- North American-based mining executive George Young appointed as President and
CEO
- Nicholas Clark to remain on
senior management team as VP - Commercial
- Ongoing assessment of US growth opportunities
VANCOUVER, Feb. 4, 2014 /CNW/ - Reliance Resources Limited
(TSXV: RI) ("Reliance") or ("the Company") is pleased to announce
the following management changes as part of its ongoing restructure
and reorganisation of the business:
- Mr. George S. Young, appointed
as a Non-Executive Director of the Company in October of 2013, has
been appointed as President and CEO.
- Mr. Nicholas Clark has stepped
down as President and has been appointed as Vice President -
Commercial, a role in which he will assist Mr. Young with primary
responsibilities over financial, administrative, legal and investor
relations functions.
With a Bachelor of Science in Metallurgical
Engineering from the University of
Utah, and a J.D. from the University of
Utah College of Law, Mr. Young has over 35 years' experience
in the mining industry, starting his career as a metallurgist at
Kennecott Copper Corp. in Utah in
1975. He is a former Chair of the Utah Section of the Society of
Mining Engineers and a member (inactive) of the State Bar
Associations of Colorado,
Utah, and Texas.
Since October, Mr. Young has worked closely with
Mr. Clark to assist the Company in its commercial negotiations as
it assesses a number of growth opportunities in North America. Together they are working
to strengthen the company's project portfolio and drive a growth
strategy to deliver improved outcomes for shareholders. This
strategy has included assessing options for the Company's
Indonesian assets as well as advantageous acquisition opportunities
in North America.
Reliance's Non-Executive Chairman Mr.
Gary Lewis commented: "We are
delighted to confirm the appointment of George Young as President and CEO. He brings
unrivalled resource sector expertise to the company and a strong
network in North America, which
will be invaluable as we take the next steps in the company's
growth."
"I would like to thank Mr. Clark for his
services as President during the ongoing transition of the Company,
under the recent difficult market conditions. He has served the
Company well and been a strong and capable force for bringing about
the changes needed in these times. We have been fortunate to have
him on board with us during this process, and are also very pleased
that he will continue to assist the Company as Vice President as we
move forward."
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
SOURCE Reliance Resources Ltd.