Moly Mines Limited

Moly Mines Limited

May 21, 2013 06:35 ET

Moly Mines-Director Resignation & Update on Board Replacement Process

TORONTO, ONTARIO--(Marketwired - May 21, 2013) - Moly Mines Limited (TSX:MOL)(ASX:MOL) advises that non-executive director Mr. Andy Zhmurovsky has today resigned from its Board effective immediately. Mr. Zhmurovsky had been nominated by the Company's shareholder, EIG Global Energy Partners (EIG), under a contractual arrangement between EIG and the Company made in 2008. EIG has indicated that it does not intend to nominate a replacement for Mr. Zhmurovsky at this stage but it retains its right to do so.

The Board and the Company's major shareholder, Hanlong Mining Investment Pty Ltd, have agreed that independent non-executive director Mr. David Craig will remain on the Board and will not be replaced as part of the Board replacement process announced on 10 April 2013.

Non-executive Chairman Mr. Michael Braham commented: "Mr. Zhmurovsky has made an outstanding contribution to the Company during the past three years and we thank him for that. He will be missed as a colleague and director."

ABN 32 103 295 521

Contact Information

  • Moly Mines Limited
    Natalie Frame
    Investor Relations
    +1 416 777 1801
    +1 416 371 7541

    Moly Mines Limited
    Martijn Bosboom
    Company Secretary
    +61 8 94293300