VANCOUVER,
Feb. 24, 2014 /PRNewswire/ - China
Gold International Resources Corp. Ltd. (TSX: CGG; HKEx: 2099) (the
"Company" or "China Gold International Resources") announces that,
effective immediately, its board of directors (the "Board") has
accepted the following changes in the Board composition and chief
executive officer:
1) |
Mr. Zhaoxue Sun has resigned as chairman of the Board of
Directors (the "Chairman") and executive Director of the
Company. |
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Mr. Zhaoxue Sun served as an executive Director and Chairman of
the Company since May 12, 2008 and has played a major role in the
Company's success. Mr. Zhaoxue Sun has tendered his
resignation in order to devote his time to his new position at
another prominent Chinese state-owned enterprise. |
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The Company is grateful to Mr. Zhaoxue Sun for his dedicated
leadership, services and for the valuable contributions he made
during his tenure and wishes him great success in his future
endeavours. |
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2) |
Mr. Xin Song, being an executive Director has been appointed as
the Chairman with effect from February 24, 2014. In order to comply
with code provision A.2.1 of the Corporate Governance Code as set
out in Appendix 14 of the Rules Governing the Listing of Securities
on The Stock Exchange of Hong Kong Limited (the "Listing Rules")
that states that the roles of Chairman and chief executive officer
("CEO") should be separate and should not be performed by the same
individual, Mr. Song has resigned as the CEO of the Company. |
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Mr. Song joined the Company on October 9, 2009 as CEO and an
executive Director and was responsible for the Company's strategic
planning and business operations. In addition to his
responsibilities to the Company, Mr. Song also serves as President
of China National Gold Group Corporation ("China National Gold"),
the Company's principal shareholder and the largest gold producer
in China. |
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The Board extends its deep appreciation for Mr. Song's work as
the Company's CEO over the years and welcomes him as the new
Chairman of the Company. |
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Dr. Xin Song, commented, "It was my great honor to run China
Gold International Resources as the CEO and I am looking forward to
continue working with our board of directors and executive team in
my new position. Last year was marked by many successes and
challenges for our Company and the industry. Metal markets go
through cyclical changes, but one thing that always remains
constant at our Company is our continued focus on delivering top
shareholder returns while prioritizing safety, environment and
social responsibility. The Company spends significant time and
financial resources for reclamation, greening and landscaping, road
and bridge construction, environmental improvements and creating
educational programs. We employ local people and recruit
minorities. We are involved in community activities and
support charitable organizations. These are the values that I
will continue to support in my new position and these are the
values that we intend to bring to any community where we choose to
operate in the future". |
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3) |
Mr. Bing Liu, being a non-executive Director, has been
re-designated as an executive Director and has been appointed as
the CEO of the Company with effect from February 24, 2014. |
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Mr. Liu joined the Company on May 12, 2008 as a non-executive
Director and was responsible for the supervision of finance related
matters and the Company's overall strategic planning. Mr. Liu
also serves as Vice President and Chief Accountant of China
National Gold. |
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The Board commented, "The depth of Mr. Liu's industry
experience and his dedication to the Company make him the ideal
person to lead our executive team. We are looking forward to
working with him to grow our organization". |
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Mr. Liu, commented, "I commence my new appointment with a
positive and optimistic energy and the Company's executive team is
hopeful about organic growth on both of our profitable, operating
mines and about potential merger and acquisition opportunities. Our
passionate and driven team of more than 1,600 employees, combined
with solid operational portfolio and disciplined approach to
investments, will assure the growth of shareholder value in 2014
and beyond". |
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4) |
Mr. Lianzhong Sun has been appointed as a non-executive
Director with effect from February 24, 2014. |
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Mr. Sun also serves as Vice President of China National Gold,
the Company's principal shareholder and the largest gold producer
in China, since 2011, where he is mainly responsible for resources
development. Mr. Sun has nearly 40 years of senior management and
operational experience in the mining industry. |
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The Board would like to express its warmest welcome to Mr. Sun
on his appointment. |
Analysts, investors, media and general public
are encouraged to contact the Company with any questions.
About China Gold International
Resources
China Gold International Resources Corp. Ltd. is
based in Vancouver, BC,
Canada and operates both
profitable and growing mines, the CSH Gold Mine in Inner Mongolia,
and the Jiama Copper-Polymetallic Mine in Tibet Autonomous Region
of the People's Republic of China.
The Company's objective is to continue to build shareholder value
by growing production at its current mining operations, expanding
its resource base, and aggressively acquiring and developing new
projects internationally. The Company is listed on the Toronto
Stock Exchange (TSX: CGG) and the Main Board of The Stock Exchange
of Hong Kong Limited (HKEx:
2099).
Cautionary Note About Forward-Looking
Statements
Certain information regarding China Gold
International Resources contained herein may constitute
forward-looking statements within the meaning of applicable
securities laws. Forward-looking statements may include estimates,
plans, expectations, opinions, forecasts, projections, guidance or
other statements that are not statements of fact. Although China
Gold International Resources believes that the expectations
reflected in such forward-looking statements are reasonable, it can
give no assurance that such expectations will prove to have been
correct. China Gold International Resources cautions that actual
performance will be affected by a number of factors, most of which
are beyond its control, and that future events and results may vary
substantially from what China Gold International Resources
currently foresees. Factors that could cause actual results to
differ materially from those in forward-looking statements include
market prices, exploitation and exploration results, continued
availability of capital and financing and general economic, market
or business conditions. The forward-looking statements are
expressly qualified in their entirety by this cautionary statement.
The information contained herein is stated as of the current date
and subject to change after that date.
SOURCE China Gold International Resources Corp. Ltd.