SOURCE: Oriental Minerals Inc.

July 07, 2008 08:30 ET

Oriental Minerals Appoints Chief Executive Officer

VANCOUVER, BC--(Marketwire - July 7, 2008) - Oriental Minerals Inc. (TSX-V: OTL) is pleased to announce it has appointed its Lead Director, Ian Fodie, as President and Chief Executive Officer, with immediate effect.

In order to give this position his full attention, Mr. Fodie has resigned his position as Chief Financial Officer of Longview Capital Partners.

Mr. Fodie has been a director and Chair of the Audit Committee for Oriental Minerals since January 2007 and had been appointed Lead Director in February 2008. In the last 12 months, he has traveled extensively to South Korea on behalf of the Company. Mr. Fodie will re-double the efforts being made to advance the Sangdong tungsten-molybdenum project, with the most immediate objective being the timely completion of the Sangdong Preliminary Economic Assessment.

Damien Reynolds, Chairman of Oriental Minerals, said: "Ian brought a disciplined, goal-oriented approach to Oriental Minerals as a Director and we look forward to the same approach applied in a key executive position."

A Chartered Accountant (N.Z.), Mr. Fodie spent 8 years in the NZ and Canadian Audit divisions of Deloitte & Touche, including 3 years as Audit Manager. Formerly the Chief Financial Officer of Mainframe Entertainment Inc., he has also served as an independent director and Chairman of the Audit Committee for companies listed on the Toronto and American Stock Exchanges.

Ian Fodie noted, "Sangdong is one of the largest 5 tungsten deposits in the world. I am very excited to lead Oriental Minerals at this critical juncture in its evolution. My goals are to clarify and prioritize its business plan, continue to develop the important strategic relationships within Korea, and provide regular communication of accomplishments to the market. I know the entire Oriental team is dedicated to realizing the potential value of Oriental Minerals' assets for the benefit of its current and prospective shareholders."

Oriental Minerals is focused on developing world-class mining projects in South Korea. Its flagship Sangdong tungsten-molydenum project is undergoing a Preliminary Economic Assessment as a further step to revitalizing what was formerly one of the largest tungsten mines in the world.

On behalf of the Board of Directors,
Damien Reynolds
Chairman and Director
+ 604-681-5755

Statements in this news release, other than purely historical information, including statements relating to the Company's future plans and objectives or expected results, constitute Forward-looking statements. Such statements are based on numerous assumptions and are subject to all the risks and uncertainties inherent in the Company's business, including risks related to mineral exploration and development. Consequently, actual results may vary materially from those described in the forward-looking statements.

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

Contact Information

  • For More Information Contact:
    Spiro Kletas
    Investor Relations