RNS Number : 8006W
Minco PLC
16 June 2008
Press Release
Minco Announces:
Listing Application of Orca Minerals on Toronto Stock Exchange
Executive Appointments
London, 16 June, 2008 - Minco plc (MIO), the London AIM quoted precious and base metals
exploration and development company is pleased
to report that its Canadian subsidiary Orca Minerals Limited ("Orca Minerals"), has filed a
listing application with the TSX Venture
Exchange ("TSXV") in Toronto.
Having successfully raised $8,806,000 (Canadian) in a series of Special Warrants
placements since September 2007, Orca Minerals has
filed a preliminary Filing Statement with the TSXV. The listing will be effected by means of a
reverse takeover of Antamena Capital Corp.(TSXV: ANT.P). The resulting issuer, to be known as XTIERRA Resources Ltd. ("XTIERRA") will,
subject to regulatory approvals, have a TSXV
"Tier 1" listing.
Executive Appointments
The proposed directors and management of XTIERRA will be: John Kearney (Chairman), Terence
McKillen (President, CEO and Director), Neil
Steenberg (Corporate Secretary and Director), Lee Graber (Director), Tim Gallagher (Director),
and Danesh Varma (Chief Financial Officer and
Director).
As part of the restructuring of Minco's assets John Kearney and Terence McKillen will also
assume similar roles in Minco, with John
Kearney as Executive Chairman and Terence McKillen as Chief Executive. Messrs. Kearney and
McKillen have been directors of Minco since 1997
and Mr. McKillen was previously Executive Director of Exploration and Business Development.
Roger Turner, Executive Chairman of Minco, who has been a director of Minco since 2003,
has indicated his wish to retire from the Minco
board.
Appointment of Manager of Operations (Mexico)
Sr. Luis De La Fuente has been appointed Manager of Operations (Mexico) where he has
assumed overall responsibility for the preparation
of a feasibility study on the Bilbao silver-zinc-lead-copper project as well as conducting
additional optimization studies at the La Laguna
silver-gold tailings retreatment project.
Sr. De La Fuente has 35 years experience in the mining industry with mine development and
operation of open pit mines and processing
facilities and has held senior administrative, planning and operations positions with
Canadian, US and Mexican companies, including Compania
Minera de Cananea, Minera Real de Angeles, Hecla Mining Co. and Santa Cruz Gold Inc. For the
past eight years, Sr. De La Fuente has provided
administrative and engineering consulting services to a number of Canadian and Mexican
companies. He is a graduate engineer from the
University of Guanajuato, and holds a diploma in Administration from the University of
Aguascalientes. He was formerly president of the
Mining Association of Mexico.
Chairman's Comment
Commenting on the announcement, John Kearney, Executive Chairman of Minco and Chairman
designate of XTIERRA said: "The board of Minco
would like to record its thanks to Roger Turner, outgoing Executive Chairman, for his overall
leadership and specifically in helping to
assemble and deliver Minco's Mexican asset base over the past four years.
"We are very pleased that the restructuring of Minco's Mexican assets into a stand-alone
Canadian TSXV listed issuer is now close to
fruition. We have been able to raise significant financial support in the North American
markets for our Mexican Silver projects at a time
of volatile equity markets. Orca Minerals (to become XTIERRA) is now well financed with a
strong management team to ensure the optimum
advancement of its two main development projects in Zacatecas, which should enable Minco, as
the major shareholder, to recognize and realize
the value of its Mexican assets."
About Minco:
Minco PLC is an AIM quoted precious and base metals exploration and development company
with silver projects in Mexico and zinc
exploration in Ireland.
For further information, www.minco.ie or contact:
John Kearney: Executive Chairman +1 416 362 6686
Terence McKillen: Chief Executive +1 416 362 6686
Danesh Varma, CFO & Company Secretary +44 (0)20 7397 8154
John Frain / Fergal Meegan: (NOMAD) Davy + 353 (0)1 6796363
Tom McCormack (Ireland PR) ConneXions +353 (0)1 230 3015
This announcement has been issued through the Companies Announcement Service of
the Irish Stock Exchange.
This information is provided by RNS
The company news service from the London Stock Exchange
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