Genco attracts interest, appoints new chair
miningweekly.com
By: Liezel Hill
20th August 2009
TORONTO (miningweekly.com) – TSX-listed Genco Resources has appointed Richard Hughes as chairperson of its board, and has been approached by other mining companies interested in the potential of its flagship asset, the firm said on Thursday.
Hughes will replace James Anderson and Robert Gardner, who have jointly held the position since June 2008, as part of a compromise reached in a proxy battle between Anderson, who was the firm's largest shareholder, and the company's then board, which included Gardner.
Genco is nearing the end of a feasibility study to expand its La Guitarra silver/gold mine, in Mexico, and has had “encouraging interest” from other mining firms, the company said.
“To continue to move Genco forward and advance La Guitarra, we believe that Genco needs a chairman who has been involved with and overseen large scale production projects, and has experience in mine finance and in negotiating joint venture agreements or mergers,” Anderson and Gardner said in a statement.
Hughes has been involved in the discovery of several high-profile Canadian deposits, including the Hemlo mine, currently owned by Barrick Gold, as well as the Belmoral, Sleeping Giant and Beaufor mines.
He has been a director of Genco since 2004.
Shares in the company rose 6,9% on Thursday, to C$0,31 apiece by 15:17 in Toronto. |
