Kemin Resources Regulatory News (KEM)

7 Jun 2007 09:10

GMA Resources PLC07 June 2007 07 June 2007 AIM: GMA GMA Resources Plc ("GMA" or "the Company") Board Changes at ENOR Spa & Exploration Program ALGIERS - June 7, 2007 - Gold Mines of Algeria Pty, a wholly owned subsidiary ofGMA, and Sonatrach SPP Spa, a subsidiary of the Sonatrach Group in Algeria,announce nominations that have been approved by the Board of Directors of ENORSpa ("ENOR") on May 31, 2007. GMA owns 52% of ENOR Spa, the Algerian operating company for the Tirek /Amesmessa project, with the remainder owned by Sonatrach, the Algerianstate-owned oil and gas company. Douglas Perkins is appointed as President of ENOR, effective immediately,replacing Mr. Richard Linnell. Mr. Perkins was previously a Non-ExecutiveDirector on ENOR. Mr. Linnell will continue to play an active role in ENOR andwill remain a Non-Executive Director thereof. Mr Linnell also currently acts asNon-Executive Chairman of GMA Resources Plc. Mr. Mustapha Benzerga is nominated to the Board of Directors of ENOR bySonatrach and appointed General Manager of ENOR in replacement of Mr. AliNouioua, Mr. Nouioua has been appointed to a strategic position within theSonatrach Group. These appointments come at a time where the activities related to theconstruction and commencement of production of the Amesmessa mine areaccelerating and in response to consultation between both partners, who wish toreinforce the financial management team in Algiers. The shareholders of ENOR and the Board of Directors offer their congratulationsto Messrs. Perkins and Benzerga and assure them of their support and activecollaboration. Douglas Perkins, CEO of GMA, comments, "I would like to take this opportunity tothank Mr. Linnell on behalf of the Board of ENOR, GMA and our shareholders.Richard has helped to advance ENOR into what it is today and I am delighted thathe will continue to play an active role as a Non-Executive Director of the Boardof ENOR and remain active as Chairman of GMA Resources plc. "I would also like to welcome Mr. Benzerga to the Board of ENOR. He bringsextensive international mining experience to ENOR as well as a strongunderstanding of the Ministry of Energy & Mines in Algeria. I would like totake this opportunity to express our gratitude and congratulations to Mr.Nouioua for the immense progress made by ENOR under his leadership and offerhim, our best wishes of success in his new position." At the same Board meeting, the ENOR Board approved a comprehensive andaggressive exploration campaign for the concession following on from theinterpretation of the airborne geophysical survey that was flown in 2006 and thegeological site visit in April 2007. The budget approval includes thedevelopment of a strong permanent exploration team at site and will includeapproximately 20,000 meters of RC drilling in the later part of 2007.Discussions are under way with drilling contractors at present. This program ofexploration will enhance the new interpretation of the geology on the concessiongiven the economics of heap leach technology and the ability to profitably minelower grade material than was previously envisioned. Management believes thatthere are targets that, following drilling, could be quickly converted tomineable resources in the short term. About GMA Resources: GMA owns a controlling 52% stake in ENOR spa, the Algerian based operatingcompany for the Tirek -Amesmessa project, with the remainder owned by Sonatrach,the Algerian state-owned oil and gas company - a strong ally in Algeria. ENOR holds the exploration permit to the Tirek-Amessmessa property, an area ofsome 1,417 km2, located approximately 450km south west of the city, Tamanrasset,in southern Algeria. The Tirek gold mine is located centrally in the northernthird of the exploration permit area, some 60 km north of Amessmessa, an openpit gold mine, which is in the extreme south of the permit area. The Zitaarea, which lies between Tirek and Amessmessa, also shows considerable potentialfor development of prospects amenable to open-pit mining. GMA plans to quicklyexpand upon resources outside of the major 80km Tirek-Amessmessa fault north/south of the concession. GMA's shares are traded on the AIM market of the London Stock Exchange. GMAcurrently has 354,418,493 ordinary shares in issue. For further information on the Company, please visit the GMA website at www.gmaresources.plc.uk Enquiries: GMA Resources Plc Douglas Perkins - Chief Executive Officer Tel: +44 (0) 20 7253 7670 Mobile: +1 514 806 6788 Philip Secrett/Fiona Owen Grant Thornton Corporate Finance Tel: +44 (0) 20 7383 5100 Cathy Malins/Annabel Leather Parkgreen Communications Tel: +44 (0) 20 7851 7480 This information is provided by RNS The company news service from the London Stock Exchange