Thursday, 3 May 2012

Selwyn Resources announces management reorganization

Selwyn Resources (CVE:SWN) announced changes to corporate management Thursday in a bid to maximize the zinc miner's progress toward its strategic goals.
Stephen Rea – vice president of corporate development – has been appointed, on an interim basis, as president. 
Meanwhile, Harlan Meade will remain as chief executive and director of the company.
Meade will also be part of an executive committee, along with three other directors. The committee will consist of Wade Nesmith, Robert Rusko and Brad Marchant.
Selwyn established the committee to help Meade carry-out his duties, particularly relating to the company's joint venture and the previously announced strategic review.
Additionally, the zinc miner’s current director Brad Marchant will replace Meade on the board of Selwyn Chihong Mining, and as the president of that company to represent Selwyn on the management committee of the Selwyn Chihong Joint Venture for the Selwyn project.
"We are pleased to be announcing today's reorganization and the addition of resources to the senior management team," chairman Nesmith said in a statement.
"The company, like many companies in the base metals community, is facing a number of unique challenges and we are fortunate that my colleagues at Selwyn have been able to provide more of their time and expertise to assist with these issues."
The Selwyn project, which consists of 7,450-hectares of mineral claims, hosts large tonnages of zinc and lead mineralization which have the potential for large-scale production.
Selwyn has 19,294-hectares of mineral claims in the Yukon and 3,373-hectares of wholly-owned claims in the Northwest Territories.
Earlier this week, Selwyn said that it has been 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 (AANDC).
Howard's Pass is a 79 kilometre long road that links the company's Selwyn project in the Yukon with the public highway system. The Selwyn project is being advanced by a joint venture company forned by Selwyn and Chihong Canada Mining.
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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