Lero Gold Corporation
TSX VENTURE : LER

Lero Gold Corporation

March 04, 2008 08:00 ET

Lero Announces Board Restructuring

LONDON, UNITED KINGDOM--(Marketwire - March 4, 2008) - The Board of Lero Gold Corp. ("Lero", or the "Company") (TSX VENTURE:LER) is pleased to announce the appointments of Dr Alexander Yakubchuk as Director and Chief Executive Officer and Mr Massimo Carello as Non-executive Director. In addition, Dr Sergey V. Kurzin has been elected Chairman while Darryl Yea has stood down as Non-executive Chairman. Restructure is effective 3 March, 2008.

Dr Yakubchuk joined Lero in January 2008 as a consultant, bringing more than 14 years experience gained in the states of the FSU, including Russia, Kazakhstan, Kyrgyzstan and Uzbekistan, as well as internationally in Australia, Mongolia, China, Canada, and some European countries. Most recently he held the position of Exploration Manager for Europe and the FSU for Gold Fields International Services Ltd. Dr Yakubchuk has previously worked and consulted to companies such as BHP-Billiton, Norlisk Nickel, Goldcorp, Rio Tinto, World Bank and Inco. and previously lectured as an Associate Professor at Lomonosov Moscow State University for 5 years.

Mr Carello currently holds non-executive positions with Uranium One Inc. and ACUFON International Ltd. Mr Carello has over 30 years of international senior management and director level experience and has been a former Chairman and CEO of Fiat UK and Diners Club UK. He is also currently an international adviser to Aksia Group Spa. Incentive stock options (the "options") to purchase up to 200,000 shares, vesting immediately, were granted to Mr Carello on March 3, 2008, subject to TSX-V regulations and approval. The options are exercisable for a term of five years at the price of CAD$0.56 per share.

As a result of Dr Yakubchuk and Mr Carello's appointments, Nick Clarke (previously President and CEO) will continue as Executive Director, Dr Sergey Kurzin (previously Executive Director) has been elected Chairman, while Darryl Yea has stood down as Non-executive Chairman, remaining an adviser to the Board. Messrs Marc Prefontaine and Mark Corra continue to hold the positions of Non-executive Directors.

Executive Director, Nick Clarke commented:

"We are delighted Alexander and Massimo have agreed to join the Lero board. These are strategic board appointments as their technical and operational skills will complement our existing high quality team, and I know that we will be able to draw on Alexander's vast experience and impressive track record.

Both arrive at an exciting time for the company. Within months, we are due to have a resource calculation for the Taldybulak copper-gold project in Kyrgyzstan, as well as for our Kazakhstan-based Karchiga copper project.

On a separate note, I would like to thank Darryl for his contribution and support of the Company."

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. In July, 2006 Oriel Resources Plc completed its previously announced transfer and sale of its gold related assets into Lero Gold Corporation ('Lero') (formerly ELE Capital Corporation - 'ELE'). Lero resumed trading on TSX Venture Exchange (TSX-V) on Thursday, July 27, 2006 under the trading symbol "LER". Lero Gold is currently seeking and evaluating advanced exploration stage gold and base metal projects in Kazakhstan, Kyrgyzstan and Russia. The Company is currently exploring advanced staged gold deposits in the Tien Shan gold belt in the Kyrgyz Republic and Rudny Altai belt in Kazakhstan.

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

Contact Information

  • Lero Gold Corp.
    Dr Sergey V. Kurzin
    Chairman
    +44 (0) 20 7514 0590
    or
    Lero Gold Corp.
    Alexander Yakubchuk
    CEO
    +44 (0) 20 7514 0590
    or
    Lero Gold Corp.
    Nick Clarke
    Executive Director
    +44 (0) 20 7514 0590
    or
    Lero Gold Corp.
    Gavin Dallas
    Investor Relations
    +44 (0) 20 7514 0590
    Email: info@lerogold.com
    Website: www.lerogold.com
    or
    Vanguard Shareholder Solutions
    Keith Schaefer
    (604) 608-0824
    or
    Bankside Consultants
    Michael Padley / Michael Spriggs
    +44 (0) 20 7367 8888