TORONTO, June 25 /CNW/ - Archangel Diamond Corporation (TSXV-AAD;
"Archangel" or the "Corporation") announces that Tom Beardmore-Gray is
designated to be appointed President and Chief Executive Officer of the
Corporation immediately following the Annual General Meeting on June 25, 2008.
Jonathan Dickman, who has been President and CEO of Archangel since 2005, will
resign effective June 25, 2008 but will remain a director of the Corporation.
Tom Beardmore-Gray is an Oxford graduate and a chartered accountant. He
has been a director of Archangel since 2005 and with the De Beers Group since
1994. During his fourteen year career with De Beers Tom has held a variety of
positions including Senior Vice President of De Beers Canada and Managing
Director of De Beers Russia. Tom is currently Chief Operating Officer of De
Beers Group Marketing in London.
Bruce Cleaver, Chairman of Archangel, commented on the appointment:
"Following the signing of definitive agreements with Lukoil on April 15
Archangel is clearly entering a new phase in its development. The priority now
is to expedite the development of the Verkhotina project. Tom has the
requisite skills and experience to take the Corporation forward.
I would like to pay tribute to Jonathan Dickman, who has led Archangel
for the past three years with great distinction. I am very pleased that
Jonathan will remain on the Board as a non-executive director and that the
Corporation will continue to benefit from his considerable expertise."
This news release is not an offer for the sale of securities in the
United States. This news release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of the securities
in any state in which such offer, solicitation or sale would be unlawful.
CAUTIONARY NOTE TO SHAREHOLDERS CONCERNING FORWARD LOOKING STATEMENTS AND
FINANCIAL PROJECTIONS - This news release contains "forward-looking
statements", within the meaning of applicable Canadian securities legislation.
Forward-looking statements include, but are not limited to, statements with
respect to the outcome of future negotiations, completion of the Transaction,
execution of definitive agreement, exercise of future call rights, success of
financing activities, identification or upgrade of mineral resources,
requirements for additional capital, government regulation, results of future
diamond exploration, results of diamond marketing, changes in legal
requirements, changes in the political , environmental liabilities and title
disputes. Generally, these forward-looking statements can be identified by the
use of forward-looking terminology such as "plans", "expects" or "does not
expect", "is expected", "budget", "scheduled", "estimates", "forecasts",
"intends", "anticipates" or "does not anticipate", or "believes", or
variations of such words and phrases or state that certain actions, events or
results "may", "could", "would", "might" or "will be taken", "occur" or "be
achieved". Forward-looking statements are subject to known and unknown risks,
uncertainties and other factors that may cause the actual outcomes, results,
level of activity, performance or achievements of Archangel Diamond
Corporation to be materially different from those expressed or implied by such
forward-looking statements, including but not limited to: risks described in
the above news release; those risks set out in Archangel's disclosure
documents and its annual, interim management discussion and analysis and
annual reports. Although Archangel has attempted to identify important factors
that could cause actual results to differ materially from those contained in
forward-looking statements, there may be other factors that cause results not
to be as anticipated, estimated or intended. There can be no assurance that
such statements will prove to be accurate, as actual results and future events
could differ materially from those anticipated in such statements.
Accordingly, readers should not place undue reliance on forward-looking
statements. Archangel does not undertake to update any forward-looking
statements or financial projections, except in accordance with applicable
THE TSX VENTURE EXCHANGE DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY
OR ACCURACY OF THIS RELEASE
For further information:
For further information: Ms. Jocelyn Fraser, Archangel - Investor
Relations, Vancouver, British Columbia, Canada, Tel: (604) 731-6164,