Acadian Mining Corporation (TSX: ADA) announces that its board of directors has been restructured following the completion of the $10 million private placement by Golden River Resources Corporation (“Golden River”).
Herman Felderhof, Terry Coughlan and Jim Borland resigned from the board of directors of Acadian effective October 23, 2009.
Two new appointments were made to the board, namely, Mr. Joseph Gutnick, President and CEO of Legend International Holdings, Inc. and Golden River, who has also been appointed Executive Chairman of the board of Acadian and Dr. Alan Trench.
Mr. G. William Felderhof, formerly Chairman, President and CEO will continue to serve as President and CEO and Mr. Terry Coughlan will continue as Vice President.
It was a term of the agreement between Acadian and Golden River that, following the completion of the $10 million investment by Golden River in Acadian, the board of Acadian would be restructured to be comprised of six members, three of whom would be nominated by Golden River.
The Golden River private placement was effected in a number of tranches, the last of which was completed on October 22, 2009.
The board of Acadian as restructured is now comprised of Mr. Joseph Gutnick, Executive Chairman, Mr. Will Felderhof, President and CEO, Mr. Jascha Boge, P.Eng., Dr. Alan Trench, PhD., M.B.A., Mr. Menachem Vorchheimer and Mr. Glenn Williams, F.C.A.
Mr. Gutnick is a leading mining industry entrepreneur, with extensive public company experience in the mining sector in both Australia and North America.
Mr. Gutnick was responsible for overseeing the discovery of the Plutonic gold deposit, and the discovery, development and operation of the world class Bronzewing and Jundee gold mines in Australia.
Mr Gutnick is a Fellow of the Australasian Institute of Mining and Metallurgy, a Fellow of the Australian Institute of Management, a Member of the Institute of Company Directors in Australia, and was a Director of the World Gold Council. Mr Gutnick was awarded the prestigious Diggers award at the 1997 Diggers and Dealers Industry Awards.
Dr. Allan Trench is a geologist/geophysicist and business management consultant with approximately 20 years’ experience within the Australian resources sector across a number of commodity groups.
Will Felderhof, President and CEO stated, “The Golden River group led by Mr. Joseph Gutnick, has a strong and very successful track record for developing and operating gold mines in Australia and I believe that they will be instrumental in helping Acadian grow into a sizeable North American mining company that will bring value to all shareholders”.