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PERTH AUSTRALIA, Jan. 28, 2013 /CNW/ - Azimuth Resources Limited (ASX andTSX: AZH) (the "Company" or "Azimuth") is pleased to announce that following a comprehensive search it has appointed Russell Clark as its new CEO, commencing the 29th January 2013.
Mr Clark was most recently Managing Director of Grange Resources, Australia's largest magnetite producer. During his 4½ year tenure he merged the company with Australian Bulk Minerals, and oversaw the completion of the pre-feasibility and bankable feasibility studies for the $3b Southdown magnetite project. The market capitalisation of the company grew 4 fold, and the company posted record profits and cashflow, paying its inaugural dividend in 2011.
Mr Clark holds a Mining Engineering degree (BSc Hons) from the Royal School of Mines, London, UK and a Graduate Diploma from the Securities Institute of Australia. Prior to working at Grange Resources Mr Clark worked with Newmont and Normandy for 8 years following 18 years at Renison Goldfields. At Newmont he was the Group Executive-Operations responsible for 7 gold mines in Australian and New Zealand. He has over 35 years of mining experience in technical roles, project management, general management and executive positions and has worked in gold mines in the USA, Africa, Papua New Guinea, and throughout Australia.
Chairman, Michael Hunt commented: "I am absolutelydelighted that the Company's advanced West Omai gold project and the prospectivity of its large exploration tenure at East Omai have attracted someone of Russell's calibre to join Azimuth as its Chief Executive. He has demonstrated abilities to both develop and manage projects as well as to communicate effectively with the market. Russell has visited the Company's flagship gold projects in Guyana and recognises the huge potential we have there."
Mr Clark said "I am really looking forward to this opportunity to lead the Azimuth team and further develop the West Omai projects in Guyana. We currently have a shallow, high grade resource and we know that the area remains underexplored. The land package put together by Azimuth in Guyana is second to none and I am confident of future exploration success in the area."
Cautionary Note Regarding Forward-Looking Statements
This news release contains forward-looking information, including statements regarding the plans, objectives or expectations of the Company with respect to its West Omai and East Omai projects. Any statements that express or involve predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects", "is expected", "anticipates", "plans", "projects", "estimates", "assumes", "intends", "strategy", "goals", "objectives", "potential" or variations thereof or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are forward-looking statements.
Forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to materially differ from those reflected in the forward-looking statements, including, without limitation: inherent uncertainties and risks associated with mineral exploration; uncertainties related to the availability of future financing; uncertainties related to the outcome of studies; uncertainties relating to fluctuations in gold or uranium prices; the risk that Azimuth's title to its properties could be challenged; uncertainties related to general economic and financial conditions; and uncertainties related to fluctuations in Azimuth's share price. This list is not exhaustive of the factors that may affect any of Azimuth's forward-looking statements. Forward-looking statements are statements about the future and are inherently uncertain, and actual achievements of Azimuth or other future events or conditions may differ materially from those reflected in the forward-looking statements due to a variety of risks, uncertainties and other factors, including, without limitation, those referred to in the Company's Annual Information Form under the heading "Description of the Business - Risk Factors" and elsewhere.
Azimuth's forward-looking statements are based on the assumptions, beliefs, expectations and opinions of management as of the date hereof and which Azimuth believes are reasonable in the circumstances, but no assurance can be given that these expectations will prove to be correct. These assumptions include, but are not limited to public statements and stated goals, that there will be no material adverse change affecting the Company or its properties and such other assumptions as set out herein. Azimuth disclaims any intention or obligation to update or revise forward-looking statements if circumstances or management's beliefs, expectations or opinions should change, except as required by law. For the reasons set forth above, undue reliance should not be placed on forward-looking statements.
Image with caption: "Russell Clark, CEO of Azimuth Resources Limited (CNW Group/Azimuth Resources)". Image available at: http://photos.newswire.ca/images/download/20130128_C9284_PHOTO_EN_23086.jpg
SOURCE: Azimuth Resources
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