24 Jul 2008 09:00
Uranium Resources plc / Market: AIM / Epic: URA / Sector: Exploration
24 July 2008
Uranium Resources plc ('Uranium Resources' or 'the Company')
Board Appointments
Uranium Resources plc, the AIM listed uranium exploration and development company, has appointed Alex Gostevskikh as Managing Director and Andrew Lewis as Non-executive Director with immediate effect. Alex Gostevskikh was most recently the Regional Exploration Manager for Centerra Gold Inc. Andrew Lewis was President of Kumtor Operating Company in the Kyrgyz Republic, a subsidiary of Centerra Gold Inc, which operated the Kumtor mine and ranks in the world's top 15 gold producers. These appointments are an integral part of the Company's strategy to further develop its Tanzanian assets and identify new projects.
Uranium Resources Director, Ross Warner, said, "Alex and Andrew have developed and operated globally significant mining projects. They bring a wealth of experience across a range of commodities in challenging operating environments and diverse jurisdictions. The board has structured an option incentive plan which if valuable to both Alex and Andrew will prove to be very valuable to all shareholders with options exercisable at 5p, 15p and 35p.
"Our aim this year is to grow the Company through the advancement of our current project portfolio in southern Tanzania and identify further targets to expand our asset base. We believe that the current uncertainties in the global markets provide opportunities for companies such as Uranium Resources who have experienced management teams."
Alex Gostevskikh MSc MBA
Mr Gostevskikh is a geologist with over 20 years of experience in international mining and exploration including generative and early-stage exploration, resource/reserve estimation, scoping and feasibility studies, project development, mine geology and mining engineering for such commodities as gold, silver, and non-ferrous and base metals. He also has extensive corporate experience through his involvement with a number of listed companies on the TSX and NYSE markets. Until recently he was a Regional Exploration Manager for Centerra Gold Inc (TSX listed), the largest Western gold producer in Central Asia, where he was responsible for generating and evaluating acquisition opportunities and exploration targets in multiple commodities.
Other positions Mr Gostevskikh has held include Exploration Manager for Gulf International Minerals, Senior Geologist for Kinross Gold/Amax Gold, as well as consulting engagements with a number of major and junior mineral exploration companies. His past involvements have helped him build a valuable network of contacts in the mining and related industries across multiple regions of Central Asia and the Middle East.
Andrew Lewis BSc MBA ARSM
Mr Lewis has over 25 years of corporate experience having managed mining operations in Western and Eastern Europe and the Former Soviet Union. He was recently appointed as General Director of Nui Phao Mining Joint Venture Co, Ltd, a subsidiary of Dragon Capital, building an open pit tungsten-bismuth-fluorspar-copper-gold mine in northern Vietnam. The mine, once in production in 2010, will become the largest non-Chinese tungsten producer in the world. Previously he was President of Kumtor Operating Company in the Kyrgyz Republic, a subsidiary of Centerra Gold Inc, where he was responsible for corporate management, operations and development. The mine represents the largest foreign investment in the country where it regularly contributed almost 10% of GDP.
During the last 15 years Mr Lewis has held various corporate positions for international mining and exploration companies including senior management and technical roles in Bulgaria, Spain and the Philippines.
Incentive Options
The Company has granted the following options to Mr Gostevskikh:
| Tranche | Shares | Exercise Price | Period for Exercise |
| A | 8,000,000 | 5 pence | 23 July 2013 |
| B | 10,000,000 | 15 pence | 23 July 2013 |
| C | 10,000,000 | 35 pence | 23 July 2013 |
The Company has granted the following options to Mr Lewis:
| Tranche | Shares | Exercise Price | Period for Exercise |
| A | 2,000,000 | 5 pence | 23 July 2013 |
| B | 2,000,000 | 15 pence | 23 July 2013 |
| C | 2,000,000 | 35 pence | 23 July 2013 |
Other information required by AIM Rules for Companies
The following information is provided in accordance with paragraph (g) of Schedule 2 of the AIM Rules for Companies.
Mr Gostevskikh's full name is Alexei Vladimirovich Gostevskikh and he is 45 years of age.
Mr Lewis's full name is Andrew Mark Lewis and he is 50 years of age. Mr Lewis was a director of Kinshaw Electronics Limited a small electronics business specialising in the design development, manufacture and marketing of domestic audio products. The company was the subject of a creditor's voluntary liquidation in 1995 and dissolved in 1997.
There are no other matters which are required to be announced with regard to this appointment under paragraph (g) of Schedule 2 of the AIM Rules for Companies.
**ENDS**
For further information please visit www.uraniumresources.co.uk or contact:
| James Pratt | Uranium Resources plc | Tel: +44 (0)7747 832 043 |
| Ross Warner | Uranium Resources plc | Tel: +44 (0)7760 487 769 |
| Hugh Warner | Uranium Resources plc | Tel: +33 643 916 003 |
| Hugh Oram | Nabarro Wells & Co Ltd | Tel: +44 (0)20 7634 4705 |
| Hugo de Salis | St Brides Media & Finance Ltd | Tel: +44 (0)20 7236 1177 |
| Felicity Edwards | St Brides Media & Finance Ltd | Tel: +44 (0)20 7236 1177 |
Notes to editors
Uranium Resources plc is an AIM listed uranium exploration and development company. It is the Company's strategy to advance its existing assets and strengthen its portfolio via opportunist acquisition. Uranium Resources has uranium licences in the highly prospective Karoo Basin in Southern Tanzania where it currently has a land package in excess of 13,500 sq km.