MBMI Resources Inc.
TSX VENTURE : MBR

MBMI Resources Inc.

August 02, 2011 09:37 ET

MBMI Reports on Annual General Meeting, Board of Directors and Management Changes

TORONTO, ONTARIO--(Marketwire - Aug. 2, 2011) - MBMI RESOURCES INC. ("MBMI" or the "Company") (TSX VENTURE:MBR) reports that pursuant to the Annual General and Special Meeting of Shareholders (collectively, the "AGM") held on July 29, 2011, shareholders voted in favour of all management resolutions proposed in the Management Information Circular. Prior to the AGM, Hermes Dichosa withdrew his director nomination. The six members elected to the Board of Directors (the "Board") included: Michael T. Mason, John F. Cook, Joseph Chan, Sam Y.C. Kwan, Grant B. Walsh and Christopher A. Serin.

Subsequent to the AGM, a Board of Directors meeting was held at which Grant B. Walsh was elected as Chairman of the Board of Directors. Michael T. Mason and Christopher A. Serin announced their resignations as members of the Board. They were thanked by the Board for their service.

Ning Yat Hoi of Hong Kong was elected by the Board to fill a term until the next Annual General Meeting. Mr. Ning is already a shareholder of the Company.

The Board then appointed Mr. John H. Wong as President and Chief Executive Officer. Mr. Stephen M. Gledhill and Ms. Leslie Haddow will continue as Chief Financial Officer and Corporate Secretary, respectively.

The Board appointed to the Audit Committee Sam Y.C. Kwan as Chairman, Joseph Chan and Grant B. Walsh; and to the Compensation Committee Grant B. Walsh as Chairman, John F. Cook and Sam Y.C. Kwan. The Governance Committee will be comprised of the Board as a whole.

The Board appointments are subject to regulatory acceptance.

Grant B. Walsh, MBA, C.Dir., Chairman

Grant B. Walsh is a Chairman, Corporate Director, and C.E.O. with over thirty years experience in a variety of industries in the United States and Canada.

Mr. Walsh is the Chairman of four companies: Canada Lands Company Ltd. (a Canadian Crown Corporation), Medifocus Inc. (a TSX and OTCBB company), Walsh Delta Group Inc. (a private corporation) and now MBMI Resources Inc. He is also a member of the Boards of Cleveland Clinic Canada, Toronto, ON; and Yinfu Gold Corporation, Hong Kong.

Previously, Walsh was Executive-in-Residence and Adjunct Professor at the DeGroote School of Business of McMaster University, Hamilton, Ontario.

Mr. Walsh has been an executive / CEO of a number of international organizations; public and private; for-profit and not-for-profit; U.S. and Canadian companies. He has consulted internationally on issues related to governance, strategy, leadership and performance improvement.

In addition to CEO roles, Mr. Walsh was Executive Vice President of the ServiceMaster Company, Downer's Grove, IL where he was accountable for $550 million in revenue, 30,000 employees, 10,000 properties, and 25,000 acres of maintained lands in 44 states and Canada. Asset value under his leadership exceeded $30 billion. ServiceMaster was a Fortune 500, New York Stock Exchange company with $7.4 billion in revenue.

Grant B. Walsh holds a Master of Business Administration degree in finance from Southern Illinois University and a designation as a Chartered Director from McMaster University and the Conference Board of Canada. He is a member of the Institute of Corporate Directors and the Alternative Dispute Resolution Institute of Canada.

John H. Wong, BBA, MBA, FCSI, CIM, President and Chief Executive Officer

Mr. John H. Wong holds a Bachelor's degree in Finance and a Master of Business Administration. Mr. Wong has accumulated over twenty years of international experience in diversified investment projects in Europe, America, Asia and Africa. He has been involved in feasibility studies, management, marketing and financial control in various industries and his diverse worldwide investment experience strengthens his global view and analytical abilities. Mr. Wong is a director of the TSX-V listed company Kam & Ronson Media Group Inc., President of SinoCan Capital Inc. and CEO of Horwath Leebosh Global Advisors Inc., the Asia Pacific corporate finance division of Horwath Leebosh Appel LLP, which provides financial advisory services to Chinese, Hong Kong and other Pacific Rim entities.

Sam Y. C. Kwan, CA, CPA, Director

Mr. Sam Y.C. Kwan has more than twelve years financial experience in external audit, taxation, accounting and corporate finance. He has experience in international business and has been involved in foreign exchange risk management and hedging strategy implementation. Mr. Kwan is a Chartered Accountant who has practiced at major accounting firms, most recently at BDO Dunwoody LLP. Mr. Kwan is the President of Horwath Leebosh Global Advisors, Inc. and Audit Committee Chairman of Kam and Ronson Media Group Inc.

Ning Yat Hoi, Director

Mr. Ning Yat Hoi is the Director of the Nonferrous Metals Society of China, a technological organization of scientists and technologists engaged in the nonferrous metals industry. He is also the Chairman of Hoi Mor Industrial (Group) Ltd., a privately owned mining firm which specializes in the metals and mining industry.

ON BEHALF OF THE BOARD OF DIRECTORS

John H. Wong, President and C.E.O.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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