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  • Mawson West Appoints Galena Nominee Jesus Fernandez To Its Board Of Directors

    Mawson West (TSE:MWE) has appointed Jesus Fernandez as a non-executive director of the company, the copper producer said Monday.

    Fernandez is the appointed nominee of Galena Asset Management, which had the right to appoint a director to Mawson West's board following a US$33.4 million financing and debt restructuring package agreed with the firm in December.

    Fernandez, with 15 years of experience in mining investments and financing, is a principal at Galena and is the head of the M&A team for the Trafigura Group, Galena's affiliate.

    Prior to Trafigura in 2004, he worked in the project finance team at an IPP in London.

    "Mr Fernandez's expertise in mining investments will provide valuable support to the company as we progress towards steady state production from our Kapulo copper project in the Democratic Republic of Congo," said chairman Anthony Lloyd.

    The commissioning of the Kapulo copper mine in the DRC started last November, with production anticipated to start in the first quarter. Mawson West recently upgraded mineral reserves at the project, with 86 percent now in the proven category.

    The project is estimated to have an after-tax net present value of some US$156 million using a base case copper price of US$7,100 per tonne for the life of the mine. Life-of-mine cash costs are projected at US$1.92 per pound.

    Jan 26 3:58 PM | Link | Comment!
  • Copper North Says Joint Venture Talks Underway For Thor, To Raise $900,000 Via Financing

    Copper North Mining (CVE:COL) updated investors on Monday about its Thor property in northwest British Columbia, while also announcing a $900,000 private placement financing.

    The company said it is in early discussions with several groups with regards to a potential joint venture at Thor, to finance the next steps of exploration.

    Copper North completed 39km of induced polarization work at the property last fall, focused on the area in the Moose Valley.

    The property represents an "attractive exploration opportunity" for discovery of a porphyry copper-gold deposit near the Kemess mine and mill facility, the company said.

    The asset stretches 13,000 hectares and is located 15 km south of the Kemess South mine and mill facility. The company is planning a detailed evaluation of the Thor East target at the site this year, and is proposing a wide spaced reconnaissance drilling program for the Thor West target area.

    Copper North also announced after market close on Friday that it is planning to raise $900,000 through a non-brokered private placement offering of up to 15 million units at 6 cents apiece.

    Each unit will be made up of one common share and one half of a share purchase warrant, with every warrant entitling the holder to purchase one additional share at a price of 9 cents, for a period of two years from closing.

    The company intends to use the new funds for resource expansion and engineering at its flagship Carmacks project in the Yukon, as well as for further exploration at Thor.

    Copper North said last week that it slashed its capex estimate for its Carmacks asset by 30 percent to C$150 million with a new recovery process, achieving its goal of putting forward a brand new project that will become the foundation for building a new, mid-tier copper producer.

    Jan 26 3:55 PM | Link | Comment!
  • Madalena Appeases Maglan Capital With Appointment Of New Board Director, Chair

    Madalena Energy (CVE:MVN) (OTC:MDLNF) and shareholder Maglan Capital have resolved their dispute and come to a settlement, with the junior oil and gas producer agreeing to appoint Gus Halas to its board of directors and make Steven Sharpe the new chairman.

    The move follows the review undertaken by a special committee of three independent directors appointed by Madalena to address Maglan's concerns of the company failing to deliver value to shareholders.

    Halas is currently a director of Triangle Petroleum Corp, and has extensive experience in the energy industry and working for public companies in general. He has previously served as president, CEO and director of Central Garden & Pet Company, T-3 Energy Services and Ingersoll Dresser's pump services group.

    Sharpe, who joined the board as an independent member last September, has a "wealth of experience at both the executive and board level with several public companies", specializing in the areas of strategic planning, business development and M&A, Madalena said.

    As a result of the changes, which also include three new independent directors appointed over the past four months, Madalena and Maglan signed a settlement, release and standstill agreement, which means Maglan has agreed to vote the shares it controls in favour of Madalena's director nominees at the 2015 annual general meeting.

    "We believe adding Gus to the Board and Steven as Chair brings a fresh perspective and unique insight to Madalena and that these two gentlemen have the experience necessary to help the Board and management as they work toward unlocking and enhancing shareholder value," said Steven Azarbad, chief investment officer of Maglan, in the release.

    "With a clean balance sheet, good production base and solid cash flow from fixed oil of $77 per barrel in Argentina, we are confident that Madalena is well positioned to substantially grow its production and reserves in the future."

    Madalena in June acquired the Argentinean assets of Gran Tierra, boosting its concessions across the country to 14 over 1 million net acres of land, with a major foothold in an area dominated by industry majors such as YPF, Chevron, Total and Exxon. It is focused on developing the unconventional Vaca Muerta and Agrio shales in addition to multiple tight sand plays, as well as developing high impact conventional plays.

    With the new changes, the company also announced that Jay Reid has resigned as a director and that Ray Smith has left his role as chairman.

    Jan 26 3:53 PM | Link | Comment!
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