Amazon Mining Holding Plc
TSX VENTURE : AMZ

Amazon Mining Holding Plc

November 19, 2008 15:59 ET

Amazon Makes Senior Management Changes and Announces Further Cost Saving Measures

TORONTO, ONTARIO--(Marketwire - Nov. 19, 2008) -

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Attention Business Editors:

Amazon Mining Holding Plc (TSX VENTURE:AMZ) ("Amazon" or the "Company") has changed its corporate structure to increase entrepreneurial capacity and minimize ongoing expenditures in light of current market conditions.

Full-time staff have been reduced from 38 to 6 employees. Amazon's Chief Financial Officer ("CFO"), Mr. Manoel Cerqueira has been replaced by Mr. Tim Slater on an interim basis whilst Vice President of Exploration Mr Oscar Yokoi has been replaced with a highly experienced Technical Advisory Committee whose appointees are Dr. Richard Garnett, Mr. Ysao Munemassa and Mr. Persio Mandetta.

Amazon's new interim CFO, Tim Slater, is the Managing Partner of Harmer Slater Chartered Accountants in the United Kingdom, and has been involved in the preparation of all of the Company's financial statements and audit materials since 2007. Mr. Slater has acted as Finance Director for a range of companies in the UK.

The Technical Advisory Committee of Richard Garnett (ex Diamond Fields, Rio Tinto and Anglo American), Ysao Munemassa (ex BP Minerals, Union Carbide and CVRD) and Persio Mandetta (ex Caraiba Metals, Paulo Abib Engenharia, Madison do Brasil), will also assist the Company in all areas formerly handled by the Vice President of Exploration.

Amazon has elected to outsource future geological work, which, as projects were discontinued, allowed for progressive reductions to fulltime staff over the past three months. Brazilian staff numbers have been reduced to 3 full time employees responsible for project management, government and corporate relations and regulatory filings.

Mr. Cristiano Veloso, President and CEO of Amazon commented, "We would like to thank Manoel Cerqueria, Oscar Yokoi and all other former Amazon employees for their contribution in the first half of 2008. Amazon will continue to preserve its cash, currently in excess of C$9.0MM, and keep general and administrative expenditures to a minimum. We plan to spend a maximum of C$500,000 at Madeira gold project through to the end of 2009 and will diligently assess new opportunities in a highly conservative manner."

Technical Advisory Committee

Dr. Richard Garnett has extensive experience in the mining industry with over 40 years spent working a wide range of minerals in jurisdictions from Canada, South Africa, South East Asia to Brazil. Through his career he has held senior positions with Rio Tinto, Anglo American, Hudson Bay Mining and Diamond Fields Resources, where he was instrumental in the early recognition and exploration of the Voisey's Bay nickel deposit. A mining engineer by training, he holds a Phd. in Economic Geology from the Royal School of Mines (UK) and a Master of Business Administration from Cranfield University.

Mr. Ysao Munemassa's career spans 40 years working in both exploration and operations for gold, base metals and fertilizers extensively throughout Brazil. He has held senior positions with BP Minerals, CVRD and Union Carbide. As a consultant for Inco, Teck Cominco and Newmont Gold, Mr. Munemassa developed and managed some of the largest exploration programs ever executed in Brazil and assisted in the development of two gold mines including Fazenda Nova (Yamana).

Mr. Persio Mandetta, over a 40 year career, held senior positions with Caraiba Metais, Paulo Abib Engenharia, and Madison do Brasil. More recently he consulted to several companies, including Inco, Votorantim, Geoexplore and Bunge. Mr. Mandetta has specialized in project evaluation and acquisitions in South America.

Dr. Joao Batista G. Texeira remains an active member of the Company's team. As Chief Geoscientist, and Qualified Person for 43-101 purposes, Dr. Texeira was responsible for recognising the potential of the Company's Madeira gold project.

Other Matters

Amazon has issued a total of 150,000 stock options exercisable at $0.35 per share vesting over a period of 24 months to the members of the Technical Advisory Committee. A total of 90,000 stock options exercisable at $0.35 per share vesting over a period of 24 months were issued to the three full-time employees in the Brazilian office. Amazon has re-priced the 250,000 options previously issued to Jed Richardson VP Corporate Development from $1.20 to $0.65 per share (being the closing share price of AMZ on the TSX-V the day his appointment was announced - June 19, 2008). The new grants are subject to TSX and regulatory approval.

About Amazon

Amazon is engaged in creating shareholder value via cost effectively advancing the Madeira Gold Project while diligently assessing Mergers and Acquisitions opportunities. Given the current and foreseeable economic climate, Amazon is preserving cash and adopting a highly conservative approach to assessing any opportunities.

On behalf of the Board of Directors of Amazon Mining Holding Plc,

Cristiano Veloso, President & Chief Executive Officer

Cautionary Language and Forward Looking Statements

THIS PRESS RELEASE CONTAINS CERTAIN "FORWARD LOOKING STATEMENTS", WHICH INCLUDE BUT IS NOT LIMITED TO, STATEMENTS WITH RESPECT TO THE FUTURE FINANCIAL OR OPERATING PERFORMANCE OF THE COMPANY, ITS SUBSIDIARIES AND ITS PROJECTS, STATEMENTS REGARDING USE OF PROCEEDS, EXPLORATION PROSPECTS, IDENTIFICATION OF MINERAL RESERVES, COSTS OF AND CAPITAL FOR EXPLORATION PROJECTS, EXPLORATION EXPENDITURES, TIMING OF FUTURE EXPLORATION AND PERMITTING, REQUIREMENTS FOR ADDITIONAL CAPITAL, GOVERNMENT REGULATIONS OF MINING OPERATIONS, ENVIRONMENTAL RISKS, RECLAMATION EXPENSES, TITLE DISPUTES OR CLAIMS, AND LIMITATIONS OF INSURANCE COVERAGE. FORWARD LOOKING STATEMENTS CAN GENERALLY BE IDENTIFIED BY THE USE OF WORDS SUCH AS "PLANS", "EXPECTS", OR "DOES NOT EXPECT" OR "IS EXPECTED", "ANTICIPATES" OR "DOES NOT ANTICIPATE", OR "BELIEVES", "INTENDS", "FORECASTS", "BUDGET", "SCHEDULED", "ESTIMATES" OR VARIATIONS OF SUCH WORDS OR PHRASES OR STATE THAT CERTAIN ACTIONS, EVENT, OR RESULTS "MAY", "COULD", "WOULD", "MIGHT", OR "WILL BE TAKEN", "OCCUR" OR "BE ACHIEVED". FORWARD LOOKING STATEMENTS INVOLVE KNOWN AND UNKNOWN RISKS, UNCERTAINTIES AND OTHER FACTORS WHICH MAY CAUSE THE ACTUAL RESULTS, PERFORMANCE OR ACHIEVEMENTS OF THE COMPANY TO BE MATERIALLY DIFFERENT FROM ANY FUTURE RESULTS, PERFORMANCE OR ACHIEVEMENTS EXPRESSED OR IMPLIED BY SAID STATEMENTS. THERE CAN BE NO ASSURANCES THAT FORWARD-LOOKING STATEMENTS WILL PROVE TO BE ACCURATE, AS ACTUAL RESULTS AND FUTURE EVENTS COULD DIFFER MATERIALLY FROM THOSE ANTICIPATED IN SAID STATEMENTS. ACCORDINGLY, READERS SHOULD NOT PLACE UNDUE RELIANCE ON FORWARD-LOOKING STATEMENTS.

Readers are cautioned not to rely solely on the summary of such information contained in this release and are directed to the complete set of drill results posted on Amazon's website (www.amazonplc.com) and filed on SEDAR (www.sedar.com) and any future amendments to such. Readers are also directed to the cautionary notices and disclaimers contained herein.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release and the information contained herein.

Contact Information

  • Amazon Mining Holding Plc
    Cristiano Veloso
    President & Chief Executive Officer
    +44 (0) 20 8133 7607
    +44(0)20 7405 7773 (FAX)
    Email: cv@amazonplc.com

    Amazon Mining Holding Plc
    Jed Richardson
    VP Corporate Development
    (416) 866-2966
    (416) 866-8829 (FAX)
    Email: jed@amazonplc.com
    Website: www.amazonplc.com