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Oriental Minerals appoints McLucas as president
Oriental Minerals Inc (C:OTL) Shares Issued 55,640,998 Last Close 7/10/2007 $1.65 Wednesday July 11 2007 - News Release
Mr. Damien Reynolds reports
WILLIE MCLUCAS APPOINTED TO SERVE AS PRESIDENT OF ORIENTAL MINERALS
Willie McLucas has been appointed president of Oriental Minerals Inc., effective immediately, replacing Stephen Flechner, who will return to his role as general counsel for the company.
Mr. McLucas has considerable experience in the mining sector, including the founding of Thistle Mining Inc. in 1996, which acquired gold projects in Kazakhstan, the Philippines and the 200,000-ounce-per-year President Steyn gold mine in South Africa. He served as investment director of the Australasian Gold Fund, which helped to finance the renaissance of the Australian gold industry through the mid-1980s. During the 1990s, as chief executive officer of Waverley Mining Finance PLC, he rescued Perseverance Corp. in Australia, as well as financing several other projects.
Oriental Minerals is continuing its executive search for a full-time chief executive officer and a chief operating officer to be based in Vancouver and Seoul, which will reinforce Oriental Minerals' status as a long-term investor in South Korea's mining industry. Continued building of the in-country management team will be a significant part of the company's goal to redevelop the Sangdong tungsten/molybdenum deposit into a modern operating mine.
"Oriental Minerals continues to add to its management team as it continues to grow its operations in South Korea," stated Damien Reynolds, chairman of the company. "I thank Steve for his tireless efforts as president and look forward to having Oriental's new executive team build upon our accomplishments to date."
Oriental Minerals currently has six diamond drill rigs and one reverse circulation drill rig at Sangdong, focused on the tungsten/molybdenum mineralization to generate additional data for the new resource estimate planned for October, 2007. The diamond drill rigs are also assisting in the collection of geotechnical information to support engineering work to redevelop the Sangdong mine.
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