PERTH, Western Australia, Jan. 25 /CNW/ - Mantra Resources Limited ("Mantra" or "Company") (ASX:MRU, TSX:MRL) is pleased to announce the appointment of Mr Peter Breese as Chief Executive Officer ("CEO") of the Company, effective immediately. Mr Breese replaces Mantra's Joint Managing Directors, Robert Behets and Matthew Yates, who will both continue with the Company as Executive Directors.
The Board believes the appointment of a CEO with a strong track record of successful project development and operations management, as well as extensive experience in southern Africa, is an important and timely step for the Company as it evolves from explorer to a significant near-term uranium producer. Mantra is currently completing a Pre-Feasibility Study on the Mkuju River Project ("MRP"), ahead of the commencement of a Definitive Feasibility Study ("DFS") which is expected during the first quarter of 2010.
Mr Breese was previously Chief Executive of Norilsk Nickel International, following its acquisition of LionOre Mining International, where he was Chief Operating Officer. With over 25 years experience in the mining industry, Mr. Breese held senior executive and board positions with Impala Platinum Holdings, Mimosa Mining Company and Zimasco prior to joining LionOre.
The appointment of Mr Breese as CEO complements the recent recruitment of several key senior technical managers as the Company builds its management team with strong operational experience. Both Mr Behets and Mr Yates will continue with the Company assisting with strategy, resource development, technical management, business development and investor relations.
Commenting on the appointment the Chairman, Ian Middlemas, said "I would like to thank Robert and Matthew for their hard work as joint Managing Directors in building Mantra into an emerging uranium producer. Through their energy and dedication, they have transformed the Mkuju River Project from a greenfields exploration play into an exciting, near-term production story".
"I am delighted to welcome Peter to the Mantra team. The timing of this appointment is opportune as we commence the DFS shortly. Peter's project development and operational experience will be crucial in transforming Mantra into a significant uranium producer."
Also following the appointment of Mr Breese, Mr Mark Pearce will resign as a Director of the Company, effective 16 February 2010. The Board wishes to thank Mr Pearce for his contribution to the Company over the past four years.
Mr Breese will receive a monthly fee of US$42,000. In addition, Mr Breese will also be granted the following options, subject to the necessary regulatory and shareholder approvals:
- 500,000 incentive options exercisable at A$4.50 each on or before
31 December 2012, vesting after 6 months service;
- 500,000 incentive options exercisable at A$5.00 each on or before
30 June 2013, vesting after 12 months service; and
- 500,000 incentive options exercisable at A$5.50 each on or before
31 December 2013, vesting after 18 months service.
ABOUT MANTRA RESOURCES LIMITED
Mantra is a dynamic and emerging uranium company with a portfolio of quality projects in southern Tanzania. The Company is dual listed on the Australian Securities Exchange ("ASX") under the code 'MRU' and the Toronto Stock Exchange ("TSX") under the code 'MRL'. Mantra was recently added to the S&P/ASX 300 index. Mantra is focused on aggressively pursuing the potential development and ongoing exploration of the MRP in Tanzania in order to fulfil its strategic objective of becoming a significant uranium producer in the near-term.
This news release contains 'forward-looking information' that is based on the Company's expectations, estimates and projections as of the date on which the statements were made. This forward-looking information includes, among other things, statements with respect to pre-feasibility and definitive feasibility studies, the Company's business strategy, plans, development, objectives, performance, outlook, growth, cash flow, projections, targets and expectations, mineral reserves and resources, results of exploration and related expenses. Generally, this forward-looking information can be identified by the use of forward-looking terminology such as 'outlook', 'anticipate', 'project', 'target', 'likely', 'believe', 'estimate', 'expect', 'intend', 'may', 'would', 'could', 'should', 'scheduled', 'will', 'plan', 'forecast', 'evolve' and similar expressions. Persons reading this news release are cautioned that such statements are only predictions, and that the Company's actual future results or performance may be materially different.
Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the Company's actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information. Forward-looking information is developed based on assumptions about such risks, uncertainties and other factors set out herein, including but not limited to the risk factors set out in the Company's Annual Information Form.
This list is not exhaustive of the factors that may affect our forward-looking information. These and other factors should be considered carefully and readers should not place undue reliance on such forward-looking information. The Company disclaims any intent or obligations to update or revise any forward-looking statements whether as a result of new information, estimates or options, future events or results or otherwise, unless required to do so by law.
For further information regarding the Mkuju River Project, including a description of Mantra's quality assurance program, quality control measures, the geology, samples collected and testing procedures in respect of the Mkuju River Project please refer to the technical reports prepared in accordance with NI 43-101 entitled "December, 2009 Resource Update - Mkuju River Project" dated 7 December 2009 and "Technical Report on the Mkuju River Project located in Tanzania, Africa" dated 18 September 2009, which are available under the Company's profile at www.sedar.com.
For further information: For further information: Robert Behets, Executive Director, Telephone: +61 8 9322 6322; Matthew Yates, Executive Director, Telephone: +61 8 9322 6322