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New President and CEO Appointments at Zoloto Resources
Zoloto Resources Ltd. ("Zoloto" or the "Company")
(TSX Venture:ZR) is pleased to announce that Tim Petterson will join Zoloto
as President of the Company, on August 5th 2008 and Bob Maddigan will
assume the role of Chief Executive Officer (CEO) with immediate effect.
This follows last week's announcement that Mr Petterson has joined the
Board of Zoloto.
Bob Maddigan comments "Tim has been closely involved with Zoloto over
the past two years. His move into the full time role of President brings
significant financial, marketing and leadership experience into the
Company."
Tim Petterson adds "In line with many of the Company's peers in the
gold exploration sector, Zoloto's share price has been under severe
pressure over the past 12 months. The Company's current low share price
significantly undervalues the potential of its Russian gold exploration
portfolio, particularly given that it has mining licenses on four of its
five properties."
In reference to the Company's previous news release titled "New
Directors Appointed to the Board of Zoloto Resources" (July 10), Mr
Petterson continues, "The recent additions to Zoloto's Board enhances
the Zoloto team, especially in respect to adding additional seasoned Russian
operating experience. At the management level, the build-out is being
finalised, and further announcements in respect to both a new CFO and VP
Exploration can be expected over the next few months."
Profiles of New Directors and Management
Tim Petterson (Director and President):
Mr Petterson joins Zoloto from Kingsdale Capital Markets, the principle
financier and advisor to the Company, and has been actively involved in the
Company since its strategic shift into the Russian gold sector. Prior to
joining Kingsdale in Vancouver, Mr Petterson worked for 15 years in Mining
Consultancy and Investment Banking in London, where he held several senior
positions including Head of Global Mining Research at HSBC and more
latterly ABN AMRO, before becoming ABN AMRO's Head of Pan European Equity
Research. Mr Petterson is a graduate Mining Engineer and a Canadian
resident.
Bob Maddigan (Director and CEO):
Mr Maddigan has been a Director of Zoloto for ten years, and the driving
Force behind the Company moving its exploration focus to Russia. As
managing director of the Company, Maddigan directed the acquisition of five
prospective Gold deposits in Chukotka and Irkutsk. Mr Maddigan has over 20
years experience in Arctic and cold climate engineering and Project
Management, the last 12 years in the Russian Far East. He is owner and
director of FSC International, which designs and builds major
infrastructure projects in the Russian Far East, and specifically Chukotka.
About Zoloto Resources
Zoloto is a gold exploration company whose primary focus is to become a
mid-tier gold producer through the advancement of its gold exploration
properties in the Russian Federation. In addition, Zoloto's management will
continue to evaluate acquisition opportunities within the Russian
Federation. Zoloto's philosophy is to unlock shareholder value in a
socially and environmentally responsible manner.
Robert Maddigan, Director
For more information please contact:
Alan Tenenbaum/Yana Bobrovskaya
Investor Relations
Zoloto Resource Ltd.
Phone: (604) 608-0223
Fax: (604) 608-0344
This news release contains forward-looking information which is not
comprised of historical facts. Forward-looking information involves risks,
uncertainties and other factors that could cause actual events, results,
performance, prospects and opportunities to differ materially from those
expressed or implied by such forward-looking information. Forward looking
information in this news release includes, but is not limited to, the
Company's objectives, goals or future plans. Factors that could cause
actual results to differ materially from such forward-looking information
include, but are not limited to, those risks set out in the Company's
public documents filed on SEDAR. Although the Company believes that the
assumptions and factors used in preparing the forward-looking information
in this news release are reasonable, undue reliance should not be placed on
such information, which only applies as of the date of this news release,
and no assurance can be given that such events will occur in the disclosed
time frames or at all. The Company disclaims any intention or obligation to
update or revise any forward-looking information, whether as a result of
new information, future events or otherwise, other than as required by law.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
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