Coalspur Mines Limited (ASX:CPL) Appoints New Chairman and Director
Perth, Sep 6, 2011 AEST (ABN Newswire) - Coalspur Mines Limited (
ASX:CPL) (TSE:CPT) is pleased to announce that Mr Colin Steyn has been appointed as Chairman of the Company and Mr Peter Breese has been appointed as a non-executive Director to the Company, effective immediately.
The appointments of Messrs Steyn and Breese, both with extensive corporate and operational experience, is part of Coalspur's transition from a coal exploration company into a major coal development company on the cusp of bringing the Vista Coal Project into production. The Bankable Feasibility Study ("BFS") remains on target for completion by the end of 2011 and preliminary work on project financing and product off-take is now underway.
Appointment of Colin Steyn as Chairman
Mr Steyn has been a non-executive director of Coalspur since October 21, 2010 and his appointment as Chairman is effective immediately.
Mr Steyn has over 30 years experience in the resources sector and was previously President and CEO of Toronto based LionOre Mining International Limited ("LionOre") prior to it being acquired by Norilsk Nickel International ("Norilsk") in 2007. He was one of the original founders of LionOre and was instrumental in the growth and development of LionOre into a major international mining house. During his time as CEO, LionOre grew from a market capitalisation of US$100 million to over US$6 billion. More recently, he was a non-executive Director of Mantra Resources Limited, until its acquisition by Uranium One Inc ("Uranium One").
Mr Ian Middlemas has resigned as Chairman of the Company and will remain as a non-executive Director of the Company.
Appointment of Peter Breese as a non-executive Director
Mr Breese has over 25 years operational experience in the global mining industry, having predominantly worked across southern Africa (South Africa, Botswana, Tanzania and Zimbabwe) and Australia in the uranium, nickel, platinum and chrome sectors. He has held a number of senior management positions in TSX and ASX publicly listed companies, including CEO of Mantra Resources, before its US$1 billion acquisition by Uranium One, Chief Executive of Norilsk, following its US$6 billion acquisition of LionOre, where he was Chief Operating Officer, as well as senior executive and board positions with Impala Platinum Holdings, Mimosa Mining Company, Zimasco and BCL. He holds a PMD from Harvard Business School.
Importantly Mr Breese will provide Coalspur with access to his strong track record of successful project development and operations management and will complement the Company's highly experienced management team as the BFS nears completion and the Vista Coal Project advances into the construction phase.
About Coalspur Mines Limited
Coalspur Mines Limited (ASX:CPL) (TSE:CPT) is a coal development company with approximately 55,000 hectares of coal leases located within the Hinton region of Alberta, Canada. Coalspur's flagship project is Vista, which covers approximately 10,000 hectares and provides a large scale, surface mineable, thermal coal development. Vista is located adjacent to CN Rail's main line, which is suitable for the transport of coal to deepwater ports on Canada's west coast. Coalspur has secured a port allocation agreement with Ridley Terminals Inc., which is essential to the logistics supply chain necessary to export coal from Vista to the growing demand from the Asia Pacific countries.
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