank. Until very recently he served as Chairman to the Board of Directors at Russian commercial bank JSC StarBank. Prior to this, from July 2008 to November 2009, he was first vice president and then Finance Director of JSC Mangistaumunaigaz, one of Kazakhstan's largest oil and gas companies.

 

From July 2007 to May 2008, Yerlan served as Vice President of the Development Bank of Kazakhstan; from December 2006 to July 2007 as Chairman of the Board of Kazakhstan oil and gas equipment producer JSC Belkamit, and from April 2005 to August 2006 as Deputy Chairman of the Board of the Russian bank OJSC Sobinbank. His previous managerial roles include: Chairman of Slavinvest Bank; Vice-chairman of JSC Turan-Alem Bank; vice president of OJSC KazakhTeleCom; Vice-President of Air-Kazakhstan and Chief Treasurer of JSC KazCommertsBank.

 

Mr Aliyev studied for a Masters in Computational Mathematics and Cybernetics at Moscow State University, graduating in 1991. He later returned to Moscow State University's Business School in 2003 to study for his MBA which he received in 2005.

 

Erlan Sagadiev, CEO of Frontier Mining, commented: "Mr Aliyev, with his extensive experience in finance and corporate affairs will prove an invaluable addition to our board as we seek to bring Benkala into production and further develop our additional prospects. We are therefore delighted to welcome Mr. Aliyev to the board of Frontier and look forward to working with him."

 

Mr Aliyev has a beneficial interest in 873,215,000 ordinary shares of $0.01 each in the Company. As referred to above, he is also a member of the board of Delta Bank JSC. There is no further information to be disclosed under schedule 2(g) and Rule 17 of the AIM Rules in respect of Mr Aliyev's appointment today as an executive director of the Company.

For further details please contact:

 

Frontier Mining Ltd

 

George Cole

 

+44 (0) 20 7898 9019

 

Libertas Capital

 

Westhouse Securities Ltd

(Joint Broker)

 

XCap Securities plc

(Joint Broker)

 

Sandy Jamieson

 

Dermot McKechnie

Matthew Johnson

 

John Bellis

John Grant

David Newton

 

+44 (0) 20 7569 9650

 

+44 (0) 20 7601 6100

 

 

+44 (0) 20 7101 7070

 

Walbrook PR

Walbrook IR

Bob Huxford (Media Enquiries)

Paul Cornelius (Investor Enquiries)

+44 (0) 20 7933 8783

+44 (0) 20 7933 8794

 

 

 

Notes to Editors

 

About Frontier Mining Ltd:

 

Frontier Mining Ltd. is a mineral exploration and development Company that is incorporated in the Cayman Islands for the purpose of exploring and developing gold and copper deposits in the Republic of Kazakhstan. Through its subsidiaries and affiliates, Frontier locates, evaluates, acquires, explores and develops mineral properties.

 

Frontier currently owns two licenses in Kazakhstan. They are the Naimanjal exploration and mining licence, held by FML Kazakhstan, and U.S. Megatech BVI which holds the Benkala licence, via KazCopper LLP. FML Kazakhstan is a wholly-owned subsidiary of Frontier Mining Ltd.

 

In Kazakhstan, Frontier has one producing gold mine, Koskuduk; and a 100% interest in the Benkala copper mine, currently under development with initial production planned in 2011. Frontier also owns the Maminskoye gold deposit in the southern Ural region of Russia currently under exploration.

 

A Competent Persons Report ("CPR") completed by Wardell Armstrong International ("WAI") in June 2010, estimated the oxide section of the Benkala project, which represents development of only ~10% of the total resource at Benkala, to have a NPV of $190 million, based on 0.5% diluted copper grade, 63% recovery and 185,000 tons of contained metal at a 6,000 USD per tonne copper price. Frontier will use the production platform of the SX-EW project to finance further evaluation and technical studies required to advance development of the significant Benkala sulphide resource.

 

The Maminskoye license area is situated in the southern Ural region of Russia and consists of three deposits: Maminskoye, Gabievskoye and Bezimyanny-Vostochny. Of these, the Maminskoye deposit is the most explored but is the smallest at 300m wide, 650m long and to a known depth of over 250m. The other two deposits are considerably larger and display similar geological characteristics to the Maminskoye deposit but have not had extensive exploration as yet.

 

The Gabievskoye deposit has a strike length of 5km with an average width of between 500-700m. The Bezimyanny-Vostochny deposit hosts three veins which have previously been mined on a small scale with reported gold grades of between 6-63g/t. The structure of this deposit is analogous to Gabievskoye. However, at this time, the strike extent and width of this target remains unknown.

 

The Maminskoye ores have been subjected to extensive metallurgical analysis with gold recovery estimated at 93.5% for the oxide ore and 92.5% for the primary ore. The CPR, completed by WAI in June 2010, evaluated a preliminary project model contemplating development of an open pit mine operating at an initial mining rate of 700ktpa for the first three years, increasing to 1Mtpa for a 14 year project life. Based on an estimated capital cost of $75 million and a $950/oz gold price WAI estimated an attractive project, with a NPV of $110.9 million using a 10% discount rate and IRR of 48% with a 3 year payback.

 

Frontier also has a potential copper porphyry deposit with associated gold and molybdenum, Baitimir; and several copper/gold prospects along a 25-km trend including both VMS and porphyry types. Metallurgical tests on its Beschoku and Yubileiny copper projects confirm the oxide copper ore is amenable to extraction using low cost SX-EW technology.

 

Frontier maintains an administrative and technical office in Almaty, the former capital city of Kazakhstan and the main business centre in the southeast. The Company also maintains offices in Semipalatinsk and Aktyubinsk, close to the Naimanjal and Benkala operations respectively.

 

Issued Share Capital

Frontier Mining's shares are traded on the AIM market of the London Stock Exchange.

Frontier has 1,860,913,973 ordinary shares issued.

 

For further information please visit: www.frontiermining.com.

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
BOABSGDLCDGBGBX
Date   Source Headline
23rd Jan 20127:01 amRNSFrontier Completes Acquisition of South Benkala
18th Jan 20127:00 amRNSHolding(s) in Company
12th Jan 20127:00 amRNSAdditional Benkala Project Funding
19th Dec 20117:00 amRNSOfficial Opening of Benkala Copper Project
14th Nov 20117:00 amRNSBenkala Operational Update
29th Sep 20117:00 amRNSHalf Yearly Report
5th Sep 201111:26 amRNSResult of AGM
5th Sep 20117:00 amRNSAGM Update
16th Aug 20117:00 amRNSFunding of $5m completed
12th Aug 20114:23 pmRNSNotice of AGM
3rd Aug 201110:35 amRNSDirector/PDMR Shareholding
28th Jul 20117:45 amRNSSale of Maminskoye
27th Jun 20117:00 amRNSFinal Results
15th Jun 20117:22 amRNSOff-take and associated funding completed
6th Jun 20117:00 amRNSBoard Appointment
16th May 20117:00 amRNSBenkala Pit Optimisation Study Released
12th May 20117:00 amRNSMaminskoye Gold Deposit Resource Estimate approved
9th May 20117:00 amRNSPurchase of South Benkala Copper Project
9th May 20117:00 amRNS$5 million funding completed
9th May 20117:00 amRNSIncrease and extension to Zere loan facility
27th Apr 20117:00 amRNS2011 Mining Operations start at Koskuduk
21st Apr 20113:07 pmRNSDirectorate Change
18th Apr 20117:00 amRNSBoard Appointment
13th Apr 20117:00 amRNSChange of Adviser
11th Apr 20117:00 amRNSFrontier Completes Acquisition of Coville
23rd Mar 20117:00 amRNSOre Stockpiling Operations Commenced at Benkala
21st Mar 20117:00 amRNSKey Decision on Coville Acquisition
17th Mar 201110:39 amRNSDirector's Dealing
9th Mar 20117:00 amRNSUpdate on Status: Acquisition of Coville interests
7th Mar 20117:00 amRNSBenkala BFS team established
28th Feb 20117:00 amRNSHSBC Project Funding
14th Feb 20117:00 amRNSUpdated JORC Resource Estimate
7th Feb 20117:00 amRNSBoard Appointment
2nd Feb 20117:00 amRNSOperational Update
13th Jan 201112:36 pmRNSDirector/PDMR Shareholding
12th Jan 20118:45 amRNSIssue of Shares
31st Dec 201010:44 amRNSIssue of Shares
20th Dec 201012:52 pmRNSPlacing to raise £4 million
17th Dec 20107:00 amRNSCompletion of Re-Domicile
1st Dec 20107:00 amRNSCompletion of JORC Resource Estimate
26th Nov 20102:31 pmRNSDirectorate Change
25th Nov 20107:00 amRNSAppointment of non-executive director
24th Nov 20104:38 pmRNSDirector/PDMR Shareholding
22nd Nov 20108:54 amRNSReplacement: HSBC Project Funding
22nd Nov 20107:00 amRNSGold Production Update
18th Nov 20104:30 pmRNSDelay to Re-domicile
8th Nov 20101:17 pmRNSSpecial Meeting
29th Oct 20104:30 pmRNSDirector Shareholding
18th Oct 201012:30 pmRNSSchedule 1 - Frontier Mining Limited
18th Oct 201010:56 amRNSStatement re Re-Domicile

Due to London Stock Exchange licensing terms, we stipulate that you must be a private investor. We apologise for the inconvenience.

To access our Live RNS you must confirm you are a private investor by using the button below.