Lero Gold Corporation

Lero Gold Corporation

April 29, 2008 10:16 ET

Lero Gold Corp.: Lero Announces Corporate Re-Structuring

LONDON, UNITED KINGDOM--(Marketwire - April 29, 2008) - The Directors of Lero Gold Corp ("Lero" or "the Company") (TSX VENTURE:LER) are pleased to announce the appointments of Randy Reichert as Chief Operating Officer ("COO"), Petro Mychalkiw as Chief Financial Officer ("CFO") and Tania Tchedaeva as Company Secretary. Their skills and experience gained within the Former Soviet Union with Oriel Resources plc ("Oriel") will greatly strengthen the Lero team.

Randy Reichert - COO

Randy will bring a strong operational experience to Lero. Previously, he joined Oriel as COO in August 2007 and was responsible for organising, controlling and supervising Oriel's producing and operating assets. Randy was in charge of the commissioning and operating of the Tikhvin ferrochrome smelter, Russia and played a significant role in transitioning the smelter from construction to operation and increasing smelter throughput.

Prior to joining Oriel, Randy spent over five years in Russia with Bema Gold, now Kinross Gold Corporation. Within those five years Randy held the position of General Manager, Operations of the Kupol gold mine in Chukotka, Russia and General Manager for the Julietta gold mine in Magadan, Russia. Canadian-born, Randy held positions within various mining operations with Cominco Limited, now TeckCominco, prior to working for Bema Gold. He holds a B.A.Sc (Mining) from UBC, a M.Sc (Engineering) from Queen's University, and a GDBA from Simon Fraser University.

Petro Mychalkiw - CFO

Petro will bring strong financial discipline into the Company. In his previous capacity he joined Oriel in November 2006 as Regional Finance Director, Kazakhstan. He was responsible for tax planning, contract negotiations and financial reporting and was a vital part of the team which not only secured December 2006's US$120m project financing deal for the Voskhod chrome project with the Eurasian Development Bank, Bayerische Hypo- und Vereinsbank AG and WestLB AG, but was awarded the prestigious 2006 European Mining Deal of the Year award from Project Finance Magazine.

Prior to joining Oriel, British-born Petro held the position of Divisional Finance Director for Tribal Group plc, the LSE listed provider of consulting, IT and professional support services. As Oriel's Treasurer and Head of Corporate Finance, Petro was responsible for strategic financial and tax planning, treasury, mergers and acquisitions, debt and equity financing.

Tania Tchedaeva - Company Secretary

Tania Tchedaeva, a Russian-born British citizen, is a Chartered Company Secretary and a member of the Institute of Chartered Secretaries and Administrators (ICSA). She is graduating with Masters in Finance from the London Business School in July 2008. Tania has been working as Assistant Company Secretary in Oriel Resources Plc for the past four years and co-ordinated such transactions as the November 2006 reverse takeover of IPH Polychrom Holdings B.V, a company whose principal asset was a ferrochrome smelting plant at Tikhvin, near St Petersburg, Russia and the recent takeover of Oriel by Mechel OAO which was declared unconditional on 17 April 2008. She has been also working as part-time Assistant Company Secretary for Lero since its readmission to trading at the Toronto Venture Stock Exchange in July 2006.

The Directors of Lero further announce that David Swan has submitted his resignation as CFO and Company Secretary for Lero which has been accepted by the Board of Directors. David Swan has been working in these positions part time since the launch of the Company.

Dr Sergey V Kurzin, Chairman of Lero commented:

"The Directors and I would like to welcome Randy, Petro and Tania to the Lero team and congratulate Tania on her promotion. This is an exciting time for Lero. These London-based, top management appointments are in line with the Company's objective to grow Lero into a dynamic, aggressive and recognised gold and base metals producing, development and exploration company, progressing existing projects and looking for further acquisitions. The in-country skills and knowledge that these experienced professionals bring to Lero will be invaluable.

I also wish to thank David Swan for his contributions to Lero and wish him the best in his future endeavours."

Notes to Editors:

1. Lero Gold Corporation (TSX VENTURE:LER) is a base and precious metal exploration company led by a senior management team with extensive expertise in mineral exploration and advanced project management. Lero Gold is currently seeking and evaluating advanced exploration stage gold and base metal projects in Kazakhstan and Kyrgyzstan. The Company is currently exploring advanced staged gold deposits in the Tien Shan gold belt in the Kyrgyz Republic and Rudny Altai belt in the Republic of Kazakhstan.

The TSX Venture Exchange does not accept responsibility for adequacy or accuracy of this release.

Contact Information

  • Lero Gold Corporation
    Alexander Yakubchuk
    +44 (0) 20 7514 0590
    Lero Gold Corporation
    Gavin Dallas
    Investor Relations
    +44 (0) 20 7514 0590
    Email: info@lerogold.com
    Website: www.lerogold.com
    Vanguard Shareholder Solutions
    Keith Schaefer
    + 1 604 608 0824
    Bankside Consultants
    Michael Padley / Michael Spriggs
    +44 (0) 20 7367 8888