TSX Silver Stocks; United Mining Group (TSX:UMG)(FRANKFURT:UM8) Appoints New CEO and Director
VANCOUVER, BRITISH COLUMBIA--(http://www.investorideas.com/ gold and mining stocks blog) - Sept. 23, 2010) - United Mining Group, Inc. (the "Company") (TSX:UMG)(FRANKFURT:UM8) announces the appointment of Charles Pitcher, formerly President and CEO of Western Canadian Coal as CEO of the Company and Graham (Chip) Clarke, Jr., formerly Senior Vice President and General Counsel with Newmont Mining as Independent Director. Greg Stewart will continue as Chairman, President and will also assume the position of COO. Erik Panke, CFO has resigned as Non-Independent Director to allow for the addition of Graham Clark, Jr. as Independent Director. Mr Panke will continue in his role of CFO and Corporate Secretary.
Charles G. Pitcher, P.E.
Charles Pitcher has over 40 years of experience in senior executive positions in civil construction and mine development with a consistent record of accomplishment. He has extensive experience in the development and operations associated with underground and open-pit mining. He has built successful teams for the mine management and operations in both developed and developing regions of the world. Mr. Pitcher was President and CEO of Western Canadian Coal Corp in the development of the Northeast coal deposits for the Company. He joined the Company in 2002 as Chief Executive Officer to oversee the completion of feasibility studies and then served as Chief Operating Officer. Mr. Pitcher is President of The Mining House Inc, a provider of engineering services related to project development and management. Mr Pitcher also holds Board positions Wildcat Resources and Sila Industries Ltd.
Graham M. (Chip) Clark, LLB
Graham Clark is a senior member of the mining community. He has been involved in the major mining trends of the last 35 years. He has deep expertise in the acquisition, finance and provision of security for mineral properties in the U.S. and in foreign jurisdictions. Mr. Clark has conceived and executed joint operating agreements for hundreds of millions of dollars. He was a key player in the settlement of Superfund clean-up actions and Clean Air violations. He has been involved in the acquisition of publicly and privately held companies for cash and/or stock, issuance of common stock and secured debt. Chip Clark was at Newmont Mining Corporation for 13 years spending 5 years as General Counsel and Senior Vice President. His experience with junior resource companies was as President of Gold Discovery Company for five years. He is presently Of Counsel practising in Phoenix, Arizona. Mr Clark is a graduate of the Yale School of Law.
Greg Stewart, Chairman and Founder, United Mining Group comments, "Charles Pitcher has the senior mining experience which is critical to our company, especially as we move towards production on the Crescent Silver Mine. Chip Clark has the experience and connections in the mining world which will be indispensable to our growth. I am proud to welcome Charles and Chip to the UMG team. I would like to thank Erik Panke for his considerable help as Director. His contribution to obtaining our TSX listing was indispensable."
Charles Pitcher, newly appointed CEO commented, "I wish to thank Greg Stewart and the UMG Board for this appointment. Over the years, Greg Stewart has built a superb mining services company, which has expanded to include the Crescent Silver Mine. I compliment Greg and his team for their superlative work. I look forward to working with Greg and his team to move UMG to the next level of growth."
Stock Options
The Company has issued 840,000 incentive stock options to directors, employees and consultants at a price of $0.81. These options will have a 10 year term and are subject to regulatory approval.
About United Mining Group
United Mining Group is a profitable, vertically integrated mining company with operations in Idaho, USA. The Company offers a full suite of mining services including contract mining to silver miners in the district. The Company owns its own custom welding and fabrication shop allowing it to repair/rebuild equipment for its own use and for outside mining companies.
The Company is currently earning, through development and operations, an 80% interest in the Crescent Silver Mine adjacent to the Sunshine Silver Mine in the Silver Valley. The Crescent Mine has historically produced 25 million ounces of silver at an average grade of 27.3 opt (SRK Consulting 43-101 report, March 1, 2010). UMG currently has an indicated resource of 6.1 million ounces silver (324,000 tons grading 18.7 opt silver) and additional inferred resources of 4.1 million ounces silver (211,000 tons grading 19.5 opt silver).
UMG is committed to building a senior silver-producing mining company based on aggressive exploration and development of the highly-prospective current land position at Crescent and through the acquisition of additional silver interests.
For more information about the Company, please visit: www.unitedmininggroup.com
On behalf of the Board of Directors,
Greg Stewart, Chairman
FORWARD LOOKING STATEMENTS: This press release contains forward-looking statements, which address future events and conditions, which are subject to various risks and uncertainties. The Company's actual results and financial position could differ materially from those anticipated in such forward-looking statements as a result of numerous factors, some of which may be beyond the Company's control. These factors include: results of exploration activities and development of mineral properties, fluctuations in the marketplace for the sale of minerals, the inability to implement corporate strategies, the inability to obtain financing, currency fluctuations, general market and industry conditions and other risks disclosed in the Company's filings with Canadian Securities Regulators.
Forward-looking statements are based on the expectations and opinions of the Company's management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
Charles G. Pitcher, P.E.
Charles Pitcher has over 40 years of experience in senior executive positions in civil construction and mine development with a consistent record of accomplishment. He has extensive experience in the development and operations associated with underground and open-pit mining. He has built successful teams for the mine management and operations in both developed and developing regions of the world. Mr. Pitcher was President and CEO of Western Canadian Coal Corp in the development of the Northeast coal deposits for the Company. He joined the Company in 2002 as Chief Executive Officer to oversee the completion of feasibility studies and then served as Chief Operating Officer. Mr. Pitcher is President of The Mining House Inc, a provider of engineering services related to project development and management. Mr Pitcher also holds Board positions Wildcat Resources and Sila Industries Ltd.
Graham M. (Chip) Clark, LLB
Graham Clark is a senior member of the mining community. He has been involved in the major mining trends of the last 35 years. He has deep expertise in the acquisition, finance and provision of security for mineral properties in the U.S. and in foreign jurisdictions. Mr. Clark has conceived and executed joint operating agreements for hundreds of millions of dollars. He was a key player in the settlement of Superfund clean-up actions and Clean Air violations. He has been involved in the acquisition of publicly and privately held companies for cash and/or stock, issuance of common stock and secured debt. Chip Clark was at Newmont Mining Corporation for 13 years spending 5 years as General Counsel and Senior Vice President. His experience with junior resource companies was as President of Gold Discovery Company for five years. He is presently Of Counsel practising in Phoenix, Arizona. Mr Clark is a graduate of the Yale School of Law.
Greg Stewart, Chairman and Founder, United Mining Group comments, "Charles Pitcher has the senior mining experience which is critical to our company, especially as we move towards production on the Crescent Silver Mine. Chip Clark has the experience and connections in the mining world which will be indispensable to our growth. I am proud to welcome Charles and Chip to the UMG team. I would like to thank Erik Panke for his considerable help as Director. His contribution to obtaining our TSX listing was indispensable."
Charles Pitcher, newly appointed CEO commented, "I wish to thank Greg Stewart and the UMG Board for this appointment. Over the years, Greg Stewart has built a superb mining services company, which has expanded to include the Crescent Silver Mine. I compliment Greg and his team for their superlative work. I look forward to working with Greg and his team to move UMG to the next level of growth."
Stock Options
The Company has issued 840,000 incentive stock options to directors, employees and consultants at a price of $0.81. These options will have a 10 year term and are subject to regulatory approval.
About United Mining Group
United Mining Group is a profitable, vertically integrated mining company with operations in Idaho, USA. The Company offers a full suite of mining services including contract mining to silver miners in the district. The Company owns its own custom welding and fabrication shop allowing it to repair/rebuild equipment for its own use and for outside mining companies.
The Company is currently earning, through development and operations, an 80% interest in the Crescent Silver Mine adjacent to the Sunshine Silver Mine in the Silver Valley. The Crescent Mine has historically produced 25 million ounces of silver at an average grade of 27.3 opt (SRK Consulting 43-101 report, March 1, 2010). UMG currently has an indicated resource of 6.1 million ounces silver (324,000 tons grading 18.7 opt silver) and additional inferred resources of 4.1 million ounces silver (211,000 tons grading 19.5 opt silver).
UMG is committed to building a senior silver-producing mining company based on aggressive exploration and development of the highly-prospective current land position at Crescent and through the acquisition of additional silver interests.
For more information about the Company, please visit: www.unitedmininggroup.com
On behalf of the Board of Directors,
Greg Stewart, Chairman
FORWARD LOOKING STATEMENTS: This press release contains forward-looking statements, which address future events and conditions, which are subject to various risks and uncertainties. The Company's actual results and financial position could differ materially from those anticipated in such forward-looking statements as a result of numerous factors, some of which may be beyond the Company's control. These factors include: results of exploration activities and development of mineral properties, fluctuations in the marketplace for the sale of minerals, the inability to implement corporate strategies, the inability to obtain financing, currency fluctuations, general market and industry conditions and other risks disclosed in the Company's filings with Canadian Securities Regulators.
Forward-looking statements are based on the expectations and opinions of the Company's management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
The TSX Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.
For more information, please contact
United Mining Group, Inc.
Greg Stewart
208.682.9018
gstewart@unitedmininggroup.com
www.unitedmininggroup.com
United Mining Group, Inc.
Greg Stewart
208.682.9018
gstewart@unitedmininggroup.com
www.unitedmininggroup.com
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