Shearwater Regulatory News (SWG)

17 Nov 2006 07:01

Aurum Mining PLC17 November 2006 For immediate release 17 November 2006 AURUM MINING PLC ("Aurum" or "the Company") Appointment of Chief Financial Officer Aurum Mining plc (AIM: AUR), the company formed to acquire gold and othermineral extraction projects in the Former Soviet Union (FSU) and whose principalasset is the Andash project in the Kyrgyz Republic, is pleased to announce theappointment of Christopher John Eadie as Chief Financial Officer. Mr Eadie, age37, will join Aurum's Board of Directors with immediate effect. Mr Eadie trained as a Chartered Accountant with PricewaterhouseCoopers andqualified in 1997. For the past eight years, he has worked for Cable andWireless plc, where he held a wide variety of financial roles including fiveyears as a Manager in the Corporate Finance team. Most recently Mr Eadie workedas Financial Controller on the integration of the acquired Energis business intoCable and Wireless' existing UK business. Mr Eadie's experience is expected to be of particular value to the Company as itmoves close to the project financing phase of the Andash project. To date,Aurum's finance function has been overseen by Haresh Kanabar, the Company'sBusiness Development Director. The Board of Aurum announces that the Company has granted options over 500,000ordinary shares of 1p each to Mr Eadie at an exercise price of 99.5p per option.Of these 500,000 options, 150,000 are exercisable with immediate effect. Theremaining options are exercisable subject to certain performance criteria whichthe Board has agreed such that a further 150,000 shall be exercisableimmediately following the securing of financing for the Company's Andashproject, and 200,000 will be exercisable on the production of gold at Andash.These options will lapse, to the extent not previously exercised, after a periodof five years from their date of grant. Commenting on Mr Eadie's appointment, Sean Finlay, Aurum's Chairman, said: "I amdelighted to announce Chris' appointment as Chief Financial Officer and towelcome him to Aurum's Board. His broad financial experience will be ofsignificant value to Aurum and his appointment marks a further important step inthe Company's development." Mr Eadie is a director of Chris Eadie Associates Ltd. No further disclosures arerequired to be made in relation to Mr Eadie under schedule 2 (g) of the AIMrules. For further information: Aurum Mining plc Tel: 020 7478 9050Mark Jones, Chief Executive Arbuthnot Securities Tel: 020 7012 2000Graham Swindells Buchanan Communications Tel: 020 7466 5000Mark Court Notes to editors Aurum Mining joined the AIM market of the London Stock Exchange in May 2004 withthe strategy of seeking, evaluating and acquiring gold and other mineralextraction projects in the Former Soviet Union (FSU). In January 2005 theCompany completed its first acquisition, giving the Company an explorationlicence over the Andash gold and copper project in the Kyrgyz Republic. Miningconsultant Wardell Armstrong International has confirmed a JORC resourceestimate of 1.49 million ozs of gold and gold equivalent in Andash Zone 1 inMeasured and Indicated categories. The feasibility study for Zone 1 is scheduledfor completion by the end of this year, as is the receipt of a mining licence,allowing production to begin in 2008. The Andash project also includes the Zone2 and Zone 3 along with Tokhtonysay and three other additional explorationareas. This information is provided by RNS The company news service from the London Stock Exchange