Stockholm, 2012-05-24 08:35 CEST (GLOBE NEWSWIRE) --
CAG is pleased to announce a number of changes in the management team.
Denis Alexandrov has been appointed by the board of directors as a new CEO of the company. Denis has more than 15 years of experience in mining industry, including executive management positions in publicly traded companies and will together with the new team make sure the future challenges of CAG are met. He held leading positions in Alfa Group investment company A1 and Arlan, was a CFO and member of the Board of Highland Gold mining plc., and spent five years with Pricewaterhouse Coopers. He also served as a Board member in Timan Oil and Gas, Stellar diamond, Systematika Group, Remet (JV in Cuba) and Silver Bear PLC. He is a Fellow Charted Certified Accountant and has MBA from Moscow School of Management Skolkovo.
Preston Haskell, the major shareholder, director and CEO of the company, will step up to a position of Chairman of the Board of directors effective 1st of June, 2012. Preston has been a CEO of the company since 2009.
Dmitry Stankov has been appointed as a Corporate Development and Communications Officer, focusing on new opportunities and communications to the investors and press. Before joining CAG in summer 2011, Dmitry has spent four years with Fleming Family & Partners private equity team focused on Metals&Mining. From 2004 to 2006 he was working in Investor Relations at Highland Gold Mining Limited, the LSE-listed Russian gold producer. Dmitry holds a Masters degree in IT and is a Chartered Financial Analyst.
Johan Arpe, Chief Financial Officer of CAG, is leaving the company. Johan has been instrumental in taking the company through the challenging 2011year and has brought financials and reporting practices in CAG to a new level.
Mihail Fedulov has joined the management team as a deputy CFO and will step up to the acting CFO role starting from 1st of June 2012. Prior joining CAG, Mihail worked 3 years at Russian Mortgage bank as a head of the strategy and budgeting department. He was a member of the Management board and a member of the credit committee. Before that, he spent 8 years with E&Y, PWC and Deloitte in audit and corporate finance departments. Mihail graduated from Amsterdam School of Business and Plymouth Business School.
“I’m very proud of our new management team. I believe these changes will allow CAG to realize the significant potential locked in our assets and take the company to a new stage of its development”, said Preston Haskell, CEO of Central Asia Gold AB.
Short name: CAG
ISIN-code: SE0001337213
For more information, please contact:
Dmitry Stankov, Development and Communications in Central Asia Gold AB,
tel: +7 903 573 67 45
E-mail: stankov@centralasiagold.se
Preston Haskell, CEO in Central Asia Gold AB, tel: +46 76 890 5549
E-mail: preston.haskell@centralasiagold.se
Website: www.centralasiagold.se, Postal and visiting address: Engelbrektsplan 2, 4tr
SE-114 34 Stockholm
Central Asia Gold AB is a Swedish mining company focused on gold production and exploration in Russia in the central parts of Asia. In 2011, totally 410 kg of gold was produced. As of the beginning of April 2012, the company’s assets were estimated to encompass some 1,000,000 oz of C1/ C2 Russian gold reserves (around 32 tons).
Since July 19, 2010, Central Asia Gold´s shares are traded on First North Premier at the NASDAQ OMX Nordic Exchange under the short name CAG. For more information please visit www.centralasiagold.se. Mangold Fondkommission is Certified Adviser to CAG, for more information please call +46 8 503 015 50 or visit www.mangold.se.
Cautionary Statement: Statements and assumptions made in this report with respect to Central Asia Gold AB’s (“CAG”) current plans, estimates, strategies and beliefs, and other statements that are not historical facts, are forward-looking statements about the future performance of CAG. Forward-looking statements include, but are not limited to, those using words such as "may", "might", "seeks", "expects", "anticipates", "estimates", "believes", "projects", "plans", strategy", "forecast" and similar expressions. These statements reflect management's expectations and assumptions in light of currently available information. They are subject to a number of risks and uncertainties, including, but not limited to, (i) changes in the economic, regulatory and political environments in the countries where CAG operates; (ii) changes relating to the geological information available in respect of the various projects undertaken; (iii) CAG’s continued ability to secure enough financing to carry on its operations as a going concern; (iv) the success of its potential joint ventures and alliances, if any; (v) exchange rates, particularly between the Russian rouble and the U.S. dollar. In the light of the many risks and uncertainties surrounding any gold production and exploration company at an early stage of its development, the actual results could differ materially from those presented and forecast in this report. CAG assumes no unconditional obligation to immediately update any such statements and/or forecasts
This press release shall not, directly or indirectly, be released, published or distributed in or to the United States, Australia Japan, Canada, New Zealand, Hong Kong, South Africa or other country where such action as a whole or in part is subject to legal restrictions. Nothing in this press release should be considered as an offer to invest or otherwise trade in shares of Central Asia Gold AB (publ). The proposed issue will not be directed at residents or those living in the United States, Australia, Japan, Canada, New Zealand, Hong Kong, South Africa or other country where such action would require further prospectus, other offering documentation, registration or other measures beyond those required by Swedish law. No securities will be registered under the United States Securities Act of 1933, a similar law in any state in the United States, or under any provincial law in Canada, nor under the applicable law of another country.