TORONTO, Sept. 2 /CNW/ - Coalcorp Mining Inc. (TSX-CCJ) announced today
changes to its management structure, as well as additions to its board of
Effective September 1, 2008, Mr. Luis Urdaneta has been appointed as the
Chief Executive Officer of the company. Mr. Urdaneta is a graduate of Zulia
University (Venezuela) and Penn State University (USA) and has degrees in
petroleum engineering and computer science. After holding increasingly senior
positions with Lagoven S.A., a subsidiary of PDVSA, Venezuela's national oil
company, in 1986 he was given the job of founding Carbozulia, S.A. and
appointed President. Under Mr. Urdaneta's leadership, Carbozulia developed the
Paso Diablo mine, the largest coal mine in Venezuela, which is expected to
produce 7.5 million tonnes by 2009. Mr. Urdaneta moved back to PDVSA in 1994,
where he took increasingly senior positions, ultimately retiring in 1999 as
President of the Board of Directors and Executive President of PDV America
Inc. Since then, he has worked as a consultant, primarily in energy and
Michael Beckett, the Chairman of the board of directors of Coalcorp,
stated that "now that current management has turned around operations and
brought a renewed focus to the company, Serafino Iacono and Miguel de la Campa
are leaving their positions of Chief Executive Officer and President,
respectively, and will be responsible for overseeing the macro development of
the business, particularly focusing on governmental and business relations in
Colombia as the company seeks to consolidate, and possibly expand, its
business. With the appointment of Mr. Urdaneta and the previously announced
appointment of Mr. John Malysa as Chief Operating Officer of Colombian
Operations, the company now has a well-rounded management team with strong
operational expertise and experience, particularly focused on Latin America."
Additionally, the former President, Colombian Operations of the company,
Efrain Carrera, has taken on an advisory role, focusing on the development of
the company's port and rail strategies.
The board of directors of the company has also appointed two new
independent directors, Messrs. Stephen Wilkinson and Allan Wakefield, to the
board, bringing to ten the number of directors. Mr. Wilkinson, who received
his MBA from Clarkson University (USA), is a geologist by training and is
presently the President and Chief Executive Officer, and a director, of
Valgold Resources Ltd., a TSX Venture Exchange-listed company with interests
in gold properties in Venezuela, Guyana and Canada. Mr. Wilkinson was formerly
the President and Chief Executive Officer of Northern Orion Explorations Ltd.
and worked as a gold analyst at RBC Dominion Securities Ltd. for three years.
Mr. Wakefield obtained his BA from Yale University and his MBA from
Harvard University. He has most recently worked as a consultant to industrial
and technology companies, and has previously served as a director and member
of the special committee of Hollinger Inc. He has worked internationally for
Alcan Aluminium Limited, Spar Aerospace Ltd. and Indal Limited in various
general management, strategic and finance-related roles.
Commenting on the appointments of Messrs. Wilkinson and Wakefield,
Michael Beckett added "we are pleased to welcome two very qualified and
experienced members to our board, which now has very strong independent
representation. We expect to nominate an additional two directors when we next
have our annual meeting of shareholders."
The appointments of Messrs. Urdaneta, Wilkinson and Wakefield are subject
to regulatory approval.
Coalcorp is a coal mining, exploration and development Company with
interests in the La Francia coal mine and related infrastructure projects and
a number of coal exploration properties, all located in Colombia. Further
information can be obtained by visiting our website www.coalcorp.ca.
For further information:
For further information: Peter Volk, General Counsel & Secretary, (416)