VANCOUVER, Feb. 4, 2013 /CNW/ - The Board of Directors of Plains Creek
Phosphate Corporation ("Plains Creek", or the "Company") (TSX‐V: PCP) is pleased to announce the appointment of Owen Ryan as a new additional
director, Executive Chairman, Interim President and CEO with immediate
effect. Glenn Laing and Carson Phillips have stepped down from their
executive positions and will not be seeking re-election at the next
annual general meeting of shareholders, which is scheduled for March 7,
2013 (the "AGM"). Mr. Laing has entered into a consultancy agreement with the Company
to provide advisory services as and when requested.
Mr. Ryan brings to Plains Creek extensive experience as a senior level
mining executive. Previous roles include; Head of Group Business
Development for Anglo American plc in London, Head of Global Mining
Research and Sales at UBS Investment Bank in London and Head of Mining
and Commodity Research at Old Mutual Asset Management in Cape Town,
South Africa. Mr. Ryan was recently a Non-Executive Director of
TSX-listed Western Coal Corporation. He is currently a Non-Executive
Director of Mongolia Minerals Corp., an unlisted Canadian public
Mr. Ryan is respectively a partner and director of London based Scarab
Capital Partners LLP and Scarab Investments Ltd. He is also a founding
shareholder and Chairman of Alameda Minerals Ltd, a Chile based mining
exploration and development junior. Mr. Ryan holds a BSc in Civil
Engineering and an MBA, both from the University of Cape Town.
Mr. Ryan stated, "I look forward to the challenge of leading this junior
phosphate mining company into its next phase of development. The
Company has completed a bankable feasibility study establishing a
proven phosphate reserve with world class potential that deserves to be
brought rapidly into production. We have a core of strong shareholders
who currently support this vision and I look forward to building value
for all shareholders and stakeholders."
The Board is currently in the process of examining its strategic
alternatives including restructuring and refinancing the Company. It is
the intention of the Board that should any shareholder approvals be
required in this respect, these will be sought at the AGM on the March
About Plains Creek
Plains Creek Phosphate Corporation is a Canadian mining exploration and
development company focused on advancing its Farim Phosphate Project
(the "Project") in Guinea‐Bissau, West Africa. The Project currently comprises a
phosphate deposit consisting of one continuous flat lying phosphate bed
with Mineral Resource and Mineral Reserves estimates, as disclosed in
the Company's current technical report on the feasibility study (the "Feasibility Study") on its Project in accordance with National Instrument 43-101, dated
effective December 19, 2012, filed on SEDAR on January 17, 2013 and
publicly available on SEDAR under the Company's profile at www.sedar.com. The Feasibility Study defines a Measured Resource of 64.6 MT at an
average grade of 29.11% P2O5, an Indicated Resource of 28.1 Mt at an average grade of 27.68 % P2O5, and an Inferred Resource of 18.3 Mt at an average grade of 28.66 % P2O5 and states total proven and probable reserves of 33.0 Mt (dry) with an
average ROM P2O5 grade of 30.4%. The Measured and Indicated Resource estimates stated
above are inclusive of the resources comprising the proven and probable
reserve estimates. A two-phased development is contemplated for the
Project as an open pit mining operation. Phase One consists of a 1.0 Mt
per year beneficiated phosphate rock concentrate project, as described
in the Feasibility Study, and Phase Two would consist of the production
of 2.0 Mt per year of phosphate rock concentrate with a beneficiation
plant and associated infrastructure, pipeline and port.
The Company's shares are listed on the TSX Venture Exchange under the
trading symbol "PCP". For additional information, please visit us at www.plainscreek.com.
ON BEHALF OF THE BOARD
(Signed) "Owen Ryan"
Chairman, Interim President, Interim Chief Executive Officer and
Statements in this release may be viewed as forward-looking statements.
Such statements involve risks and uncertainties that could cause actual
results to differ materially from those projected. There are no
assurances the Company can fulfill such forward-statements and the
Company undertakes no obligation to update statements. Such forward
looking statements are only predictions; actual events or results may
differ materially as a result of risks facing the Company, some of
which are beyond the Company's control.
The reader should be cautioned that there are risks that could affect
the potential development of the Project's mineral resources, which
include: the political instability in Africa and Guinea-Bissau in
particular, which is where the Project is located; and that additional
financing will be required to ultimately develop the Project and the
ability to obtain such financing on favorable terms will be affected by
prevailing market conditions. A more detailed discussion of such risks
are outlined in the Company's Management's Discussion & Analysis and
its current Feasibility Study, all of which are filed under the
Company's profile on SEDAR at www.sedar.com.
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.
SOURCE: Plains Creek Phosphate Corp.
For further information:
Chairman, Interim President, Interim Chief Executive Officer and Director
Telephone: (604) 569‐0721 Mobile: +44 7710 778 148 E‐mail: email@example.com