Plains Creek Phosphate announces the appointment of Owen Ryan as
Executive Chairman
VANCOUVER,
Feb. 4, 2013 /CNW/ - The Board of
Directors of Plains Creek Phosphate Corporation ("Plains
Creek", or the "Company") (TSX‐V: PCP) is pleased
to announce the appointment of Owen
Ryan as a new additional director, Executive Chairman,
Interim President and CEO with immediate effect. Glenn Laing and Carson
Phillips have stepped down from their executive positions
and will not be seeking re-election at the next annual general
meeting of shareholders, which is scheduled for March 7, 2013 (the "AGM"). Mr. Laing has
entered into a consultancy agreement with the Company to provide
advisory services as and when requested.
Mr. Ryan brings to Plains Creek extensive
experience as a senior level mining executive. Previous roles
include; Head of Group Business Development for Anglo American plc in London, Head of Global Mining Research and
Sales at UBS Investment Bank in London and Head of Mining and Commodity
Research at Old Mutual Asset Management in Cape Town, South Africa. Mr. Ryan was recently
a Non-Executive Director of TSX-listed Western Coal Corporation. He
is currently a Non-Executive Director of Mongolia Minerals Corp.,
an unlisted Canadian public company.
Mr. Ryan is respectively a partner and director
of London based Scarab Capital
Partners LLP and Scarab Investments Ltd. He is also a
founding shareholder and Chairman of Alameda Minerals Ltd, a
Chile based mining exploration and
development junior. Mr. Ryan holds a BSc in Civil Engineering and
an MBA, both from the University of Cape
Town.
Mr. Ryan stated, "I look forward to the
challenge of leading this junior phosphate mining company into its
next phase of development. The Company has completed a bankable
feasibility study establishing a proven phosphate reserve with
world class potential that deserves to be brought rapidly into
production. We have a core of strong shareholders who currently
support this vision and I look forward to building value for all
shareholders and stakeholders."
The Board is currently in the process of
examining its strategic alternatives including restructuring and
refinancing the Company. It is the intention of the Board that
should any shareholder approvals be required in this respect, these
will be sought at the AGM on the March 7,
2013.
About Plains Creek
Plains Creek Phosphate Corporation is a Canadian
mining exploration and development company focused on advancing its
Farim Phosphate Project (the "Project") in Guinea‐Bissau,
West Africa. The Project currently
comprises a phosphate deposit consisting of one continuous flat
lying phosphate bed with Mineral Resource and Mineral Reserves
estimates, as disclosed in the Company's current technical report
on the feasibility study (the "Feasibility Study") on its
Project in accordance with National Instrument 43-101, dated
effective December 19, 2012, filed on
SEDAR on January 17, 2013 and
publicly available on SEDAR under the Company's profile at
www.sedar.com. The Feasibility Study defines a Measured Resource of
64.6 MT at an average grade of 29.11% P2O5,
an Indicated Resource of 28.1 Mt at an average grade of
27.68 % P2O5, and an Inferred Resource
of 18.3 Mt at an average grade of
28.66 % P2O5 and states total
proven and probable reserves of 33.0 Mt (dry) with an average
ROM P2O5 grade of 30.4%. The Measured and
Indicated Resource estimates stated above are inclusive of the
resources comprising the proven and probable reserve estimates. A
two-phased development is contemplated for the Project as an open
pit mining operation. Phase One consists of a 1.0 Mt per year
beneficiated phosphate rock concentrate project, as described in
the Feasibility Study, and Phase Two would consist of the
production of 2.0 Mt per year of phosphate rock concentrate with a
beneficiation plant and associated infrastructure, pipeline and
port.
The Company's shares are listed on the TSX
Venture Exchange under the trading symbol "PCP". For additional
information, please visit us at www.plainscreek.com.
ON BEHALF OF THE BOARD
(Signed) "Owen Ryan"
Owen Ryan
Chairman, Interim President, Interim Chief Executive Officer and
Director
Cautionary Statement
Statements in this release may be viewed as
forward-looking statements. Such statements involve risks and
uncertainties that could cause actual results to differ materially
from those projected. There are no assurances the Company can
fulfill such forward-statements and the Company undertakes no
obligation to update statements. Such forward looking statements
are only predictions; actual events or results may differ
materially as a result of risks facing the Company, some of which
are beyond the Company's control.
The reader should be cautioned that there are
risks that could affect the potential development of the Project's
mineral resources, which include: the political instability in
Africa and Guinea-Bissau in particular, which is where
the Project is located; and that additional financing will be
required to ultimately develop the Project and the ability to
obtain such financing on favorable terms will be affected by
prevailing market conditions. A more detailed discussion of
such risks are outlined in the Company's Management's Discussion
& Analysis and its current Feasibility Study, all of which are
filed under the Company's profile on SEDAR at www.sedar.com.
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.
SOURCE Plains Creek Phosphate Corp.