Moscow. - Highland Gold Mining Limited (“Highland Gold”, or the “Company”), the AIM quoted Russian gold producer announces the resignation on the 12th February 2006 of Mr Dmitry Korobov as Managing Director. Mr Korobov has been with the Company since its inception in 2002. He has played a major role over the years in the group’s progress and in providing the right operational infrastructure for developing our assets in Russia. He now leaves the Company to pursue other interests. The Board of Directors has expressed its gratitude for Dmitry’s contribution to the development of the Company, for his loyal and professional work over many years.
Henry Horne, who joined the group in October 2005, as Deputy Managing Director at Russdragmet, our Russian management company, will assume the responsibilities of Mr Korobov. Mr Horne, aged 48, will join the Board of the Company and together with Mr Ivan Koulakov, the Executive Deputy Chairman, will continue the development of the group's mining operations and other gold assets in Russia.
Commenting on today’s announcement Deputy Chairman Ivan Koulakov said: “Dmitry Korobov not only stood at the origins of our Company, he has over the years been involved in all its key functions. During his years at Highland Gold he has acquired considerable experience and has earned the respect of all of his colleagues. I am confident that these factors will ensure for Dmitry a fruitful and successful transition to other business opportunities and we all wish him the best in his future work and important responsibilities. The Board also welcomes Henry who has considerable mining experience which we are sure will benefit the group and the Board looks forward to working with him in his new role.”
For further information please contact:
London: +44 (0) 207 851 6400
Moscow: +7 (495) 777 5529
James Cross, Chairman
Dmitry Yakushkin, Director of Communications
Grant Sinitsin, Director of Investor Relations
Henry Horne; holds a degree in Financial Accounting and Business Economics from the University of Stellenbosch (South Africa) and has more than 25 years experience in the mining industry. This experience has been gained around the world and includes postings at mines in Namibia, South Africa, Ghana, Bulgaria, Chile and Russia. Henry Horne has wide general management experience with strong financial, administrative and people management skills enhanced by confident negotiating abilities. He has extensive experience of both African, Eastern European, Russian and North American financial best practices. In addition he also has comprehensive technical and financial knowledge and work experience within the gold and base metal mining industry including the development of greenfield sites and the preparation of feasibility studies and mine plans.
Henry Horne started his career at Newmont’s Tsumeb Corporation Limited Mines and Copper/Lead Smelter in Tsumeb, Namibia where he gained experience in almost all of the financial disciplines. He was also exposed to concentrate and metal sales and was instrumental in determining the cost cross subsidisation effect the lead circuit had on the copper circuit in the Tsumeb smelter. The majority of Henry Horne’s career has then been spent in the Gold Fields Group where he worked at the Leeudoorn and Deelkraal deep level gold mines in South Africa as Financial Manager. Henry was a member of the team that was instrumental in setting up Gold Fields Ghana’s Tarkwa operations. Henry Horne was part of Gold Field’s Vulindlela initiative, a senior member of the Mine Wide Business Design Project, which was initiated to improve the profitability of Gold Fields' mining operations and to achieve the required return on investment. Henry Horne was involved in the restructuring of Gold Fields Health Services and was instrumental in consolidating Gold Fields health and medical services. Henry Horne joined Navan Mining and was appointed Executive Director and Chief Financial Officer for Navan’s Chelopech operations in Bulgaria, a 700 000 tpa underground operation producing a copper concentrate. Navan also had various exploration initiatives within Bulgaria of which the Krumovgrad project is the best known. During his final year service with Navan Henry Horne was Executive Director for Navan Chelopech AD and Bimak AD and served as Director on various other Navan Boards within Bulgaria. Henry Horne was also responsible for all financial and commercial disciplines including concentrate sales. His most recent position has been as Deputy General Director and Chief Finance Officer for Omolon Gold Mining Company, Kinross Gold’s Kubaka operation in the Magadan Region of North East Russia, Underground and Open Pit operations at Kubaka and Birkachan, producing 140,000 toz Au annually with exploration activity within the Magadan Oblast. Henry Horne was then transferred in the same capacity to Kinross’s Refugio mine in Chile before he joined Highland Gold early October 2005 as Deputy General Director and Head of Cost Control.
The following information is provided in accordance with rule 17 of the AIM Rules: Henry Horne, aged 48:
|(a)||holds and has held the following directorships or been a partner in the following partnerships within the past 5 years: Current directorships and fiduciary responsibilities: none Previous directorships in past five years: Bimak AD, Chelopech AD, Balkan Mineral and Mining AD, Navan Balkan Resources AD;|
|(b)||has no unspent convictions in relation to indictable offences;|
|(c)||has not had any bankruptcy order made against him or entered into any individual voluntary arrangement;|
|(d)||has not been a director of a company which has been placed into receivership, compulsory liquidation, creditors' voluntary liquidation, administration or which has entered into any company voluntary arrangement or any composition or arrangement with its creditors generally or any class of its creditors, at the time of or within twelve months preceding such events;|
|(e)||has not been a partner of any partnership which has been put into compulsory liquidation, administration or entered into partnership voluntary arrangements, at the time of or within twelve months preceding such event;|
|(f)||has not had a receivership of any asset or of a partnership where he was a partner at the time of or within twelve months preceding such event; or|
|(g)||has not been publicly criticised by statutory or regulatory authorities (including recognised professional bodies) or ever been disqualified by a court from acting as a director of a company or from acting in the management or conduct of the affairs of any company.|