Jun 29, 2011
Mkango Resources Ltd. Announces Significant Strengthening of its Board and Management Team
Calgary, Alberta: June 29, 2011 - Mkango Resources Ltd. (TSXV-MKA) (the "Corporation" or "Mkango") is pleased to announce the appointments of Adrian J. Reynolds as a Non-Executive Director and Sandra Beaulieu as Chief Financial Officer of Mkango. These appointments are subject to the approval of the TSX Venture Exchange. The Corporation would also like to announce that Mr Arthur Wong has stepped down from the Board and would like to thank him for his contribution and service to Mkango.
Appointment of Mr Adrian Reynolds as a Non-Executive Director
Mr Adrian Reynolds has an MSc in Geology, a Graduate Diploma of Mining Engineering and over 30 years experience in the natural resources sector, including more than 15 years experience with Randgold Resources Limited. He was part of the executive team at Randgold that developed the company's original successful strategy whereby the company grew from an exploration company to a very profitable mid-tier mining company. His key responsibilities included technical oversight of the mining operations including feasibility studies, audits, compliance and evaluation of new opportunities. He was also a director of Morila Ltd and Société des Mines de Loulo S.A.
Prior to joining Randgold, after initial experience in both oil and coal exploration he moved into deep level gold mining with Gencor Ltd in the Free State Goldfields. Joining Rand Mines Limited in 1985, he held positions in geological management in Rand Mines Limited and its successor Randgold & Exploration Company Limited.
Mr Reynolds is currently an independent consultant and a Non-Executive Director of Digby Wells Environmental, one of the foremost mining environmental consultancies in Africa. He is also a Non-Executive Director of Aureus Mining.
Mr Reynolds is a resident of Cape Town, South Africa.
Appointment of Mrs Sandra Beaulieu as Chief Financial Officer
Mrs Sandra Beaulieu is a financial professional with over 20 years experience in the resource sector, both domestically and internationally. Her skills include controllership, treasury and internal control governance with extensive experience in North America.
Sandra has held positions with international resource companies requiring her to oversee sound financial controls and her familiarity with and guidance of financial system implementation, upgrading and maintenance has given her a distinct advantage when advising and assisting emerging enterprises.
In her consulting practice as managing director of Basenji Solutions Ltd, Sandra has managed the entire financial function for a number of publically traded companies, TSX-V capital pool companies and sole proprietorships.
In relation to these appointments, the Corporation has granted a total of 280,000 stock options to Mr Reynolds and Mrs Beaulieu with an exercise price of C$0.55 per share and an expiry date of June 28, 2021. The options are subject to the approval of the TSX Venture Exchange and are subject to the Corporation's incentive stock option plan.
Mkango Resources Ltd.
Mkango's primary business is the exploration for rare earth elements and associated minerals in the Republic of Malawi. It holds, through its wholly owned subsidiary Lancaster, a 100% interest in two exclusive prospecting licenses covering a combined area of 1,751 km² in southern Malawi. The main exploration target is the Songwe Hill rare earth deposit, which features carbonatite hosted rare earth mineralization and was subject to previous exploration programs in the late 1980s.
The Corporation's corporate strategy is to further delineate the rare earth mineralization at Songwe Hill and secure additional rare earth element and other mineral opportunities in Malawi and elsewhere in Africa.
For further information, please contact:
Mkango Resources Ltd.
Office +1 (403) 444 - 5979
Fax +1 (403) 351 - 1703
Chief Executive Officer
Cautionary Note Regarding Forward-Looking Statements
This news release may contain forward-looking statements relating to the Corporation. Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will not occur, which may cause actual performance and results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward-looking statements.
The forward-looking statements contained in this press release are made as of the date of this press release. Except as required by law, the Corporation disclaims any intention and assume no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities law. Additionally, the Corporation undertakes no obligation to comment on the expectations of, or statements made, by third parties in respect of the matters discussed above.
The TSX Venture Exchange has neither approved nor disapproved the contents of this press release.
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.