Scandinavian Minerals Limited

Scandinavian Minerals Limited

November 24, 2006 14:26 ET

Scandinavian Minerals: New Director and Officer Appointments

TORONTO, ONTARIO--(CCNMatthews - Nov. 24, 2006) - - Scandinavian Minerals Limited (TSX:SGL) is pleased to announce the appointment of Mr. Joerg Gruber to the Board of Directors.

Mr. Gruber is a Swiss citizen, investment banker and venture capital consultant with over 30 years experience in international finance. He has held appointments with Union Bank of Switzerland, Goldman Sachs and Shearson Lehman. In 1995 he co-founded Clubb Capital Limited, a London, England-based corporate finance and venture capital boutique and has acted as its Chairman since 1999. The appointment is subject to the approval of the Toronto Stock Exchange.

"Clubb Capital has been a long term supporter of Scandinavian Minerals and the Board is pleased that Joerg Gruber is now joining the Company as a director," said Peter Walker, President and Chief Executive Officer. "We look forward to his contribution and ongoing assistance as we move the Kevitsa project forward towards production."

Scandinavian Minerals also announces the appointment of Mr. John Kearney as Chairman of the Board of Directors and Mr. Bryan Benitz as Honorary Chairman of the Board and Chairman of the Audit Committee. Mr. Benitz was previously Chairman of the Board and Mr. Kearney was Chairman of the Audit Committee. Both Mr. Kearney and Mr. Benitz have served as directors of the Company since 2003.

Mr. Kearney is a mining and business executive with over 30 years of experience in the international mining industry and is a director of the Mining Association of Canada. He holds degrees in law and economics from University College, Dublin, Ireland and a M.B.A. degree from Trinity College, University of Dublin. Currently, Mr. Kearney is Chairman and a director of several public companies, including Canadian Zinc Corporation, Conquest Resources Limited and Anglesey Mining plc.

Mr. Benitz is an investment banker with over 40 years experience in the mining and oil and gas industries. He has held a number of senior investment banking positions in both the United Kingdom and Canada in natural resources finance and investment. He is a director of several public and private companies both in North America and in Britain including MagIndustries Corp., Tanganyika Oil Corp., and Monroe Minerals Inc.

About Scandinavian Minerals

Scandinavian Minerals Limited is a Canadian company exploring for precious and base metals in Scandinavia and Finland. The Company is currently developing one of Finland's largest mineral discoveries, the 100%-owned Kevitsa nickel-copper-PGE project.

On 18 July 2006, Scandinavian Minerals announced the results of a positive pre-feasibility study for the Kevitsa project (filed on SEDAR 17 July 2006). The study was based on an open pit mining operation producing 4.5 million tons ore per year from an open pit reserve of 66.8 million tons. Nickel and copper concentrates would be produced for sale to smelters in Finland or abroad. The study showed attractive economics at conservative long-term metal prices.

Scandinavian Minerals believes that the Nordic region offers excellent potential for large-scale discoveries in under-explored terrain, combined with a favourable mining law, clear security of title and long-established political and economic stability. The Company's 17.7 million outstanding common shares trade on the Toronto Stock Exchange under the symbol SGL.

Contact Information

  • Scandinavian Minerals Limited
    Peter Walker
    President & CEO
    Scandinavian Minerals Limited
    Roderick Chisholm
    (416) 203-6128
    Harbour Financial Inc.
    Brian Barbour
    (403) 813-5832
    Harbour Financial Inc.
    Tom Hart
    (403) 701-4278
    Studer Consulting AG
    Marlies Studer
    (+41) 44 215 2803