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Board Appointment

18 Apr 2011 07:00

RNS Number : 0589F
Frontier Mining Ltd
18 April 2011
 

 

18 April 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 Yerbulat Tastanov to the Board of Directors as an executive director, Head Of Government Relations.

 

 Mr Yerbulat Adiyatovich Tastanov, Ph. D, aged 62, is a member of KazAtomProm Technical Counsel and a Member of Mining Reserves Development Committee of the Ministry of Industry and Trade of Kazakhstan. He is considered one of the most prominent mining experts in Kazakhstan.

 

From October 2008 to March 2011, he was was President of the Kazakh State Academy of Science Center for Earth Sciences, Metallurgy and Ore Enrichment, which consists of 6 Research Institutes and is the highest Kazakhstan State research center for mining. From June 2005 to October 2008, he was general director of LLP Scientific Production Enterprise Manganese.

 

From 1992 to 2004, Mr Tastanov held various positions in ENRC group, Kazakhstan's largest mining company, including Director of Strategy and Innovation at Kazchrom, Deputy Chairman of Zhairem MBC, and Deputy Director of Pavlodar Aluminum Plant.

 

Mr Tastanov worked with the Kazakh Polytechnic Institute from 1966 to 1992. Having graduated from the institute he went on to work with it from being a young engineer to a Senior Scientist, Professor, Head of the Alumina Industrial Research Laboratory and Dean of School of Metallurgy. He holds a PhD in Metallurgy.

 

There is no further information to be disclosed under schedule 2(g) and Rule 17 of the AIM Rules in respect of Mr Tastanov's appointment today as a director of the Company.

As a Director of Frontier, Mr Tastanov will be responsible for overseeing Frontier's compliance with various regulations and its work with government agencies, and for developing the Company's strategic and operational plans in Kazakhstan.

 

Erlan Sagadiev, CEO of Frontier Mining, commented: "Mr Tastanov, with his 30 years of theoretical research and practical experience in mining in Kazakhstan, will be one of our main human assets, helping us to do what we want to do both strategically and technologically. We welcome Mr. Tastanov to Frontier and look forward to working with him.

 

 

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, e estimatedthe 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 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 $75M and a $950/oz gold price WAI estimated an attractive project, with a NPV of US$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
 
 
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