Mangazeya Mining Appoints New Chief Executive Officer

TORONTO, Dec. 23, 2013 /CNW/ - Mangazeya Mining Ltd. ("Mangazeya" or the "Company") (NEX: MGZ.H) announces that it has appointed Mr. Sergey Kashuba as Chief Executive Officer (effective December 23, 2013) and Corporate Secretary, (effective January 1, 2014). The appointment follows the resignation of Mr. Gary Quedado as Corporate Secretary and Mr. Sergey Yanchukov as Chief Executive Officer. Mr. Yanchukov will continue to lead the Company as Chairman of the board of directors.

Mr. Kashuba has served as a director of Mangazeya and its Chief Operating Officer since July 31, 2013.

Over the past ten years Mr. Kashuba held executive positions in a number of gold mining companies, including Zapadnaya Artel in Yakutia Republic, GeoProMining and Zolotaya Zvezda in Krasnoyarsk region. He has extensive experience in economic assessment, financing and trading in gold deposits in Russia and CIS countries. From 1999 to 2002 Mr. Kashuba was the Chairman of the Committee on precious metals of the Russian Banking Association where he led development of legislative initiatives aimed at liberalization of the Russian precious metals market. From 1996 to 2002 he was the head of Precious metals Department of Incombank and Investment Banking Corporation (Moscow). Mr. Kashuba is a graduate of the Institute of Foreign Languages, and in his early career worked in various state enterprises including Ministry of Foreign Affairs of the USSR. Mr. Kashuba is currently the Chairman of the Union of Gold Producers of Russia.

"Sergey has been an integral part of the team since joining Mangazeya" said Sergey Yanchukov, Chairman of Mangazeya. "With his extensive experience in the Russian mining sector and his strong leadership abilities, the board of directors pleased he has accepted the role of Chief Executive Officer".

The Company also announces that Mr. Sergei Tchetvertnykh has resigned from the board of directors, effective December 23, 2013.

About Mangazeya

Mangazeya Mining Ltd. is a NEX-listed mining and exploration company, focused on the development of mineral resources in the Russian Federation.

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 Mangazeya Mining Ltd.