Aur Resources Announces Changes in Senior Management and Operating Structure.TORONTO -- (All dollar amounts are expressed in United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. currency) Aur Resources Aur Resources Inc. (TSX: AUR) is a Toronto, Ontario, Canada, based, international mining company active in the acquisition, exploration, development and mining of mineral properties. Inc. (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension :AUR) ("Aur") has, since the acquisition of the Quebrada Blanca Mine in late 2000, increased its cash resources to $200 million, repaid bank debt of $170 million and issued $125 million of senior notes with no principal repayments until March 2007. This financial strength, together with cash flow of $93 million expected in 2005 at a copper price of $1.20 per pound, will allow Aur to focus its efforts on increasing its metal production and profitability for the future through the development of its currently owned deposits at Duck Pond A duck pond is a pond for ducks and other water birds. Often such ponds are artificial and ornamental in nature, in public parks for example. Sometimes they may be less ornamental, in a farmyard for example. Some duck ponds are purposefully built for the shooting of duck. and Andacollo and through an expanded commitment to its business development activities going forward. Aur intends to double its budget for exploration and acquisitions to $10 million in 2005. In order to optimize its mining and business development activities for the future, Aur has changed its operating structure from a geographic based divisional structure to one based on business activities. Effective immediately, Aur's activities will be managed through four business segments being Mining Operations, Business Development, Corporate Affairs and Financial Affairs. Each business segment will be led by an Executive Vice-President reporting to the 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. . In making this change, Aur is pleased to announce the following appointments: David Brace will assume the position of Executive Vice-President, Business Development based in Toronto, with overall responsibility for Aur's exploration and acquisition activities worldwide. David was David Was (born David Weiss, 26 October 1952, Detroit) is, with his stage-brother Don Was, the founder of the influential 1980s pop group, Was (Not Was). Reviewed by The New York Times previously the President of Aur's South America South America, fourth largest continent (1991 est. pop. 299,150,000), c.6,880,000 sq mi (17,819,000 sq km), the southern of the two continents of the Western Hemisphere. Division. David Libby will assume the position of Executive Vice-President, Mining Operations based in Santiago, Chile Santiago, officially Santiago de Chile (Spanish: (helpinfo)), is the capital of Chile, and the center of its largest conurbation (Greater Santiago). , with overall responsibility for Aur's mining operations worldwide. David will also be the General Manager of Aur's subsidiary Compania Minera Quebrada Blanca. David was previously the Vice-President, Mining Operations, South America Division. Peter McCarter will assume the position of Executive Vice-President, Corporate Affairs and Secretary based in Toronto, with overall responsibility for Aur's corporate legal and regulatory affairs and corporate risk management. Peter was previously Vice-President and Secretary of Aur. Britt Reid will assume the position of Vice-President, Mining Operations, South America based in Santiago, Chile with responsibility for Aur's mining operations in South America. Britt will also be the General Manager of Aur's subsidiary Compania Minera Carmen Carmen throws over lover for another. [Fr. Lit.: Carmen; Fr. Opera: Bizet, Carmen, Westerman, 189–190] See : Faithlessness Carmen the cards repeatedly spell her death. [Fr. de Andacollo. Britt was previously Mine Manager at the Quebrada Blanca Mine. Ed Stuart will assume the position of Vice-President, Development Projects based in Toronto, Canada with responsibility initially for the development of the Duck Pond deposit for production. Ed was previously President, North & Central America Division of Aur. Howard Stockford, Aur's Executive Vice-President, will retire on December 31, 2004 after 21 years as an important contributor to Aur's success to date. Howard will continue to provide advisory services advisory services advisory services provided to the public, in their capacity as owners and managers of animals, are an important part of veterinary science. They may be provided by government bureaux, by commercial companies who deal in pharmaceuticals or animals or animal to the Chief Executive Officer and to serve as a Director of Aur. Ron Gagel has resigned as Aur's Chief Financial Officer to pursue new opportunities. Ron was instrumental in ensuring that Aur's financial management and disclosure has been of the highest quality over the past 16 years. The Board expresses its gratitude to Ron for his many years of service to Aur and wishes him every success for the future. Aur will be seeking a new CFO See Chief Financial Officer. to replace Ron as soon as possible. Aur continues to make steady progress toward achieving its corporate goal of building itself into a major mining enterprise. The new operating structure, senior management responsibilities and increased commitment to both internal and external growth will allow Aur to make the best use of its strong balance sheet and create value for shareholders. Aur Resources Inc. (TSX:AUR) |
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