Zoloto Resources Ltd.
TSX VENTURE : ZR

July 10, 2008 09:45 ET

New Directors Appointed to the Board of Zoloto Resources

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 10, 2008) - Zoloto Resources Ltd. ("Zoloto" or the "Company") (TSX VENTURE:ZR) announces significant changes to its Board of Directors.

In line with the Company's previous stated objectives of improving the breath of the technical and Russian capabilities at the Board level, three new Directors were appointed at the Board of Director's meeting today; Mr. Ron Miller, Mr. Tim Petterson, and Mr. Ian Slater, subject to TSXV approval Mr. Miller has also been appointed as Chairman of Zoloto.

Prior to these new appointments, Mr. Laurence Stephenson and Mr. Glen Indra decided to both step down from Zoloto's Board of Directors.

Bob Maddigan, a director of Zoloto, comments "Over the past 18 months the company has made a rapid shift in its focus from a Canadian to a Russian gold explorer. The above changes to the Company's Board mark the end of this process, with the new appointees reflecting the Russian focus of the Company. I would like to take this opportunity to thank Laurence and Glen for their efforts, particularly during this transitional period."

Profiles of New Directors

Ron Miller:

Mr Miller is an Alaska-based attorney and businessman with fourteen years experience in Russia representing clients in a wide-variety of business transactions in addition to managing his own joint ventures. Earlier this year he completed a five-year term as Executive Director of the State of Alaska's development finance agency, the Alaska Industrial Development and Export Authority, and Alaska's energy office, the Alaska Energy Authority (AEA). Mr Miller serves on the board of the International Virtual e-Hospital Foundation, a non-profit organization dedicated to establishing telemedicine networks in developing countries. Mr. Miller's undergraduate work was in Russian studies and, in addition to JD and LLM degrees, holds an MBA from IMD in Lausanne, Switzerland.

Tim Petterson:

Mr Petterson is currently Managing Director Mining at Kingsdale Capital Markets, the principle financier and advisor to the Company. Prior to joining Kingsdale four years ago, he worked for 15 years in both Mining Consultancy and Investment Banking in London. Mr Petterson has held several senior positions including Head of Global Mining Research at HSBC and more latterly ABN AMRO, before becoming ABN AMRO's Head of Pan European Equity Research. Mr Petterson is a graduate Mining Engineer and a Canadian resident.

Ian Slater:

Until recently, Mr Slater was President, CEO and Director of Fortress Minerals, a Canadian listed gold exploration and development company, whose principle property is in the Russian Far East. Prior to that Mr Slater was Managing Partner for Ernst & Young's Canadian Mining Practice. A Chartered Accountant he also spent six years as a partner for Arthur Andersen in Tashkent, Almaty and Moscow. He is currently Chairman and CEO of Slater Mining, and is on the board of Miranda Gold, Cornerstone Capital Resources, P2P Health Systems and Dagilev Capital.

About Zoloto Resources

Zoloto is a gold exploration company whose primary focus is to become a mid-tier gold producer through the advancement of its gold exploration properties in the Russian Federation. In addition, Zoloto's management will continue to evaluate acquisition opportunities within the Russian Federation. Zoloto's philosophy is to unlock shareholder value in a socially and environmentally responsible manner.

Robert Maddigan, Director

This news release contains forward-looking information which is not comprised of historical facts. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, the Company's objectives, goals or future plans. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, those risks set out in the Company's public documents filed on SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release

Contact Information

  • Zoloto Resource Ltd.
    Alan Tenenbaum/Yana Bobrovskaya
    Investor Relations
    (604) 608-0223
    (604) 608-0344 (FAX)
    Website: www.zolotoresources.com