Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
VANCOUVER, BRITISH COLUMBIA–(Marketwire – Aug. 1, 2012) – Elgin Mining Inc. (TSX:ELG)(TSX:ELG.WT) (“Elgin Mining”) is pleased to announce the appointment of Mr. James A. (Jim) Currie as Chief Operating Officer (“COO”), effective August 1, 2012.
Mr. Currie is a mining engineer with over 30 years of experience in the mining industry, having worked on projects in North and South America, Asia and Africa. Mr. Currie was recently COO for Kimber Resources Inc., a gold-silver exploration and development company focused in Mexico. Prior to that, Mr. Currie was COO for New Gold Inc., where he was a key member of the operating team that was responsible for the growth and development of New Gold into a multi-mine gold producer with annual production at the time of over 350,000 ounces of gold and market capitalization of over $5.1 billion. Prior to that, he was the Vice President, Operations for Miramar Mining Corp. (“Miramar”) in Vancouver and was responsible for leading the development team of Miramar’s 10 million ounce gold mineral resource at Hope Bay in the Canadian Arctic prior to the acquisition of Miramar by Newmont Mining Corporation. Mr. Currie has also worked as General Manager of Mauritanian Copper Mines SA, a subsidiary of First Quantum Minerals Ltd.
Mr. Patrick Downey, President and CEO of Elgin Mining commented, “We are very pleased to have been able to attract a person of Jim’s caliber and experience to our team. Jim’s track record and expertise in mine operations, engineering and construction, coupled with his mine development experience in Nunavut, will be invaluable as we continue to advance the Bjorkdal Gold Mine and the Lupin and Ulu gold projects.
Jim has replaced Robert Wasylyshyn, Interim COO of Elgin Mining, who has also resigned as a Director, effective August 1, 2012. On behalf of the Board of Directors, I would like to thank Bob for his contributions as Interim COO and Director of Elgin Mining and as the former President and COO of Gold-Ore Resources Ltd., in particular for his contribution towards advancing the Bjorkdal Gold Mine.”
Elgin Mining Inc.
Elgin Mining is a Canadian based company focused on production at the Bjorkdal Gold Mine in Sweden, which has produced 1,060,000 ounces in the last 24 years, and the exploration and development of the Lupin gold mine and Ulu gold project, both located in Nunavut, Canada. In addition, Elgin Mining’s portfolio includes a 35% interest in Auracle Resources Ltd., which is exploring the Mexican Hat property in Arizona, and an exclusive right and option to earn a 60% interest in Lincoln Mining Corporation’s Oro Cruz (California) and La Bufa (Mexico) gold projects and to earn a 60% interest in North Arrow Minerals Inc.’s Contwoyto gold project located adjacent to the Lupin gold mine in Nunavut, Canada. Elgin Mining also selectively reviews opportunities to add advanced stage development projects to its portfolio. The Company has a strong balance sheet, generates significant cash flow from gold sales, and remains un-hedged.
For further information, please visit the Company’s web site at www.elginmining.com.
Elgin Mining Inc.
Patrick Downey
President and Chief Executive Officer
(604) 682-3366
(604) 682-3363 (FAX)
[email protected]
www.elginmining.com
