Tianshan Goldfields (ASX: TGF)

Tianshan announces key board and management changes

Tianshan Goldfields Limited (?Tianshan? or ?the Company?) today announced several key changes to its Board and senior management team.

Mr Keith Liddell has tendered his resignation as Non-Executive Director and Chairman of the Company, effective from 15th January 2009, in order to focus on other commitments.

Mr Liddell was instrumental in securing Tianshan?s initial investment in its flagship asset, the 90%-owned Gold Mountain Project in China, in 2003. Since then, he has provided a wealth of invaluable metallurgical and project development expertise to the Company and has been closely involved in all aspects of Gold Mountain development to date. 

Mr Grant Thomas has also tendered his resignation as Managing Director, effective immediately. Mr Thomas was the original exploration geologist and General Manger of the Xinjiang Gold Mountain JV and lead the exploration team that discovered the Gold Mountain deposits which has completed over 90,000 metres of exploration drilling to define the current 2.64 million ounce JORC Code Compliant gold resource at Gold Mountain. Subsequently Mr Thomas has lead the resource evaluation and feasibility study teams on the Gold Mountain project.

The Board would like to record its sincere appreciation to both Mr Liddell and Mr Thomas for their significant contribution to the establishment and development of the Company.

Tianshan is pleased to advise that Mr David Evans, who has been a Non-Executive Director of Tianshan since 2005, will assume the role of Non-Executive Chairman. Mr Evans has over 30 years experience in operational and project development in the resource industry, and is also the current Non-Executive Chairman of Mano River Resources Inc and was previously an Executive Director of Aquarius Platinum Limited and Managing Director of Kroondal Platinum Mines.

Mr Jason Bontempo, who has held the position of Chief Financial Officer with Tianshan for the past three years, has been appointed as Interim Managing Director.

Mr Bontempo is a Chartered Accountant who, prior to joining Tianshan, worked in investment banking and corporate advisory positions after initially commencing his professional career with Ernst & Young in 1997.

Notwithstanding the current challenging market environment, Tianshan remains well placed with a high quality development and exploration asset base in China, cash reserves of approximately $11 million and no debt.

The Company expects to announce results from the Pre-Feasibility Study on its Gold Mountain Project in China in the next month and is currently conducting a strategic review of its projects and corporate strategy with a view to maximizing shareholder value.

Yours faithfully

Jason Bontempo

Interim Managing Director

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