Archangel Diamond Corporation Announces New Board of Directors.DENVER, COLORADO--(BUSINESS WIRE)--July 23, 1998-- Archangel archangel, in religion archangel (ärk`ānjəl), chief angel. They are four to seven in number. Sometimes specific functions are ascribed to them. The four best known in Christian tradition are Michael, Gabriel, Raphael, and Uriel. Diamond Co (VSE See DOS/VSE. VSE - Virtual Storage Extended :AAD AAD American Academy of Dermatology. AAD American Association of Dermatology .) The Board of Directors of Archangel Diamond Corporation (the "Corporation") (VSE:AAD) announced today that at its Annual General Meeting held in Toronto, Ontario on July 22, 1998, the shareholders voted to reduce the number of directors from eight to seven members. Elected to the Corporation's Board for initial one- year terms were Robert Shirriff, Q.C., Chairman of Fasken Campbell Godfrey; Alasdair Pein n. 1. See Peen. , CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. and President of Task (USA) Inc. and Timothy Haddon, President and CEO of the Corporation. Re-elected to the Board for one-year terms were L. Lamont Gordon, Chairman of Sprott Securities, Clive Hartz, Chairman and CEO of Commercial Properties Group (Australia), Christopher Thompson, Managing Director Continuing Investments (Rothschild), Richard Wake- Walker, international businessman and former General Manager of De Beers, Moscow. At the subsequent Board of Directors meeting, Robert Shirriff was elected Chairman of the Board and the standing Audit, Compensation, and Corporate Governance Committees of the Board were appointed. Timothy Haddon, who has been in Russia for most of July, reported to shareholders that negotiations with Arkhangelskgeoldobycha ("AGD AGD amebic gill disease. "), its Russian joint venture partner, were continuing, but there were no new developments regarding the transfer of the Verkhotina mining and exploration license to its 40 percent owned Almazny Bereg ("AB"), a Russian international open joint stock company. Archangel Diamond Corporation is an international diamond exploration Company currently earning a 40 percent interest in the Verkhotina license area in the Province of Arkhangel'sk in northwestern Russia. De Beers Consolidated Mines Ltd. has recently stated in a technical assessment report on behalf of Task Holdings Limited, that the "Grib Pipe" has an estimated resource of 73 million tons of kimberlite kimberlite: see diamond. kimberlite or blue ground Dark, heavy, often fragmented igneous rock that may contain diamonds in the rock matrix. to a depth of 500 meters: containing 51 million carats of plus 1mm diamonds, at an average grade of 70 carats per hundred tons, with a value of US$72 per carat. For further information please contact John R. Haigh, Investor Relations, at 1-888-626-8223. On behalf of Archangel Diamond Corporation Tim Haddon, CEO, President and Director The Vancouver Stock Exchange Vancouver Stock Exchange (VSE) A securities and options exchange in Vancouver, British Columbia, (Canada), specializing in venture capital companies. Vancouver Stock Exchange See Canadian Venture Exchange (CDNX). has neither approved nor disapproved of the contents of this news release.
CONTACT: Archangel Diamond Corporation
John R. Haigh, 888/626-8223
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