Senior management appointment

RNS Number : 5561I

URU Metals Limited

02 June 2014

 

URU Metals Limited / Index: AIM / Epic: URU / Sector: Natural Resources

2 June 2014

URU Metals Limited ("URU Metals" or "the Company")

Appointment of Chief Executive Officer

URU Metals, the multi-commodity resource exploration and development company, is pleased to announce the appointment of John Zorbas as Chief Executive Officer (non-board appointment) with immediate effect.  Mr. Zorbas, a resource entrepreneur with a proven track record in the metals exploration and development industry, will provide further expertise to the URU Metals team as it focuses on the advancement of the low-cost high-tonnage Zebediela Nickel Sulphide Project in South Africa.  In addition, the Board believes Mr. Zorbas's experience in the uranium exploration sector will be of particular importance in the development of the Närke Oil-Uranium Project in Sweden, which hosts one of the largest proven uranium deposits worldwide. 

Mr Zorbas is currently Executive Chairman of NWT Uranium Corporation ("NWT Uranium") and Chief Executive Officer of Mercom Oil Sands plc.  He is also a director of both ZorCorp Capital Holdings and Starline Capital Holdings Infrastructure Fund, and served as President of MGM Productions Group Inc.  Mr Zorbas has held senior advisory positions in various facets of business including operations, marketing, sales, strategic planning and structured finance.  Mr. Zorbas holds an Honours Bachelors in Economics from the University of Toronto.

David Subotic, Chairman of URU Metals, commented:

"I am delighted to welcome John to the team and I am confident that his extensive high level experience in the exploration and development sector will prove invaluable as we refine our strategy and focus our attentions on the development of URU Metals' key assets.  John has supported URU Metals for many years through his position as Chairman of NWT Uranium, URU Metals' 38% shareholder, and will bring his expertise in the uranium industry to the Company.  This will be of particular importance in the development of the Company's Närke Oil-Uranium Project in Sweden, where there is potential to define combined non-compliant resources of 1.47 billion tonnes containing 303,000t of U₃O₈ and 525 million barrels of oil equivalent.

"John's commercial proficiency has already delivered for the Company; he was highly instrumental in securing our 100% interest in the high-tonnage, low-cost Zebediela Nickel Sulphide Project.  John has been integral in the negotiation and successful conclusion of multiple transactions during his corporate and entrepreneurial career, and I believe this corporate acumen will be highly beneficial to URU Metals moving forward."

**ENDS**

For further information please visit www.urumetals.com or contact:

URU Metals Limited David Subotic, Chairman	+ 1 416 892 2870
Northland Capital Partners Limited (Nominated Adviser and Joint Broker) Edward Hutton / Matthew Johnson	+ 44 (0) 207 382 1100
Beaufort Securities Limited (Joint Broker) Andrew Gutmann	+ 44 (0) 207 382 8300
St Brides Media & Finance Ltd (Financial Public Relations) Lottie Brocklehurst / Susie Geliher	[phone]

About URU Metals:

URU Metals is a multi-commodity explorer and developer of high quality resource projects.  Its current portfolio comprises:

·     Zebediela Nickel Sulphide Project, South Africa

100% ownership of a world class nickel sulphide project in the Limpopo Province of South Africa boasting inferred and indicated resources of over 1.5Bt hosting around 37Mt of nickel.  Zebediela is forecasted to be a lowest-quartile production asset with an NPV₈ of US$1 billion and IRR of 25.7% at US$8.5/lb Ni for its indicated resources alone.

·     Burgersfort Nickel Sulphide Project, South Africa

50% ownership of Burgersfort, located in the Mpumalanga Province of South Africa.  Previous exploration identified disseminated nickel targets and three deeper massive sulphide nickel targets.

·     The Närke Oil-Uranium Project, Sweden

100% interest in an oil shale asset located in the Alum Shale outcrops of Sweden - conversion of kerogen to oil with one of the largest proven uranium deposits worldwide.  Potential to define combined non-compliant resources of 1.47 billion tonnes containing 303,000t of U₃O₈ and 525 million barrels of oil equivalent.

·     The Nueltin Gold-Uranium Project, Canada

70% earn-in agreement over a new discovery located in a well understood but unexploited basin with multiple high grade targets assaying up to 13.68% U₃O₈ and 2,060g/t Au.  Potential to rapidly progress towards Resource delineation and pre-production development work.

 

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