UTM Announces Appointments of Kenneth Farrell and Saruul Ganbaatar to the Board of Directors
ULAANBAATAR, MONGOLIA, Mar 20, 2012 (MARKETWIRE via COMTEX) -- Undur Tolgoi Minerals Inc. ("UTM" or the "Company") (cnsx:UTM) has appointed Kenneth Farrell and Saruul Ganbaatar to the Company's board of directors and Paul Rapello has resigned as a member of the board of directors.
The Company intends to reappoint Mr. Rapello to the board of directors following the next shareholders meeting, in which the Company will seek authorization from shareholders to increase the number of directors. Mr. Rapello has accepted the appointment as Special Advisor to the Board of Directors of the Company effective immediately.
Kenneth Farrell, an Australian citizen, is the CEO of Bumi Resources Minerals, the largest publicly traded Indonesian mineral company. Mr. Farrell is also an Executive Director of Bumi Resources, Indonesia's largest listed coal mining company. Prior to joining Bumi Resources in 2002, Mr. Farrell worked for BHP Billiton for 21 years in various executive and managerial capacities in iron ore, transport, manganese and coal business units. He is a Member of the Institution of Engineers, Australia; a Member of The Australasian Institute of Mining and Metallurgy and a Fellow of the Australian Institute of Company Directors.
Saruul Ganbaatar, a Mongolian citizen, is the Chief Regulatory Officer of the Mongolian Stock Exchange.
Kenneth Farrell, an Australian citizen, is the CEO of Bumi Resources Minerals, the largest publicly traded Indonesian mineral company. Mr. Farrell is also an Executive Director of Bumi Resources, Indonesia's largest listed coal mining company. Prior to joining Bumi Resources in 2002, Mr. Farrell worked for BHP Billiton for 21 years in various executive and managerial capacities in iron ore, transport, manganese and coal business units. He is a Member of the Institution of Engineers, Australia; a Member of The Australasian Institute of Mining and Metallurgy and a Fellow of the Australian Institute of Company Directors.
Saruul Ganbaatar, a Mongolian citizen, is the Chief Regulatory Officer of the Mongolian Stock Exchange.
Prior to his appointment to the Mongolian Stock Exchange, Saruul worked in the Development Financing and Cooperation Department of the Ministry of Finance. Saruul previously worked in various capacities as an advisor in the financial service industry in the United States.
"We are honored and excited to welcome Ken and Saruul to the UTM team", said James Passin, UTM's Chairman. "The strengthening of our board reflects UTM's commitment to build a world class exploration and mining company focused on Mongolia."
UTM is a mineral exploration company entirely focused on Mongolia, and which through its wholly owned subsidiaries, owns 100% of the "Undur Tolgoi" mineral exploration license. This license consists of 9,620 hectares of property situated 100 kilometers from the world-scale "Oyu Tolgoi" copper and gold mine. In addition, UTM's management is actively reviewing potential acquisitions and strategic industry alliances.
Disclaimer for Forward-Looking Information
Statements containing forward-looking information express, as at the date of this news release, the Company's plans, estimates, forecasts, projections, expectations, or beliefs as to future events or results and are believed to be reasonable based on information currently available to the Company.
Forward-looking statements and information are based on assumptions that financing and personnel will be available when required and on reasonable terms, and all necessary regulatory approvals and shareholder approval will be obtained, none of which are assured and are subject to a number of other risks and uncertainties.
There can be no assurance that forward-looking statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. Readers should not place undue reliance on forward-looking information. Contacts: Don Padgett President and CEO 604 689-1515 ext 104 Sabino Di Paola Chief Financial Officer 1-888-834-7708
SOURCE: Undur Tolgoi Minerals Inc.
Copyright 2012 Marketwire, Inc., All rights reserved.
"We are honored and excited to welcome Ken and Saruul to the UTM team", said James Passin, UTM's Chairman. "The strengthening of our board reflects UTM's commitment to build a world class exploration and mining company focused on Mongolia."
UTM is a mineral exploration company entirely focused on Mongolia, and which through its wholly owned subsidiaries, owns 100% of the "Undur Tolgoi" mineral exploration license. This license consists of 9,620 hectares of property situated 100 kilometers from the world-scale "Oyu Tolgoi" copper and gold mine. In addition, UTM's management is actively reviewing potential acquisitions and strategic industry alliances.
Disclaimer for Forward-Looking Information
Statements containing forward-looking information express, as at the date of this news release, the Company's plans, estimates, forecasts, projections, expectations, or beliefs as to future events or results and are believed to be reasonable based on information currently available to the Company.
Forward-looking statements and information are based on assumptions that financing and personnel will be available when required and on reasonable terms, and all necessary regulatory approvals and shareholder approval will be obtained, none of which are assured and are subject to a number of other risks and uncertainties.
There can be no assurance that forward-looking statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. Readers should not place undue reliance on forward-looking information. Contacts: Don Padgett President and CEO 604 689-1515 ext 104 Sabino Di Paola Chief Financial Officer 1-888-834-7708
SOURCE: Undur Tolgoi Minerals Inc.
Copyright 2012 Marketwire, Inc., All rights reserved.
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