Noventa Provides Progress ReportNOVENTA PROVIDES PROGRESS REPORT
, , 2011 ( NewsWire via COMTEX News Network) --
- Appoints new director and new ; Reaches June production target; Schedules Extra-Ordinary meeting of Shareholders -
Noventa (TSX: NTA) (: NVTA) today provided an update on a series of activities recently completed by the Company.
"Since our last corporate update, we have taken a number of measures to strengthen our management team, to ensure that our June production target was met, and to move forward with our financing activities," said Mr. Eric Kohn, TD, Executive Chairman of Noventa. "This recent progress is very encouraging and supports our long-term objective of becoming of a low-cost producer of tantalum concentrate."
Executive and Board Appointments Noventa's Board of Directors has appointed Fernando Fernandez-Torres as a director of the Company, in the role of Chief Operating Officer (") and Chief Executive Officer ("") designate of the Company. Mr Fernandez-Torres will become a director on and will assume the role as on . Mr Fernandez-Torres is expected to assume the role of during the last quarter of 2011. Mr Fernandez-Torres, a qualified industrial engineer, has been involved in the mining industry for over 30 years, including over 20 years within Rio Tinto and 5 years within the Sibelco Group. More recently, he was the of two copper/cobalt mining projects in the Democratic Republic of Congo, the first controlled by -quoted Nikanor (subsequently acquired by Katanga Mining Limited), and the second by a joint venture between Glencore and local interests. Immediately prior to taking up his role with the Company, Mr Fernandez-Torres headed the project in northern to reopen abandoned gold mines for TSX-listed Orvana Minerals Corp.
The board of Noventa is also pleased to announce the appointment of Thies Eggers as an independent non-executive director and head of the audit committee effective today. Mr Eggers is a qualified accountant and tax consultant in , having joined Arthur Andersen in 1969, and rising to the position of Managing Partner at both their (1979-1997) and (1990-1993) offices. Since 1997 he has sat on the boards of a number of quoted and unquoted companies as well as undertaking a number of consultancy appointments.
Timothy Griffiths has resigned as a director of the Company, effective .
Mr. Eric Kohn TD, also commented, "We are delighted at the appointments of Messrs Fernandez-Torres and Eggers. We believe their experience and expertise will prove to be invaluable to Noventa's future. The board would also like to express thanks to Mr Griffiths for all his hard work and wish him well for the future."
Production and Financing Update Consistent with its previous disclosure, Noventa also announced that production levels at the Company's Marropino mine exceeded the Company's annualised 175,000lb target of tantalum concentrate for June, with a recovery rate of over 51%.
The Company also announced that Canaccord Genuity has resigned as the Company's joint broker. Religare Capital Markets, in its position as Noventa`s lead broker in the U.K., is advising the Company on its financing requirements.
The Company also reported that it plans to call an extraordinary general meeting ("EGM") of its shareholders, which is slated to be held on . The EGM will be held to secure necessary shareholder approval to increase its authorised share capital and the authority for the directors to issue new shares. A notice convening the EGM will be sent to all shareholders shortly.
Additional Information Required Under Schedule 2 of the Rules
Francisco Fernando Fernandez-Torres
Age 61
Current Directorships
Tartessus SLU
Past Directorships (in the last 5 years)
Kinbauri Espana SLU Nikanor Mining Limited Cobre Les Cruces SA
Mr Fernandez-Torres holds no shares in Noventa
Thies Eggers
Age 69
Current Directorships
Allgeier Holding AG Softcon AG Dibag Industriebau AG Bayerische Gewerbebau AG Plenum AG Fox Corporate Finance GmbH
Past Directorships (in the last 5 years)
CoreMedia AG FJH AG
Mr Eggers holds no shares in Noventa
About Noventa
Noventa's strategy is to be the world's largest, low cost industrial scale supplier of tantalum concentrate, a rare specialty metal widely used in the consumer electronics industry. There is currently a shortage of tantalum supply and stock levels in the industry are being run down. With operating mines in , Noventa is in a unique position to expand production to meet the industries needs. More information can be found at www.noventa.net
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
Certain information contained or incorporated by reference in this release, including any information as to the Noventa's strategy, projects, plans, prospects, future outlook, anticipated events or results or future financial or operating performance, constitutes "forward-looking statements" within the meaning of Canadian securities laws. All statements, other than statements of historical fact, are forward-looking statements. Forward-looking statements can often, but not always, be identified by the use of words such as "plans", "expects", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", "predicts", "potential", "continue" or "believes", or variations (including negative variations) of such words; or statements that certain actions, events or results "may", "could", "would", "should", "might", "potential to", or "will" be taken, occur or be achieved or other similar expressions concerning matters that are not historical facts. Readers are cautioned that forward-looking statements are not guarantees of future performance. All of the forward-looking statements made or incorporated in this press release are qualified by these cautionary statements.
Forward-looking statements are necessarily based on a number of factors, estimates and assumptions that, while considered reasonable by Noventa as of the date of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Readers are also cautioned that forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Noventa to differ materially from those expressed or implied in the forward-looking statements. Certain of these risks and uncertainties are described in more detail in Noventa's Annual Information Form dated , which is available on SEDAR at www.sedar.com.
Although Noventa has attempted to identify statements containing important factors that could cause actual actions, event or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Forward-looking information contained herein are made as of the date of this document based on the opinions and estimates of management on the date statements containing such forward looking information are made, and Noventa disclaims any obligation to update any forward-looking information, whether as a result of new information, estimates or opinions, future events or results or otherwise. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward looking information.
To view this news release in HTML formatting, please use the following URL: https://www.newswire.ca/en/releases/archive/June2011/28/c9654.html
SOURCE: Noventa Limited
Eric F. Kohn TD Chairman Noventa Limited +41 22 8500560 +41 79 5030150
www.noventa.net Nick Harriss/EmilyStaples Religare Capital Markets (UK) Limited
(Nominated Adviser) +44 207444 0800 Daniel Briggs Religare Capital Markets
plc(Broker) +44 207444 0500 Joe Racanelli TMX Equicom ext. 243
orjracanelli@equicomgroup.com
Copyright (C) 2011 CNW Group. All rights reserved.