Stillwater Mining Company Assigns New Management Responsibilities
BILLINGS, MT -- (Marketwire) -- 08/23/11 -- STILLWATER MINING COMPANY (NYSE: SWC) (TSX: SWC.U) announced today a reorganization of responsibilities within its management team.
Mr. Terry Ackerman will transition from his current role as Vice President of East Boulder Operations to the newly created position of Vice President of Projects. In this role, Mr. Ackerman will oversee the existing Marathon Project in Ontario, Canada and, following the closing of the Peregrine Metals acquisition, the Altar Project in the San Juan province of Argentina. Mr. Stan Emms, the General Manager for the Marathon Project, will report to Mr. Ackerman. Mr. Ackerman has extensive knowledge of both projects and a strong background in mine planning and copper operations. Mr. Ackerman will be based at the corporate headquarters in Billings, Montana.
Mr. Kevin Shiell, will assume responsibility for operations at the Company's East Boulder Mine in addition to his current responsibilities as Vice President for Operations at the Company's Stillwater Mine. Mr. Shiell has served as General Manager of the East Boulder Mine in the past and is well acquainted with the operation.
These changes are effective immediately.
Regarding these moves, Francis R. McAllister, Stillwater Chairman and CEO, commented, 'These management changes come at a time when Stillwater Mining Company is broadening its focus in order to build significant long-term value for our shareholders. I am very pleased to be able to draw on the depth of experience within our internal management team in moving the Company forward. In his new role, Terry's extensive planning skills and PGM-copper experience will contribute invaluably toward bringing our new properties into production. Kevin is a strong leader who understands well the keys to the success of our Montana operations, and I am fully confident in his ability to continue the excellent performance there.'
Stillwater Mining Company is the only U.S. producer of palladium and platinum and is the largest primary producer of platinum group metals outside of South Africa and the Russian Federation. The Company's shares are traded on the New York Stock Exchange under the symbol SWC. Information on Stillwater Mining can be found at its Web site: www.stillwatermining.com.
Some statements contained in this news release are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and, therefore, involve uncertainties or risks that could cause actual results to differ materially. These statements may contain words such as 'believes,' 'anticipates,' 'plans,' 'expects,' 'intends,' 'estimates,' 'forecast,' 'guidance,' or similar expressions. These statements are not guarantees of the Company's future performance and are subject to risks, uncertainties and other important factors that could cause our actual performance or achievements to differ materially from those expressed or implied by these forward-looking statements. Such statements include, but are not limited to, comments regarding expansion plans, costs, grade, production and recovery rates, permitting, financing needs, the terms of future credit facilities and capital expenditures, increases in processing capacity, cost reduction measures, safety, timing for engineering studies, and environmental permitting and compliance, litigation, labor matters and the palladium and platinum market. Additional information regarding factors, which could cause results to differ materially from management's expectations, is found in the section entitled 'Risk Factors' in the Company's 2010 Annual Report on Form 10-K. The Company intends that the forward-looking statements contained herein be subject to the above-mentioned statutory safe harbors. Investors are cautioned not to rely on forward-looking statements. The Company disclaims any obligation to update forward-looking statements.