COEUR D'ALENE, ID, June 11 /CNW/ - WGI Heavy Minerals, Incorporated
("WGI") (TSX: WG) today announced that the Company's nominees to the Board of
Directors received overwhelming support at the Annual General Meeting ("AGM")
held in Vancouver.
Approximately 65% of WGI's outstanding shares voted at the Annual General
Meeting of shareholder's held on June 5, 2009. Total votes for the Company's
nominees were 15.5 million representing 99% of the shares voted.
As a result of the shareholder vote, the Company's Board of Directors
consists of Gordon Fear, Chairman, Robert Ackerman, Michael Burns and Gregory
Emerson, CEO. Shareholders also established the number of directors at four.
"We are pleased with the results of the AGM and are encouraged by the
future prospects of WGI", said Greg Emerson, President and CEO. Our mine at
Emerald Creek Garnet ("ECG") is operating with a new mining method introduced
by ECG's General Manager, David Thom, that allows the ECG to process the run
of mine material directly in the field. This improves efficiency through
reduced material handling, equipment and labour requirements, resulting in
lower operating costs. In addition, ECG is moving forward on its 2009
exploration and reclamation plans".
Kominex, WGI's European subsidiary under the management of Edmond Wiesel
continues to meet expectations and is looking at opportunities to bring its
best practices to North America.
WGI's International marketing arm based in Coeur d'Alene, ID under the
direction of William Meyerholtz, continues to expand sales as VV Minerals
("VVM") increases production from their recently acquired interest in
Transworld Garnet India Pvt. Limited mines. In the short term, the VVM
distribution agreement will secure the supply of garnet for our global
distribution network, including Kominex and our waterjet business, adding at
least 50% to existing volumes of garnet. Longer term, the distribution
agreement offers the opportunity for WGI to become a distribution leader in
its category. It also offers the opportunity for WGI to enter the titanium and
related minerals distribution business from a position where it has a
reasonably assured and lower-cost supply base. Just recently, WGI brokered the
sale of 15,000 MT of ilmenite.
WGI's waterjet business is showing signs of recovery and WGI is looking
at ways of growing our investment. The Company has also commenced the process
of integrating our garnet and waterjet sales and marketing operations.
The Company continues its commitment to managing costs and operating our
current business units at a profit and within budget.
Gordon Fear, Chairman of the Board also said, "I would like to publicly
thank two long-term members of our Board for their diligence and hard work
over the last years and difficult times. Those two Board members, Kitson
Vincent and Mark Curry have spent many hours and afforded us the benefit of
their wisdom and leadership for several years. We wish to thank them for their
contribution and wish them all the best in the future."
WGI Heavy Minerals, Inc. is a marketer of industrial grade minerals
sourced primarily out of India, producer of industrial-grade garnet out of
Idaho and Germany and manufacturer of replacement parts for ultra-high
pressure waterjet machine tool systems around the world. The Company's shares
are listed on the Toronto Stock Exchange under the symbol WG.
This press release contains forward-looking statements concerning the
business, operations, and financial performance and condition of WGI Heavy
Minerals, Incorporated. A number of the matters discussed and statements made
in the press release contain forward-looking statements reflecting current
expectations regarding future assets. When used in this press release, the
words "believe", "anticipate", "intend", "estimate", "expect", "project", and
similar expressions are intended to identify forward-looking statements,
although not all forward-looking statements contain such words. These
forward-looking statements are based on current expectations and are naturally
subject to risks, uncertainties, and changes in circumstances beyond
management's control that may cause actual results to differ materially from
those expressed or implied by such forward-looking statements. Factors that
may cause such differences include but are not limited to: exploration and
development risks; risks related to permits and title to property; risks
related to foreign countries and regulatory requirements; operating hazards;
foreign currency fluctuations; competition; fluctuations in the market price
of mineral commodities and transportation costs; uncertainty as to
calculations of mineral deposit estimates; uninsured risks; and dependence
upon key management personnel and executives. Actual results may differ
materially from those expressed here. You should not place undue reliance on
such forward-looking statements. The Company is under no obligation to update
or alter such forward-looking statements, whether as a result of new
information, future events, or otherwise.
For further information:
For further information: Ed Kok, Investor Relations, 810 Sherman Ave.,
Coeur d'Alene, ID, 83814, U.S.A., Phone (208) 770-2208, E-mail