Hawthorne Announces Update on Private Placement With Skyocean
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 01/06/11 -- Hawthorne Gold Corp. ('Hawthorne' or the 'Company') (TSX VENTURE: HGC)(PINK SHEETS: HWTHF) further to the Company's news release of December 9, 2010 (the 'December 9th News Release'), the Board of Directors of the Company (the 'Board') has agreed, subject to regulatory approval and closing of the private placement (the 'Private Placement') with Skyocean Ventures Investment Limited ('Skyocean'), to replace the Company's current Chairman and Chief Executive Officer with Skyocean's nominees. Further details of the Private Placement are summarized in the December 9th News Release and the Company's information circular dated October 28, 2010 (copies of which are available under the Company's SEDAR profile at www.sedar.com). The Company expects to close the Private Placement in January 2011 and will issue a further news release when the Private Placement is closed.
Changes to the Board and Management
The Company's Board and Management will, subject to regulatory approval and closing of the Private Placement, be changed as follows:
The Board will be increased by one seat in accordance with the Company's articles and Jian Zhang will be appointed as a director. Michael Beley, the current Chairman, will step down as Chairman effective on closing of the Private Placement and Mr. Jian Zhang will be appointed to fill such position. Michael Beley is expected to be appointed as special adviser to the Chairman. The existing directors of the Board are expected to remain in place.
Richard Barclay, the current President and Chief Executive Officer of the Company has agreed to step down as President and Chief Executive Officer effective on closing of the Private Placement and Dr. Shijia Tang will be appointed as Chief Executive Officer to fill the Chief Executive Officer position. Mr. Barclay will remain a senior executive of the Company and will have the title Executive Vice President.
The following provides information regarding the proposed new Chairman and Chief Executive Officer:
Jian Zhang - Chairman of the Board and Director
Mr. Jian Zhang is a professional senior mining engineer with more than forty years' experience. Mr. Zhang Jian has held the office of Chairman of the Board and President of the China Non-ferrous Metal Mining Group Corporation. (CNMC) and has served as the Vice President of the China National Non-Ferrous Metals Industry Corp.(CNNC). He continues to be a leader in the China non-ferrous metal industry. During his career he has overseen all aspects of mine building from geological exploration and mine development to all facets of mine and milling operations resulting in numerous domestic Chinese non-ferrous metal mining projects successfully placed into production. Mr. Zhang Jian has as well successfully directed the development of the largest non-ferrous metal project outside of China; the Chambishi copper mine in Zambia, as well as other significant projects such as the Tumurtin-Ovoo zinc mine in Mongolia, and the TagaungTaung nickel mine in Myanmar. Throughout his career Mr. Zhang Jian has continued to be a major contributor to the development of China's non-ferrous metal industry and to the development of China's international mining industry.
Mr. Zhang also acts as the Chairman of Sino Mining International Investment Limited and was appointed as an independent non-executive director of COL Capital Limited in 2006. Mr. Zhang is the Vice Chairman of China Manager Council of Construction Enterprises and China Precious Stone Council and also the Chairman of Beijing Alumni Association of Xian Construction Technology University. Mr. Zhang has been awarded National Outstanding Intellect in 1997 and National Top 10 Honest Persons of Outstanding Ability in 2004. Mr. Zhang has also in 2005 been awarded as an Influential Person to the China Nonferrous Metal Industry.
Dr. Shijia Tang - Chief Executive Officer
Dr. Shijia Tang is a senior geologist with a PhD from Central South University, China. He has worked with numerous mining companies. From 2001-2003, he was a Senior Geologist with Chambishi Copper Mine in Zambia; from 2003-2005 he was the General Manager of Business Development for China Nonferrous Metals International Mining Ltd., from 2005-2008 he was the president of Sino Mining International Investment Ltd., and from 2008-2010 the president of China Nonferrous Metal (Beijing) Mining Investment Ltd. Dr Tang is presently the President and CEO of China Minerals Ltd. a subsidiary of the Skyocean Group.
As a manager and senior geologist, he has been involved with many mineral projects: such as the construction and production of the Chambishi Copper mine in Zambia, the exploration of Champassak bauxite project in Lao PDR., the exploration and feasibility study of the Ergozhu Lead-Zinc Project in Russia, the construction of the Hysene Copper Mine in DPR of Korea, etc. He has a wide range of experience in investment, exploration, construction and management in the mineral resource industry.
Name Change
The Company also announces that the Board has approved the change of the Company's name to China Minerals Mining Corporation. The Company is in the process of applying to the TSX Venture Exchange to request approval for such name change. The new name has been reserved with the appropriate regulatory and the Company's stock symbol will likely change to reflect the new name.
About Hawthorne Gold Corp.
Hawthorne Gold Corp. is a Canadian-based gold exploration and development company with key properties located in British Columbia, Canada. Hawthorne is led by well-respected mining leaders Richard Barclay and Michael Beley. Hawthorne's goal is to become a junior gold producer by working towards production at Table Mountain and the continued resource development at the nearby Taurus deposit.
For more information on Hawthorne you can visit Hawthorne's website at www.hawthornegold.com.
ON BEHALF OF HAWTHORNE GOLD CORP.
Michael J. Beley, Chairman
Some of the statements contained in this press release are forward-looking statements and information within the meaning of applicable securities laws. Forward-looking statements and information can be identified by the use of words such as 'expects', 'intends', 'is expected', 'potential', 'suggests' or variations of such words or phrases, or statements that certain actions, events or results 'may', 'could', 'should', 'would', 'might' or 'will' be taken, occur or be achieved. Forward-looking statements and information are not historical facts and are subject to a number of risks and uncertainties beyond Hawthorne's control. Actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking statements contained in this press release. Accordingly, readers should not place undue reliance on forward-looking statements. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements, except as may be required by law.
Neither 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.
Contacts:
Hawthorne Gold Corp.
Robert Ferguson
(604) 629-1505 or toll free: 1-888-629-1505
www.hawthornegold.com