8 June 2007
KAZAKHGOLD ANNOUNCES CHANGES TO BOARD OF DIRECTORS
KazakhGold Group Limited (LSE: KZG) today announces the following changes to its Board:
- William (Bill) James Trew has agreed to join the Board as a Non-Executive Director. Bill Trew has over 25 years? experience in the engineering and mining industry, most recently gained at the AIM listed Central Asian mining company, Oxus Gold Plc where he is Chief Executive Officer, a role which he has held since November 2002. Mr Trew began his career in 1980 with Gold Fields of South Africa. He has been an engineer for various companies such as Chamber of Mines Research Organisation, Dorbyl Heavy Engineering, and E.L. Bateman Limited. He has been project manager for various mine projects across Southern Africa. In 1990, Mr Trew founded MAED, and currently acts as its Non-executive Chairman. He has been involved as project manager in many of the company?s major projects, including the Yatela Heap Leach project and the Syama Gold Mine project, both in Mali, West Africa. He holds a B.Eng. (Mech.) Hon. from the University of Wales Institute Science and Technology, an M.Eng. from Rand Afrikaans University, Johannesburg and he is a registered professional Engineer with the Engineering Council of South Africa.
- Darryl Norton, who joined the Board in March 2007 as an Executive Director and Joint Managing Director, has been appointed as Chief Operating Officer of KazakhGold, based at the company?s principal mine sites at Bestobe, Aksu and Zholymbet. He remains an Executive Director.
- Sanzhar Assaubayev is appointed to the Executive Board of KazakhGold and will assume responsibility of the London representative office with immediate effect. Sanzhar Assaubayev held the position as a Director of International Affairs for JSC ?MMC Kazakhaltyn? before joining the Board of KazakhGold Group Ltd.
- Lord Daresbury has stepped down from his position as a Non-executive Director.
- The company is also in the advanced stages of negotiations with two additional individuals concerning their possible appointment as Non-executive members of the Board. Both these individuals have extensive experience of working with Western mining companies operating in the CIS and Central Asia. The company expects to be in the position to finalise the negotiations and announce these appointments in the near future.
Executive Chairman, Kanat Assaubayev, commented on the developments:
?Peter Daresbury?s stewardship over the last two years has proved invaluable to KazakhGold. His guidance has contributed greatly to the strides we have taken towards our goal of becoming Central Asia?s leading gold producer.
As we have grown since our IPO, we have become increasingly aware of the need to compliment our Executive and Non-executive Board of Directors with Western specialists with extensive hands-on experience in the mining industry to help guide our progress and future development and improve the perception of KazakhGold in the international equity capital markets. We believe that the appointment of Bill Trew coupled with the other imminent appointments will help us go a considerable way towards achieving this.
Following our last announcements on the acquisition of certain assets from Oxus Gold and restructuring of our management team, a wholesale review of our operations has commenced under our new COO, Darryl Norton, and we look forward to communicating our findings and developments to the market in due course.?
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