Hawthorne Announces Update on Private Placement With Skyocean
06 Gennaio 2011 - 11:17PM
Marketwired
Hawthorne Gold Corp. ("Hawthorne" or the "Company") (TSX VENTURE:
HGC)(PINK SHEETS: HWTHF) further to the Company's news release of
December 9, 2010 (the "December 9th News Release"), the Board of
Directors of the Company (the "Board") has agreed, subject to
regulatory approval and closing of the private placement (the
"Private Placement") with Skyocean Ventures Investment Limited
("Skyocean"), to replace the Company's current Chairman and Chief
Executive Officer with Skyocean's nominees. Further details of the
Private Placement are summarized in the December 9th News Release
and the Company's information circular dated October 28, 2010
(copies of which are available under the Company's SEDAR profile at
www.sedar.com). The Company expects to close the Private Placement
in January 2011 and will issue a further news release when the
Private Placement is closed.
Changes to the Board and Management
The Company's Board and Management will, subject to regulatory
approval and closing of the Private Placement, be changed as
follows:
The Board will be increased by one seat in accordance with the
Company's articles and Jian Zhang will be appointed as a director.
Michael Beley, the current Chairman, will step down as Chairman
effective on closing of the Private Placement and Mr. Jian Zhang
will be appointed to fill such position. Michael Beley is expected
to be appointed as special adviser to the Chairman. The existing
directors of the Board are expected to remain in place.
Richard Barclay, the current President and Chief Executive
Officer of the Company has agreed to step down as President and
Chief Executive Officer effective on closing of the Private
Placement and Dr. Shijia Tang will be appointed as Chief Executive
Officer to fill the Chief Executive Officer position. Mr. Barclay
will remain a senior executive of the Company and will have the
title Executive Vice President.
The following provides information regarding the proposed new
Chairman and Chief Executive Officer:
Jian Zhang - Chairman of the Board and Director
Mr. Jian Zhang is a professional senior mining engineer with
more than forty years' experience. Mr. Zhang Jian has held the
office of Chairman of the Board and President of the China
Non-ferrous Metal Mining Group Corporation. (CNMC) and has served
as the Vice President of the China National Non-Ferrous Metals
Industry Corp.(CNNC). He continues to be a leader in the China
non-ferrous metal industry. During his career he has overseen all
aspects of mine building from geological exploration and mine
development to all facets of mine and milling operations resulting
in numerous domestic Chinese non-ferrous metal mining projects
successfully placed into production. Mr. Zhang Jian has as well
successfully directed the development of the largest non-ferrous
metal project outside of China; the Chambishi copper mine in
Zambia, as well as other significant projects such as the
Tumurtin-Ovoo zinc mine in Mongolia, and the TagaungTaung nickel
mine in Myanmar. Throughout his career Mr. Zhang Jian has continued
to be a major contributor to the development of China's non-ferrous
metal industry and to the development of China's international
mining industry.
Mr. Zhang also acts as the Chairman of Sino Mining International
Investment Limited and was appointed as an independent
non-executive director of COL Capital Limited in 2006. Mr. Zhang is
the Vice Chairman of China Manager Council of Construction
Enterprises and China Precious Stone Council and also the Chairman
of Beijing Alumni Association of Xian Construction Technology
University. Mr. Zhang has been awarded National Outstanding
Intellect in 1997 and National Top 10 Honest Persons of Outstanding
Ability in 2004. Mr. Zhang has also in 2005 been awarded as an
Influential Person to the China Nonferrous Metal Industry.
Dr. Shijia Tang - Chief Executive Officer
Dr. Shijia Tang is a senior geologist with a PhD from Central
South University, China. He has worked with numerous mining
companies. From 2001-2003, he was a Senior Geologist with Chambishi
Copper Mine in Zambia; from 2003-2005 he was the General Manager of
Business Development for China Nonferrous Metals International
Mining Ltd., from 2005-2008 he was the president of Sino Mining
International Investment Ltd., and from 2008-2010 the president of
China Nonferrous Metal (Beijing) Mining Investment Ltd. Dr Tang is
presently the President and CEO of China Minerals Ltd. a subsidiary
of the Skyocean Group.
As a manager and senior geologist, he has been involved with
many mineral projects: such as the construction and production of
the Chambishi Copper mine in Zambia, the exploration of Champassak
bauxite project in Lao PDR., the exploration and feasibility study
of the Ergozhu Lead-Zinc Project in Russia, the construction of the
Hysene Copper Mine in DPR of Korea, etc. He has a wide range of
experience in investment, exploration, construction and management
in the mineral resource industry.
Name Change
The Company also announces that the Board has approved the
change of the Company's name to China Minerals Mining Corporation.
The Company is in the process of applying to the TSX Venture
Exchange to request approval for such name change. The new name has
been reserved with the appropriate regulatory and the Company's
stock symbol will likely change to reflect the new name.
About Hawthorne Gold Corp.
Hawthorne Gold Corp. is a Canadian-based gold exploration and
development company with key properties located in British
Columbia, Canada. Hawthorne is led by well-respected mining leaders
Richard Barclay and Michael Beley. Hawthorne's goal is to become a
junior gold producer by working towards production at Table
Mountain and the continued resource development at the nearby
Taurus deposit.
For more information on Hawthorne you can visit Hawthorne's
website at www.hawthornegold.com.
ON BEHALF OF HAWTHORNE GOLD CORP.
Michael J. Beley, Chairman
Some of the statements contained in this press release are
forward-looking statements and information within the meaning of
applicable securities laws. Forward-looking statements and
information can be identified by the use of words such as
"expects", "intends", "is expected", "potential", "suggests" or
variations of such words or phrases, or statements that certain
actions, events or results "may", "could", "should", "would",
"might" or "will" be taken, occur or be achieved. Forward-looking
statements and information are not historical facts and are subject
to a number of risks and uncertainties beyond Hawthorne's control.
Actual results and developments are likely to differ, and may
differ materially, from those expressed or implied by the
forward-looking statements contained in this press release.
Accordingly, readers should not place undue reliance on
forward-looking statements. The Company undertakes no obligation to
update publicly or otherwise revise any forward-looking statements,
except as may be required by law.
Neither 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.
Contacts: Hawthorne Gold Corp. Robert Ferguson (604) 629-1505 or
toll free: 1-888-629-1505 www.hawthornegold.com
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