VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 28, 2012) - KazaX Minerals Inc. ("KazaX" or the "Company") (TSX VENTURE:KZX) wishes to provide an update on the results from its annual general meeting of shareholders held on Tuesday, August 14, 2012. At the meeting, the shareholders elected five new members to the Company's board of directors. The shareholders also re-appointed the current auditors, Manning Elliott LLP, Chartered Accountants.
Election of Directors
At the meeting, the KazaX shareholders elected seven directors, including the following five new directors:
Mr. Ballon is a graduate of Colorado School of Mines and a very experienced mining engineer who managed the Santander Mine in Peru from 1985 to 1993. More recently he was Vice-President South America for Corriente Resources Ltd. and a director of Thiess South America (Australia's largest contract miner) where he managed major engineering works in Peru. Mr. Ballon is currently a director of Dorato Resources Inc., a mineral exploration company listed on the TSX Venture Exchange. He is also a director of Stonehouse Construction, a private international multi-disciplined project delivery company headquartered in Kuala Lumpur, focusing on projects in Malaysia and Kazakhstan.
Mr. Damerji graduated from McGill University in Montreal, Canada, and worked in Commercial then Corporate Finance for the Toronto Dominion Bank. In 1999, Mr. Damerji returned to the Middle East and co-founded Bayt.com, one of the Middle East's leading online recruiter companies with over 150 employees operating in six different countries. In 2008, Mr. Damerji sold his interest in Bayt to a leading US based Private Equity firm, and founded Wajehat, a company that specialized in the design, engineering and project management of Facades for buildings, utilizing an innovative outsourcing model for the fabrication and installation of advanced skins for buildings. Mr. Damerji is currently the Special Projects Director for the Al Habtoor Leighton Group, a large multi-disciplinary contracting group in the Middle East, with projects in Civil, Infrastructure, Power, Oil and Gas. He is also on the Board of Directors for Stonehouse Construction, a contracting company based out of Singapore targeting Mining, Civil, Infrastructure and Oil and Gas projects.
Mr. Demidkin has over 23 years of experience in the steel and iron ore industry. He is a founding member of Safin Handels G.m.b.H. and is currently the President of the Safin Group, a steel trading and distribution company operating in 45 countries with a head office and financial department in Vienna, Austria. Safin also represents the interests of Otto Wolff Handelsgesellschaft m.b.H. (ThyssenKrupp) in Russia, which supplies industrial and mining equipment. Mr. Demidkin graduated from the Moscow State University, Faculty of Law, in 1993.
Mr. Drescher has been a Certified Management Accountant since 1981. He is currently a director of International Tower Hill Mines Ltd., a mineral exploration and development company listed on the TSX and NYSE-AMEX (since 1991), a director of Trevali Mining Corporation, a natural resource company listed on the TSX (since 2007) and a director of Corvus Gold Inc., an exploration and development company listed on the TSX (since 2010). Mr. Drescher also currently serves as a director and/or officer of several companies listed on the TSX Venture Exchange and is President and a director of Ravencrest Resources Inc., a company trading on the CNSX (since 2010). He is also President of Westpoint Management Consultants Limited, a private company engaged in tax and accounting consulting for business reorganizations and President of Harbour Pacific Capital Corp., a private British Columbia company involved in regulatory filings for businesses in Canada.
Mr. Larkin brings in excess of 37 years of experience in corporate finance and capital markets to the Company. Mr. Larkin is currently President of New Dawn Holdings Ltd., an independent consulting firm providing administration and financial advisory services to a number of private and public companies. Mr. Larkin is also the CEO and President of Tyner Resources Ltd., a director of Westbridge Energy Corporation, and a director and audit committee member of LNG Energy Ltd., U.S. Geothermal Inc. and Condor Resources Inc., all public resource companies. From 1972 to 1984, Mr. Larkin held various corporate finance positions in the Canadian Banking system. Mr. Larkin has also served as an audit, compensation and executive committee member for a number of other public companies.
The five new directors join KazaX's President, David Savage and current director Mohamad Chafic, both of whom were re-elected to the Board. These directors will all hold office until the next KazaX annual meeting. The five new directors replaced Jonathan Younie, Ian McKinnon and Michael Larkin. Mr. Savage would like to thank Messrs. Younie, McKinnon and Larkin for their help and assistance during the year as the Company transitioned from Newbridge Capital Inc. to KazaX Minerals Inc.
Appointment of Director
KazaX is pleased to announce the appointment of Daniel Kunz to its Board.
Mr. Kunz is an international mining executive with more than 35 years of mining experience in exploration, development, and operations. Mr. Kunz holds an MBA, a B.Sc. in Engineering, and an associate accounting degree. He has significant public company governance, finance and management experience. Mr. Kunz is a founding director of Chesapeake Gold Corp. (TSX.V), currently developing the advanced stage Metates gold and silver project located in Mexico, with 20 million ounces of gold, 540 million ounces of silver and 4.3 billion pounds zinc. From 1997 to 2004, He served as Director, President and Chief Operating Officer of Ivanhoe Mines Ltd. and was part of the team that discovered Oyu Tolgoi, in Mongolia, one of the largest copper-gold deposits in the world. As Director, President and CEO, Mr. Kunz directed the IPO on the NASDAQ of MK Gold Company in 1993, a producing gold company with worldwide operations he co-founded. For more than 17 years, Mr. Kunz served as a senior executive of the international mining and construction giant Morrison Knudsen Corporation, now URS Corporation (NYSE), including as Vice President & Controller, and CFO to the Mining Group.
"We are very pleased to welcome six outstanding new directors to the KazaX Board," said David Savage, President of KazaX. "Their unique and extensive backgrounds will help guide the Company as it moves forward in the development of its Lomonosovskoye project."
KazaX is pleased to announce the completion of its new corporate website found at www.kazaxmineralsinc.com. The site includes information for investors and prospective investors regarding KazaX's directors, management team and an overview of its first iron ore bearing property, the Lomonosovskoye deposit located in Kostanay, Kazakhstan.
About KazaX Minerals Inc.
Kazax Minerals Inc. is a mining exploration and development company focusing on iron ore. Other world-wide target acquisitions are being sought. Kazax aims to be a significant mid-tier international mine exploration and development company in the iron ore sector.
On behalf of KazaX Minerals Inc.
David Savage, President and Director
This news release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate", "objective", "ongoing", "may", "will", "project", "should", "schedule", "believe", "plans", "intends" and similar expressions are intended to identify forward-looking information or statements. More particularly and without limitation, this news release contains forward looking statements and information concerning the Company s future operations and prospects. The forward-looking statements and information are based on certain key expectations and assumptions made by the Company, including expectations and assumptions concerning equipment and crew availability, and joint venture partner financial capability. Although the Company believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward looking statements and information because the Company can give no assurance that they will prove to be correct. By its nature, such forward-looking information is subject to various risks and uncertainties, which could cause the Company's actual results and experience to differ materially from the anticipated results or expectations expressed. These risks and uncertainties include, but are not limited to, reservoir performance, labour, equipment and material costs, access to capital markets, interest and currency exchange rates, and political and economic conditions. Additional information on these and other factors is available in continuous disclosure materials filed by the Company with Canadian securities regulators. Readers are cautioned not to place undue reliance on this forward-looking information, which is given as of the date it is expressed in this news release or otherwise, and to not use future-oriented information or financial outlooks for anything other than their intended purpose. The Company undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.
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