Aurum Mining PLC
17 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 other
mineral extraction projects in the Former Soviet Union (FSU) and whose principal
asset is the Andash project in the Kyrgyz Republic, is pleased to announce the
appointment of Christopher John Eadie as Chief Financial Officer. Mr Eadie, age
37, will join Aurum's Board of Directors with immediate effect.
Mr Eadie trained as a Chartered Accountant with PricewaterhouseCoopers and
qualified in 1997. For the past eight years, he has worked for Cable and
Wireless plc, where he held a wide variety of financial roles including five
years as a Manager in the Corporate Finance team. Most recently Mr Eadie worked
as Financial Controller on the integration of the acquired Energis business into
Cable and Wireless' existing UK business.
Mr Eadie's experience is expected to be of particular value to the Company as it
moves close to the project financing phase of the Andash project. To date,
Aurum's finance function has been overseen by Haresh Kanabar, the Company's
Business Development Director.
The Board of Aurum announces that the Company has granted options over 500,000
ordinary 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. The
remaining options are exercisable subject to certain performance criteria which
the Board has agreed such that a further 150,000 shall be exercisable
immediately following the securing of financing for the Company's Andash
project, 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 period
of five years from their date of grant.
Commenting on Mr Eadie's appointment, Sean Finlay, Aurum's Chairman, said: 'I am
delighted to announce Chris' appointment as Chief Financial Officer and to
welcome him to Aurum's Board. His broad financial experience will be of
significant value to Aurum and his appointment marks a further important step in
the Company's development.'
Mr Eadie is a director of Chris Eadie Associates Ltd. No further disclosures are
required to be made in relation to Mr Eadie under schedule 2 (g) of the AIM
rules.
For further information:
Aurum Mining plc Tel: 020 7478 9050
Mark Jones, Chief Executive
Arbuthnot Securities Tel: 020 7012 2000
Graham Swindells
Buchanan Communications Tel: 020 7466 5000
Mark Court
Notes to editors
Aurum Mining joined the AIM market of the London Stock Exchange in May 2004 with
the strategy of seeking, evaluating and acquiring gold and other mineral
extraction projects in the Former Soviet Union (FSU). In January 2005 the
Company completed its first acquisition, giving the Company an exploration
licence over the Andash gold and copper project in the Kyrgyz Republic. Mining
consultant Wardell Armstrong International has confirmed a JORC resource
estimate of 1.49 million ozs of gold and gold equivalent in Andash Zone 1 in
Measured and Indicated categories. The feasibility study for Zone 1 is scheduled
for 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 Zone
2 and Zone 3 along with Tokhtonysay and three other additional exploration
areas.
This information is provided by RNS
The company news service from the London Stock Exchange
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