China Nonferrous Gold Board Changes

 
TIDMCNG 
 
 

China Nonferrous Gold Limited

("CNG" or the "Company")

Board Changes

China Nonferrous Gold Limited ?????????? (AIM: CNG), the mineral exploration and mining company currently mining the Pakrut gold project in the Republic of Tajikistan, is pleased to announce the appointment of Mr Yu Lixian ("Mr Yu") as Managing Director and the appointment of Mr Hao Zhang ("Mr Zhang") as Finance Director with immediate effect.

Mr Yu, aged 50, a senior engineer, is the General Manger of China Nonferrous Metals Int'l Mining Co., Ltd. ("CNMIM"), the Company's largest shareholder, having joined CNMIM on July 2017. He graduated with a Bachelor's degree majoring in mining engineering from Central South University (formerly known as College of Changsha Nonferrous Metals) in the PRC in June 1990 and has a postgraduate degree in law from CPC Hubei Provincial Party School in the PRC.

Mr Yu has extensive management and industry experience. From May 2002 to August 2006, Mr Yu held various positions in Daye Nonferrous Metals Co., a large-scale copper industry enterprise and from August 2006 to July 2017 he served as deputy president of Daye Nonferrous Metals Group Holdings Co., Ltd.

Mr Zhang, aged 40, a senior accountant, is the Chief Accountant of CNMIM, having joined in December 2015. From September 1999 to July 2003, he worked for the Anshan branch of Industrial and Commercial Bank of China and in the credit ratings department. From July 2005 to December 2015, he served as head of the funds department of China Nonferrous Metal Mining Group Co., Ltd. Mr Zhang holds a Master's degree majoring in business administration from Renmin University of China.

The Company is also announces that Mr Li Li has stepped down from the Board of the Company with immediate effect.

Wu Xiang, Non-Executive Chairman commented:

"We are delighted to welcome Mr Yu and Mr Zhang to the Board. Both of them have extensive experience in their respective fields and we look forward to working with them.

The Board of the Company would like to thank Mr Li for his contribution to the development of the Company and its projects, and wish him every success with his future endeavours. The Board is now actively engaged in the process of selecting and appointing new independent non-executive directors and we look forward to updating the market in due course."

For further information please visit the Company's website (www.cnfgold.com) or contact:

Investec Bank plc

Jeremy Ellis, George Price

Tel: [phone]

Beaufort Securities Limited

Jon Belliss

Tel: [phone]

Blytheweigh

Tim Blythe, Camilla Horsfall, Nick Elwes

Tel: [phone]

The following information is required to be disclosed under Schedule 2(g) of the AIM Rules for Companies in relation to Mr Yu.

 
Current directorships          Former directorships and/or partnerships 
and/or partnerships            (within the last five  years) 
Kryso Resources Limited        Daye Nonferrous Metals Co., Ltd. 
International Mining Supplies 
& Services Limited 
 
 

The following information is required to be disclosed under Schedule 2(g) of the AIM Rules for Companies in relation to Mr Zhang.

 
Current directorships          Former directorships and/or partnerships 
and/or partnerships            (within the last five  years) 
International Mining Supplies 
& Services Limited 
 
 

There are no further disclosures to be made under Schedule 2(g) of the AIM Rules for Companies.

Project Summary

The Pakrut gold project, of which CNG has 100 per cent ownership, is situated in Tajikistan approximately 120km northeast of the capital city Dushanbe. Pakrut is located within the Tien Shan gold belt, which extends from Uzbekistan into Tajikistan, Kyrgyzstan and Western China, and which hosts a number of multi-million ounce gold deposits.

CNG is currently in a commissioning phase with mining contractors on site finalising constructing of the mine, plant, tailings dam and refinery.

About Tajikistan

Tajikistan is a secular republic located in Central Asia. The country is a member of the Commonwealth of Independent States and the Shanghai Cooperation Organisation. Tajikistan hosts numerous operating precious metal mines as well as the largest aluminium smelter in Central Asia. CNG's management team has extensive experience in the mining industry in Tajikistan.

View source version on businesswire.com: http://www.businesswire.com/news/home/20170831006522/en/

 
This information is provided by Business Wire 
 
 

(END) Dow Jones Newswires

September 01, 2017 02:00 ET (06:00 GMT)