2012-10-25 15:04:21 -
Toronto, Ontario CANADA, October 25, 2012 /FSC/ - Alexander Nubia International Inc. (AAN - TSX Venture), (the "Company"), an exploration and development company with diversified minerals projects in Egypt, is pleased to announce the appointment of Dr. Peter Ruxton (Ph.D. Geo) to the Board of Directors effective immediately.
Dr. Ruxton is an international mining executive with over thirty years of experience that includes mineral exploration, mine development and private equity financing. He spent the first 15 years of his career in the mining industry, including 11 years with Billiton Australia, where he played a key role on the team that discovered the 10+ million ounce gold project, Sunrise Dam Gold Mine (now Anglo Gold). Dr. Ruxton spent a further three
years as Exploration Manager with Ross Mining N.L. of Australia, where he coordinated the Gold Ridge bankable 1 million ounce gold project feasibility study.
Following the completion of his MBA in December 2000, Dr. Ruxton spent eight years as a Fund Manager, joining the Commonwealth Development Corporation (CDC) as an Investment Manager in its Minerals, Oil & Gas team with a focus on Africa and Emerging Markets. In 2004 CDC evolved into Actis LLP, a private equity firm, where Dr. Ruxton was promoted to Partner. During his career as a Fund Manager he was instrumental in executing over 10 mining deals which resulted in over $200 million invested capital and a 20% internal rate of return.
In addition to a number of African related mining transactions, Dr. Ruxton's emerging market expertise also includes projects in Turkey and Oman as the current President and CEO of Gentor Resources Inc. Dr. Ruxton also serves as a non-executive member of the board of directors of Platmin Ltd.
Dr. Ruxton holds a B.Sc. (Hons.) in Geological Sciences and a Ph.D in Economic Geology from the University of Leeds, England. He completed an 18 month Post-Doctoral research posting at the University of Tasmania in Australia where he worked on gold and silver distribution in Volcanogenic Massive Sulphides under Professor Ross Large and the "CODES" team. In 2000, he completed an MBA from the Institute for Financial Management (Manchester Business School & University of Wales).
"I am very pleased to welcome Dr. Ruxton to the Board of Directors. Dr. Ruxton is considered a thought leader in identifying, exploring and developing Volcanogenic Massive Sulphide and gold deposits. He brings a compliment of skills and experiences within the capital markets and global mining industry which will be invaluable in advancing our properties through the exploration and development continuum," said Alexander Massoud, the Chief Executive Officer of the Company. Mr. Massoud further commented, "We are very much looking forward to working with Dr. Ruxton and benefiting from his expertise and substantial experience."
In connection with his appointment to the Board of Directors, Dr. Ruxton has been granted options to acquire 250,000 common shares of the Company. Each such option is exercisable at a price of $0.10 per common share for a period of five years. Final acceptance of Dr. Ruxton's appointment to the Board of Directors and the related grant of options is subject to the approval of the TSX Venture Exchange.
Increase in Exercise Price of Previously Announced Options
As previously announced by the Company, options to purchase up to 1,650,000 common shares were approved for grant by the Board of Directors, including 1,350,000 to certain directors and officers of the Company. The Board of Directors has increased the exercise price of these options from $0.05 to $0.10. All other terms of the options are unchanged. For more information, please refer to the Company's press release dated August 28, 2012.
About Alexander Nubia International Inc.
Alexander Nubia International Inc. (TSX-V: AAN) is a Canadian exploration and development Company focused on the exploration of precious and base metals in the Eastern Desert of Egypt. The Company holds two exploration concessions: Abu Marawat and Fatiri, which cover a combined total area of 2,772 km2.
The Company is focused on exploration within the Abu Marawat concession where the Company's two main properties are situated. In this 1,027 km2 historical gold and copper mining district are numerous small workings including, historical small-scale mining at the Abu Marawat Deposit, Hamama - a volcanogenic massive sulphide deposit and two past-producing gold mines (Semna and Sir Bakis). The principal projects, Abu Marawat and Hamama VMS are located near excellent regional infrastructure. The projects are 35 kilometres apart and are within 30 kilometres of a highway, railway, and high-capacity electricity grid, and are near major cities: Qena, on the Nile River, and Safaga, on the Red Sea.
For more information on Alexander Nubia please contact:
A. Alexander Massoud
President and Chief Executive Officer
Egypt: +2 (0) 22 287 6914
Donald M. Cameron, CA
Chief Financial Officer
Canada: +1 (877) 607-4747
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release. The securities of Alexander Nubia International Inc. described herein have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
Cautionary Note Regarding Forward-Looking Statements
Some of the statements contained in this release are forward-looking statements, such as estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Since forward-looking statements address future events and conditions; by their very nature they involve inherent risks and uncertainties. Actual results in each case could differ materially from those currently anticipated in such statements.
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Source: Alexander Nubia International Inc. (TSX.V - AAN) www.alexandernubia.com
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