Monday, 14 May 2012

Selwyn names five new directors at annual general meeting

Selwyn Resources (CVE:SWN) reported Monday that five members have been appointed as directors of the company.
On May 11, the appointments were approved at Selwyn’s annual general meeting. Robert Rusko, Wade Nesmith, Bradley Marchant, Harlan Meade and Russell Cranswick were all appointed as directors.

Three former Selwyn directors, however, Robert Yeoman, Patrick Mars and Yunn Birm Choi informed the company of their wish to retire, prior to the annual general meeting.

Earlier this month, Selwyn said it was granted long-term tenure for a major portion of a key road that links its joint venture Selwyn project in the Yukon to the public highway system.

It was given a 30-year license of occupation for the majority portion of the Howard's Pass Access Road that is under the jurisdiction of the Aboriginal Affairs and Northern Development Canada.

Also last month, the lead and zinc explorer closed its previously announced $10 million secured debt facility.

The proceeds will be used by both Selwyn and its unit ScoZinc for general corporate purposes, including activities at its ScoZinc mine in Nova Scotia.

The ScoZinc mine, a past producing zinc-lead mine in Nova Scotia, which the company acquired for $10 million, has a measured and indicated resource of 2.8 million tonnes grading 4.2 percent zinc and 1.9 percent lead.

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