SRX.L Regulatory News (SRX)

2 May 2006 07:02

Titanium Resources Group Ltd02 May 2006 Titanium Resources Group ("TRG" or "the Group") Board and management changes 2 May, 2006: TRG announces the appointment of Leonard Finbarr Comerford as ChiefExecutive with effect from 1 May 2006. Mr Comerford will take on the executiveresponsibilities of Max McGarvie who will continue as a non-executive Directorof TRG. Leonard Finbarr Comerford, 42, an Irish national, was formerly Managing Directorof the P.W. Group, a specialist mining and construction operator in Africa. MrComerford is currently a Director of P.W. Ghana Ltd., P.W. Mining Limited andP.W. Mining International Limited. Mr Comerford will continue to hold theseDirectorships following his appointment as Chief Executive of TRG. In a career spanning 20 years in the mining and construction industry in AfricaMr Comerford has worked on a wide variety of projects across the continent incountries including Botswana, Namibia, Tanzania, Zambia, Kenya, Ghana, IvoryCast, Burkina Faso, Mali, Guinea, Nigeria, Sierra Leone, Mauritania and Egypt.Mr Comerford is also the Diplomatic representative for the Republic of Irelandin Ghana. Mr McGarvie will remain on the Board as a non-executive Director and the Groupwill continue to benefit from his significant experience. An Australiannational, Mr McGarvie spent over 30 years in the mining industry, of which over14 have been spent at the Group's mines in Sierra Leone. In February 2006 MrMcGarvie successfully completed the re-start of the Group's significantoperations in Sierra Leone which had been closed for over ten years. The Group also announces the appointment of Dr Alex MacDonald as ChiefOperating Officer and Sahr Wonday as Deputy Chief Operating Officer. He joinsTRG from Garmac a private mining, construction and trading services provider inSouthern Africa where he was Director of Operations. Dr MacDonald has 20 yearsexperience in the mining industry in technical, operational and commercial rolesand has worked for companies including JCI, Placer Dome, Anglo American Skanskaand Roan Selection Trust. Mr Wonday, a Sierra Leonean national, was previously Senior Technical ServicesManager at the Group's Sierra Rutile operation and has worked at the mine forover 25 years. In addition to playing a key role in the mine's successfulrestart, Mr Wonday has been closely involved with the development and operationof the mine and its production plants. TRG expects to issue Preliminary financial results for the year ending 31December 2005 on 8 May 2006. Commenting on the announcement, Walter Kansteiner, non-executive Chairman ofTRG, said: "Since our listing on AIM in August of 2005, Max has successfully led thecommissioning and re-start of both of the Group's mines in Sierra Leone. Onbehalf of the Board I would like to thank him for his hard work and dedicationin achieving these significant milestones on time and on budget. We lookforward to continuing to work with Max as the Group grows and develops further." "I am also pleased to welcome Len to the Board and look forward to working withhim to exploit the opportunities for the further expansion of our Group. Theadditional appointment of Alex and promotion of Sahr strengthens the Group'sexecutive team providing us with the capacity to build on the significantachievements the Group has made since listing." Ends For further information TRGWalter Kansteiner, Non-executive ChairmanTel: +44 (0) 207 321 0000 Aura FinancialMichael OkeAndy MillsTel: +44 (0) 207 321 0000 This press release has been issued by TRG and is the sole responsibility of thecompany. This press release does not contain or constitute an offer orinvitation to purchase or subscribe for any securities of TRG and should not berelied on in connection with any decision to purchase or subscribe for any suchsecurities. The securities referred to herein have not been and will not be registered underthe U.S. Securities Act of 1933 and may not be offered or sold in the UnitedStates absent registration under the Securities Act or an available exemptionfrom it. Notes to Editors Leonard Finbarr Comerford Mr Comerford is an engineering graduate of University College Cork who has beenworking in the mining, engineering, financing and development sectors in Africasince 1986. Mr Comerford has worked in a number of senior roles for the P.W. Group, aspecialist African construction and mining contractor based in Ireland for 13years. His experience includes planning and implementing mining and quarryingoperations, working on feasibility and planning for mines and contract andfinancing negotiations with companies including AngloGold Ashanti, ResoluteMining, Goldfields Ghana, Placerdome Tanzania, Goldenstar Resources, Redback(Chirano) Mining, Satellite Goldfields, Sierra Mineral Holdings, HSBC and BNPParibas. Mr Comerford is currently a Director of P.W. Ghana Ltd., P.W. Mining Limited andP.W. Mining International Limited. Dr Alexander Joseph MacDonald Dr. MacDonald has twenty years experience in African mining with substantialexperience in the technical, operational and commercial aspects of the industryacross most major commodity groups. He has worked for many of the major miningcompanies and constructors. He began his career with Johannesburg ConsolidatedInvestments (Pty) Ltd, before joining Davies, Lynn and Partners an engineeringconsultancy in Natal, RSA. Over the years he has held contractual andmanagement positions with Roan Selection Trust International, JCI, Placer Dome,Skanska, and Anglo American Corp throughout Southern Africa and Asia. In recentyears he has been Director of Operations for Garmac a private mining,construction and trading services provider in Southern Africa. Dr. MacDonald received his Ph.D. in engineering from the University of WalesCardiff and a B.Sc. Honours in Applied Geology from the University ofStrathclyde, Glasgow. Sahr Wonday Mr. Wonday is a first class honours graduate from the Royal School of Mines(ICL) and during his 25 years at SRL he has held a number of senior positions atSRL in a range of different areas. He is also a Chartered Certified Accountantin the UK. Mr. Wonday worked in each of the production plants of SRL prior toassuming control of its technical services department, which is responsible forgeology, mine planning and development, plant metallurgy and laboratoryservices. Mr. Wonday has also been instrumental in the process design andcommissioning of various retreatment plants that have boosted rutile productionand profitability. A particularly notable achievement was the development andoperation of a patented process for zircon flotation which significantlyenhanced the production of rutile in the fine size range. Titanium Resources Group Titanium Resources is the holding company of a group of companies that areengaged in the mining, marketing and exploration of mineral resources. The Groupowns two mining operations in the Republic of Sierra Leone - the Sierra Rutilemine and the SML Bauxite mine. The Sierra Rutile mine employs conventional dredging and processing methods toproduce mineral sands in the southwest of Sierra Leone, where its productionpreviously represented approximately 30 per cent of the world's annual supply ofnatural rutile. Natural rutile is a high titanium-bearing feedstock employed inthe manufacture of titanium dioxide (TiO2) pigments that are used in paint,plastics, paper and pharmaceuticals and the production of titanium metal andwelding rods. In close proximity to the Sierra Rutile mine is the SML Bauxitemine. Bauxite from the SML bauxite mine is premium grade metallurgical bauxitewhich is the primary feedstock used in the production of aluminium. Both minesemploy proven mining and processing techniques and rutile and bauxite from thisregion are recognised for their high quality. The SML mining lease covers approximately 580 square kilometres in the southwestof Sierra Leone, 150 km southeast of the capital Freetown. SML is situated on ahigh-grade ore body and employs proven, conventional mining and processingtechniques. In January 2005, SML was granted mining lease ML1/05 for a period of ten yearswith the option to renew for a further ten years. Independent analysis of SML'sexisting bauxite reserves at Gbonge, Gondama, Jenega, Konta and Wunde areestimated at 12.4 million tonnes which should support production forapproximately ten years at normal operating levels. It is envisaged that furtherexploration work will be undertaken to discover additional resources in theGbonge Hills and the Gondama sector which lie within the mining lease area. The bauxite from Gondama/Gbonge is highly-prized gibbsitic bauxite which may beused as feed for low temperature and high temperature digestion as well as feedfor sweetening digestion. This versatility creates significant marketingflexibility. This information is provided by RNS The company news service from the London Stock Exchange