Archangel Diamond Rebuffs Dissident Proxy and Continues to Move Forward.VANCOUVER, BRITISH COLUMBIA--(BUSINESS WIRE)--July 21, 1997-- 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 .) Archangel Diamond Corporation (VSE: AAD) today issued a letter to its shareholders that addresses fully the Company's response to a dissident proxy action initiated by one of Archangel's own directors. Chairman and C.E.O., Franco Boulle, states that the hostile action undertaken by director Andrew F. de P. Malim "is disruptive and not in the best interests of shareholders". He added that such action could jeopardize the significant relationships and accomplishments achieved in Russia in connection with Archangel's Verkhotina exploration property by present management. In this letter, shareholders are reminded of some of management's major accomplishments. These include the enhancement of its Board of Directors through the addition of Richard Wake-Walker, a diamond industry expert with close to 20 years experience at De Beers; Dr. Sergey Rogov, the director of the Moscow-based Russian Academy of Science Institute for USA and Canada Studies; and Douglas Cook, an experienced senior mining executive. Management also added both a senior financial officer and an investor relations Investor relations The process by which the corporation communicates with its investors. expert to its head office staff in Vancouver. In addition the Company established a strong site operating office in Russia, headed by the Company's chief geologist, Roy Spencer
Roy Spencer is a principal research scientist for University of Alabama in Huntsville. In the past, he served as Senior Scientist for Climate Studies at NASA's Marshall Space Flight Center in , whose experience includes many years in diamond exploration. This office and its team of local and expatriate Expatriate An employee who is a U.S. citizen living and working in a foreign country. geologists have pursued an aggressive drilling and development program at the Verkhotina site. Nineteen holes have been drilled and evaluated to date, all but two holes have intersected diamond-bearing kimberlite kimberlite: see diamond. kimberlite or blue ground Dark, heavy, often fragmented igneous rock that may contain diamonds in the rock matrix. . Shareholders are being advised that management has also retained professional advisors in the areas of investment banking, public and investor communications and special counsel to deal with Canadian and Russian legal issues. Boulle, speaking for the Board of Directors, says the Company is at a critical juncture in the development of the Verkhotina property which indicates the presence of a large, potentially economic kimberlite containing gem-quality diamonds. Based on the results and accomplishments to date, and the sensitivity of the relationship between the Company and its Russian partners, the Board is advising shareholders to support the Company's slate of directors as set out in management's information and proxy circular distributed on June 20, 1997. Archangel Diamond Corporation Franco Boulle, Chairman & C.E.O. Alex Budzinsky, President and Director -0- 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 Alex Budzinsky, 604/687-4452 888/626-8223 or Hill and Knowlton Joshua Orzech, 416/483-5228 |
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