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Nubian Resources Ltd Announces Management Change
Abbotsford, British Columbia (ots/PRNewswire) - Nubian Resources Ltd is pleased to announce the appointment of Larry Treadgold as CEO of Nubian Resources Ltd., following the resignation of Graham Chisholm.
Mr. Treadgold joined the Board of Nubian in September 2010 as Non Executive Director and was appointed Chairman of the Technical Committee. His contribution towards the re-structuring of the company and in particular his metallurgical and mining expertise has been invaluable.
Nubian over the last 12 months has sold off all of its mining equipment, raised working capital through private placement, acquired and joint ventured its gold property in Nevada for accelerated exploration, restructured its shares through a reverse split, and signed a 100% lease for a Pb-Zn-Ag prospect in Idaho, USA. As of 1st August Dr. Christopher JV Wheatley, Economic Geologist, joined the Board and further enhanced Nubian's technical expertise.
Nubian still has property interests in the DRC and Zambia and is in the process of further re-organizing these interests, as well as focusing on precious metals in new areas. The company is expecting first drill results from its Nevada gold prospect and first sampling results of its Idaho Pb-Zn-Ag prospect within the next two to three weeks.
The company has 7.2 million shares outstanding; net cash and receivables of approx. CAD $1.2 million, and a Board with extensive mining and geological expertise. For further information, please visit Nubian's website http://www.nubianr.com.
Mr. Treadgold will take over from Mr. Chisholm effective 1st September, 2011 and the prime objective will be to complete Nubian's restructuring. Mr. Graham Chisholm has resigned as CEO and from the Board of Nubian, after five years tenure, effective 31st August to proceed with other business. Nubian thanks Mr. Chisholm for his contributions and wishes him success in his new ventures.
Lead Director of Nubian, Markus Janser comments: "We are pleased to have found an in-house solution for Nubian to guarantee continuity at highest level. Larry has proven leadership and extensive mining business valuation skills, which will help Nubian achieve its goals and prepare the company for future growth."
Markus Janser Lead Director
This release includes certain statements that are "forward-looking statements". All statements in this release, other than statements of historical facts that address future exploration, development and production activities, and other circumstances, events and developments that the Company expects, are forward-looking statements. Although management believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results, events and developments may differ materially from those in the forward-looking statements. The occurrence of certain risk factors, the probability of which is unknown, may also affect actual results, events and developments expected by the Company.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.