HGM.L Regulatory News (HGM)

23 Jul 2008 07:00



Highland Gold Mining Limited 

Board Changes 

23 July 2008

Highland Gold Mining Limited ("Highland"), the AIM quoted Russian gold producer, announces changes to its Board of Directors with effect from today. 

After many years of committed service to Highland, James Cross, who has been Chairman since 2004, has decided to retire from the Board and pursue personal business opportunities. 

Tim Wadeson, who indicated to the Board in 2007 his wish to retire but was requested to stay on for the Millhouse transaction, also retires as previously intended. 

Christopher Palmer-Tomkinson, who joined the Board at its formation in 2002, has expressed a wish to stand down to pursue other commitments including his role as Chairman of Charaat Gold Holdings Ltd. is also retiring with effect from today. 

Duncan Baxter, who has been with Highland since 2002 and was a director between December 2002 and April 2008, comes back to the Board and becomes non-executive Chairman.

The Board has considered the independence of the directors on the Board and has determined that Mr Baxter and Mr Robinson who was appointed on 25 April 2008, are independent and a further announcement will be made on the appoiintment of an additional independent director.

The Board of Highland and JPMorgan Cazenove, as the Company's Nominated Adviser, have reviewed and accepted the nomination and the Directors are pleased to welcome Mr Baxter back to the Board. 

The Board of Highland would like to record its thanks and appreciation for the valuable contribution that Mr Cross, Mr Palmer-Tomkinson and Mr Wadeson have made to the Company over all their years of service.

In respect of the new appointment, other than the information provided below in accordance with Rule 17 of the AIM Rules, there is no other information required to be disclosed pursuant to Schedule 2 paragraph (g) (i) to (viii).

Enquiries:

Fin Public Relations   Alex Glover - +44 (0) 207 608 2280

Smith's Dominic Palmer-Tomkinson - +44 (0) 207 239 0140

Highland Gold Mining Limited

Duncan Baxter, Chairman - +44 (0)1534 814 202 

Henry Horne, Chief Executive Officer, Moscow - +7 495 777 5529

Dmitry Yakushkin, Head of Communications - +7 495 777 3155

JPMorgan Cazenove (Nominated Adviser)

Michael Wentworth-Stanley, Managing Director 

Sam Critchlow - +44 (0) 207 588 2828

www.highlandgold.com

Notes

The following information is provided in accordance with Rule 17, Schedule 2 paragraph (g) (i) (ii) and (v) of the AIM Rules:

Duncan Baxter (56), is a senior banker with many years experience in international banking. He was involved in the Highland IPO in 2002 and since then he has acted as an executive director of Highland coming off the Board in April 2008 as a result of the Millhouse transaction, but continuing with executive duties to date. He is a non-executive director of Alternative Investment Strategies Limited, Aberdeen Asian Income Fund Limited and 3i Quoted Private Equity Limited. 

He holds and has held directorships/partnerships in the companies listed below within the past 5 years:

Current

Former

He or persons connected with him have an interest in 20,000 ordinary shares and options over 300,000 ordinary shares in the Company.