Central Asian Minerals and Resources PLC

July 02, 2013 02:00 ET

Board Changes

                                                                                                2 July 2013

                                 Central Asian Minerals and Resources PLC
                                        ("CAMAR" or the "Company")
                                               Board Changes
In  its  announcement  of preliminary results for the year ended 1 December 2013,  CAMAR  stated  that  the
drilling  program  at  the  Aprelevka  mine had been halted while discussions  continued  on  diluting  the
percentage in the Aprelevka joint venture held by the Tajikistan Ministry of Energy and Industry  from  51%
to around 33%.

Discussions regarding the dilution of this interest and the raising of additional finances for the  further
development of CAMAR's interest in the Aprelevka mine are on-going, but will take time to conclude.

In  light  of  these  discussions  and  in order to better reflect the  Company's  current  activities  and
priorities, CAMAR has made a number of changes to its board of Directors. David Russell, Christine  Melian,
and Richard Nanna have agreed to resign as Directors of the Company with effect from 30 June 2013 and Peter
Zihlmann and Steve Friberg have respectively been appointed as Chief Executive Officer and as non-executive
Director  with  responsibility  for geological oversight. The Company intends  to  appoint  a  new  Finance
Director in due course and expects to make a further announcement shortly. CAMAR would like to thank David,
Christine and Richard for their work on behalf of the Company.

Peter Zihlmann, who was a non-executive director of the Company between May 2011 and July 2012, has over 30
years'  experience as an Investment Manager in Switzerland and abroad, including as Head of  the  Portfolio
Management  Department at Commerzbank (Switzerland) Ltd and Head of the Zurich branch of Banque  Scandinave
en Suisse. In 1994, Peter established his own investment company, P. Zihlmann Investment Management AG, and
he  is  also a director of The Timeless Precious Metal Fund ("Timeless"), The Timeless Energy Fund and  The
Sierra  Madre  Gold  &  Silver  Venture Capital Fund ("Sierra Madre"). Peter  is  a  member  of  the  Swiss
Association of Asset Managers.

Steve  Friberg  is  a  graduate of the Mackay School of Mines and a member of  the  American  Institute  of
Professional  Geologists. Steve has more than 40 years of mineral exploration experience in North  America,
Latin  America, Central Asia and China. This experience encompasses both technical and managerial roles  in
exploration,  the  detailed  evaluation  of varied metallic systems  and  pre-feasibility  and  development
analyses  for base and precious metals projects. Immediately prior to his appointment as a Director  Steve,
was  acting  as a Consulting Geologist/Project Manager at the Aprelevka mine, where he has been responsible
for managing the drilling programme, including data evaluation of results of a gold quartz/carbonate system
in  the  Tian Shan Gold Belt, and oversight of seven ex-pat consultants and more than 50 support personnel.
Steve's  role  also involved liaison with Tajik government officials and successfully dealing with  extreme
logistical  issues in a difficult country. Previous senior roles that Steve has held include  President/CEO
at Rae Wallace Mining Company and at Rider Exploration.

Peter Zihlmann is interested in 166,667 ordinary shares of no par value ("Ordinary Shares") in the Company,
representing 0.99 per cent. of the Company's issued share capital. As P. Zihlmann Investment Management  AG
is  the Investment Manager of Timeless and Sierra Madre and holds all the voting shares in those companies,
Mr.  Zihlmann  is  also deemed to have an indirect interest in the 1,875,000 Ordinary Shares,  representing
11.22  per  cent. of the Company's issued share capital, held by Timeless and the 180,000 Ordinary  Shares,
representing 1.08 per cent. of the Company's issued share capital, held by Sierra Madre.  In  May  2012,  a
charge  was  created  in favour of Timeless over the 4,188,087 Ordinary Shares held by  Gulf  International
Minerals Ltd ("Gulf Canada") as additional security in respect of secured convertible loan notes issued  by
Gulf  Canada in December 2010. Oliver Vaughan, Chairman of the Company, is deemed to be interested  in  the
Ordinary  Shares held by Gulf Canada, which represent 25.07 per cent of the Company's issued share capital.
The  existence of the charge does not give rise to any change in beneficial ownership or voting control  of
the  Ordinary Shares held by Gulf Canada and there are no restrictions on the transfer of those  shares  by
Gulf Canada.

Steve Friberg does not currently have a shareholding in the Company.

Following  these  Board  changes,  the Directors of CAMAR are interested  in  10,737,132  Ordinary  Shares,
representing 64.27 per cent. of the Company's issued share capital.

No additional information relating to Mr. Zihlmann or Mr. Friberg falls to be disclosed pursuant to Rule 71
and paragraph 18 of Appendix 1 of the ISDX Growth Market - Rules for Issuers.

The Directors of CAMAR are responsible for the contents of this announcement.


Central Asian Minerals and Resources PLC                                     01624 679 000
Oliver Vaughan

Peterhouse Corporate Finance Limited                                         020 7220 9796
Mark Anwyl and Duncan Vasey

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