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16 Mar 2011 07:00
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For immediate release | 16 March 2011 |
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Metminco Limited
("Metminco" or "the Company")
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Mr John Fillmore, founding Chairman of Metminco, resigns from Metminco Board.
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The founding chairman of Metminco Limited (ASX:MNC), Mr John Fillmore, has announced his resignation from the Company's Board of directors effective immediately, after guiding Metminco from its Initial Public Offering in 2007 to today's market capitalisation of over $A500 million.
Mr Fillmore wishes to devote more time to developing new mining and exploration ventures as well as focussing on his growing Melbourne legal practice.
Mr Fillmore said, "Metminco is an outstanding exploration company with very strong prospects of becoming a world-class mine operator. It has been a privilege to be Metminco's chairman and I look forward to its continued success."
William Howe, Managing Director of Metminco, commented "John Fillmore has provided Metminco with outstanding service as Chairman and has the board's unanimous and heartfelt thanks and best wishes".
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The Metminco Board has appointed Mr Antonio Vicuna Ortuzar (aged 48), a Chilean national and resident, to the Board of the Company with immediate effect. Mr Ortuzar, a lawyer by profession, is a highly respected figure in the global resources sector and has extensive experience and networks in the financial markets in both North and South America as well as in London. Mr Ortuzar will assume the role of Chairman of the Board.
The directorships and partnerships held by Mr Antonio Ortuzar now and over the five years preceding the date of appointment are as follows:
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Current: Atacama Pacific Corporation, Toronto listed as ATM
Baker & McKenzie LLP
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Previous: Anacondas Mining Corporation, Toronto listed ANX; Explorator Resources Corporation; Toronto listed EXO; Li3 Energy, Inc; New Sage Energy Corp.
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Β Apart from Metminco's flagship project, the Los Calatos copper/molybdenum operation in Peru, all of Metminco's exploration and development projects are located in Chile.
The acceptance of the position of chairman by Mr Ortuzar will be of great assistance to Metminco as it explores its gold and copper projects in South America and moves towards production in the period ahead. He will be able to work closely with the Managing Director, William Howe who is also based in Santiago.
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About Metminco:
Metminco is a dual ASX and AIM listed company with a portfolio of copper and gold projects in Peru and Chile. The Los Calatos project located in southern Peru has JORC compliant resources of 926 million tonnes, consisting of Indicated Resources ofΒ 111 million tonnes at 0.39% Cu and 380ppm Mo and Inferred Resources ofΒ 815 million tonnes at 0.37% Cu and 260ppm Mo(at a 0.2% copper cut-off grade).
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The Chilean assets include a 50% interest in the Mollacas copper leach project with JORC compliant resources of 17 million tonnes consisting of Indicated Resources of 7.2 million tonnes at 0.56% copper and Inferred Resources of 9.8 million tonnes @ 0.52% copper (at a 0.2% copper cut-off grade); and a 50% interest in the Vallecillo gold zinc project with JORC compliant resources of 10.1 million tonnes consisting of Indicated Resources of 7.9 million tonnes @ 1.14g/tAu; 11.4g/tAg; 1.32% Zn; 0.29% Pb and Inferred Resources of 2.2 million tonnes @ 0.78g/t Au; 8.2g/t Ag; 0.58% Zn; 0.26% Pb (at a cut-off grade of 0.3g/t Au).
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For further information please contact:
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South America: William Howe - Managing Director | Ph: +56 (2) 411 2600 |
Australia: William Etheridge - Executive Director Phillip Wing - Executive Director Philip Killen - Company Secretary & CFO Ian Howarth (Collins St Media) | Β Ph: + 61(0) 419 400 919 Ph: + 61(0) 412 254 704 Ph: + 61(0) 408 609 916 Ph: + 61(0) 407 822 319 Β |
United Kingdom: Tim Read - Non-Executive Director Stephen Cooper (Investec Bank plc) Tim Thompson / James Strong / Katharine Sutton (Buchanan Communications) Β | Β +44 (0)7777 721 809 +44 (0)20 7597 5104 +44 (0) 20 7466 5000 |
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