Moly Mines-Director Resignation & Update on Board Replacement Process
TORONTO, ONTARIO -- (Marketwired) -- 05/21/13 -- Moly Mines Limited (TSX: MOL)(ASX: MOL) advises that non-executive director Mr. Andy Zhmurovsky has today resigned from its Board effective immediately. Mr. Zhmurovsky had been nominated by the Company's shareholder, EIG Global Energy Partners (EIG), under a contractual arrangement between EIG and the Company made in 2008. EIG has indicated that it does not intend to nominate a replacement for Mr. Zhmurovsky at this stage but it retains its right to do so.
The Board and the Company's major shareholder, Hanlong Mining Investment Pty Ltd, have agreed that independent non-executive director Mr. David Craig will remain on the Board and will not be replaced as part of the Board replacement process announced on 10 April 2013.
Non-executive Chairman Mr. Michael Braham commented: "Mr. Zhmurovsky has made an outstanding contribution to the Company during the past three years and we thank him for that. He will be missed as a colleague and director."
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Contacts:
Moly Mines Limited
Natalie Frame
Investor Relations
+1 416 777 1801
+1 416 371 7541
Moly Mines Limited
Martijn Bosboom
Company Secretary
+61 8 94293300
www.molymines.com